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 […]
IRS Collections
IRS Gambling Losses Audit
If you’re like many Americans, you enjoy gambling. Perhaps you hit Atlantic City or even Vegas a few times a year, having fun while winning a few bucks. But how does your gambling affect your taxes? Gambling winnings are considered taxable income, which means that you must report them as such for purposes of both […]
IRS Notice LT-11
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 […]
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 […]
