There are few things that are more intimidating than getting a letter from the IRS. When you see that envelope, you may be worried about an impending audit or that something is wrong with your taxes. If you owe back taxes, then the letter that you receive may be a notice that your property will […]
IRS Collections
How Long Does an IRS Audit Typically Take?
The IRS has three years from the due date of a return or when you actually file the return to audit you. Most audits are completed in under a year, but they can sometimes take longer. Bear in mind that three years is the limit under normal circumstances. If you excluded more than 25% of […]
Understanding the IRS Collections Process
Like most creditors, the IRS will act on its right to collect taxes that you owe. In the beginning, its collection process is similar to what you may have encountered with an overdue credit card or utility bill: you get a Notice and Demand for Payment (also known as a CP501 notice) in the mail […]
IRS Now Targeting Cryptocurrency Owners
Many people invest in digital currencies like Bitcoin, LiteCoin, and Etherium but they don’t always reveal their gains at tax time. According to Fortune, only a tiny percentage of cryptocurrency owners have been reporting profits and losses on their yearly returns. After examining the 2013 to 2015 tax returns of Bitcoin buyers, the IRS found […]
How to Request an IRS Audit Reconsideration
Has the IRS audited one of your tax returns and determined that your tax liability is bigger than you presented? Or did it create a return for you after you filed to file and present you with a large tax bill? In either case, you can challenge the result by requesting an IRS audit reconsideration. […]
