Imagine receiving an unexpected visit from an IRS Revenue Officer at your home or business. It’s a situation that can be overwhelming and intimidating. But fear not! In this comprehensive guide, we’ll explore the world of Revenue Officers and equip you with the knowledge and tools to navigate these encounters. Prepare to dive deep into […]
Federal Income Taxes
Tax Court Takeaways: Even Tyga Needs To Make Estimated Tax Payments to Get an Installment Agreement
Background Michael R. Stevenson, aka Tyga, recently sought review in Tax Court of an Intent to Levy Notice issued by the IRS. Tyga timely filed his 2019 federal income tax return but failed to pay the reported liability of $2,166,469. In an effort to collect this liability, the IRS issued a notice of intent to […]
Do You Have to File Delinquent Returns for All Missing Years?
People fail to file their personal or business tax returns on time for a variety of reasons. You may not have the money when your return comes due, or you could be struggling with a prolonged and debilitating health condition that leaves you unable to cope with daily life, let alone your tax obligations. Whatever […]
What Is the Substance Over Form Doctrine?
Substance over form is both a principle and a doctrine. As an accounting principle, it is designed to ensure that an entity’s financial statements provide an accurate and complete overview of its events and transactions. These statements measure and report the economic impact of a transaction instead of its legal form, which could conceivably mislead […]
Why Do the Self-Employed Have Higher Audit Risks?
Yes, it’s true. If you forgo traditional employment in favor of the American Dream, you have a higher chance of being noticed by Uncle Sam- and not in a good way. The Internal Revenue Service has many agendas, but a top one is collecting unpaid taxes from self-employed people. The IRS believes that this group […]