If you run a business that handles larger cash transactions, you probably know that federal law requires you to report cash payments of more than $10,000 by completing a Form 8300, which is jointly issued by the IRS and the Financial Crimes Enforcement Network. This form, which requires the payor’s name, address, and tax identification […]
IRS Collections
Can the IRS Cancel Your Passport?
In January 2018, the IRS implemented more aggressive collection measures for people with what it described as “seriously delinquent” tax debts. This change, which applies to those who owe over $52,000, appeared as part of the Fixing America’s Surface Transportation (FAST) Act, can result in revocation of your passport. According to CBS News, the State […]
What Assets Can the IRS Legally Seize to Satisfy Tax Debt?
If you have just received a notice from the Internal Revenue Service (IRS) stating that they intend to enact a tax levy, you’re going to be alarmed. Your biggest questions will likely be “Can they actually do this?” and “What can they take?” The answer to the first question is “Yes.” When you owe back […]
2019 IRS Overpayment and Underpayment Interest Rates
On December 6, 2018, the IRS announced that both overpayment and underpayment interest rates for the quarter beginning January 1, 2019, were increasing over the previous quarter. The new rates will be: 6% for noncorporate taxpayer overpayments (5% for corporations) 6% for noncorporate underpayments (8% for large corporations) 3.5% for a portion of a corporate […]
8 Red Flags That Could Trigger an IRS Small Business Audit
Last year, the Internal Revenue Service (IRS) audited just over one million returns. That’s a lot less than the 1.74 million returns they audited in 2010, but it’s still no fun for the millions of taxpayers that had to go through the process! Overall, the IRS audits only about 1 in 200 returns. But some […]
