Podcasts about irs notice

Have you received an IRS Notice? Will this notice begin to appear in your credit report? Find out today what to expect! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_Allec

Did IRS Notice CP90 just hit your mailbox? Here is your guide to knowing everything about it! Listen now! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_AllecMentioned Video Links:-3 Reasons Why the IRS Will Get Even MORE AGGRESSIVE Under Trump:    • 3 Reasons Why the IRS Will Get Even M...  -Tax Debt Relief EXPLAINED: Here Are the 8 IRS Tax Debt Relief Programs:    • Tax Debt Relief EXPLAINED: Here Are t...  -IRS Wage Garnishment: How Much Can the IRS Take? What Should You Do?:    • IRS Wage Garnishment: How Much Can th...  -What is seriously delinquent tax debt?:    • What is seriously delinquent tax debt? 

Has the LT40 hit your mailbox? Here is everything you need to know about this special piece of mail. Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_AllecMentioned Video Links:-The WORST Notice You Can Receive From the IRS (IRS NOTICE LT11)!:    • The WORST Notice You Can Receive From...  -Can You Get IRS Penalty Abatement If You've ALREADY PAID the Penalty?:    • Can You Get IRS Penalty Abatement If ... 

If you have received the LT39 and have landed on this episode, you probably have some questions. Get them all answered now! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_AllecMentioned Video Links:-The WORST Notice You Can Receive From the IRS (IRS NOTICE LT11)!:    • The WORST Notice You Can Receive From...  -Currently Not Collectible Status Explained | How to Get In CNC Status:    • Currently Not Collectible Status Expl...  -Offer in Compromise 2025: How to Qualify and Submit Your Offer to the IRS:    • Offer in Compromise 2025: How to Qual...  -Can You Get a Passport If You Owe Taxes?:    • Can You Get a Passport If You Owe Taxes?  -Can You Get IRS Penalty Abatement If You've ALREADY PAID the Penalty?:    • Can You Get IRS Penalty Abatement If ... 

Did you just get IRS Notice CP40 in your mailbox? Here is everything you need to know!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_Allec

Did you receive IRS Notice CP81? Listen to today's episode to get all the information you need!Do you have unfiled tax returns that need filing? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_Allec

Did you receive IRS Notice CP81? Listen to today's episode to get all the information you need!Do you have unfiled tax returns that need filing? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_Allec

Are you confused by the CP2000A or B? Don't be! I got you covered in today's episode! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_AllecMentioned Video Link:-IRS CP2000 Notice Explained — For Unreported 1099s, Crypto, Stocks, Etc.:    • IRS CP2000 Notice Explained — For Unr... 

Did you receive IRS Notice CP49? Are you confused? Here is everything you need to know! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_AllecMentioned Video Links:-IRS Statute of Limitations on Collections Explained in Full by a CPA:    • IRS Statute of Limitations on Collect...  -Currently Not Collectible Status Explained | How to Get In CNC Status:    • Currently Not Collectible Status Expl... 

Are you confused by the CP21B you just received in your mailbox? Here is a breakdown to battle that confusion! Do you have unfiled tax returns that need filing? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/

Have you received IRS notice CP21C and are highly confused? The clarity you are looking for is here in this episode!Do you have unfiled tax returns that need filing? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @LoganAllec @ChoiceTaxRelief -TikTok: @loganallec-Facebook: Logan Allec, CPA // Choice Tax Relief-Reddit: u/Logan_AllecMentioned Video Link:-IRS SFR Program Explained and What To Do If IRS Filed an SFR For You!:    • IRS SFR Program Explained and What To... 

Did you receive IRS Notice CP21A? WHAT DO YOU DO NOW?! Don't worry, here is everything you need to know about it! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-Interest Rate on IRS Debt Is PUMPING [Highest in 16 Years]:    • Interest Rate on IRS Debt Is PUMPING ... 

Has the CP71D hit your mailbox? Don't fret, here is everything you need to know about it! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/

Are you holding onto your LT26 scared?! You don't need to be. Learn more about IRS Notice LT26 today! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-IRS SFR Program Explained and What To Do If IRS Filed an SFR For You!:    • IRS SFR Program Explained and What To... 

Did you receive IRS Notice LT19 in your mailbox? Listen up!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Links:-IRS Notice CP523 Explained: What It Is and What to Do:    • IRS Notice CP523 Explained: What It I...  -Currently Not Collectible Status Explained | How to Get In CNC Status:    • Currently Not Collectible Status Expl...  -TOP ALL-TIME OFFER IN COMPROMISE VIDEOS Playlist:    • TOP ALL-TIME OFFER IN COMPROMISE VIDEOS  -Interest Rate on IRS Debt Is PUMPING [Highest in 16 Years]:    • Interest Rate on IRS Debt Is PUMPING ... 

Did you receive the LT16 notice in your mailbox and don't know what your next step is? Let's go over it in its entirety today!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Links:-TOP ALL-TIME OFFER IN COMPROMISE VIDEOS Playlist:    • TOP ALL-TIME OFFER IN COMPROMISE VIDEOS  -TOP ALL-TIME UNFILED TAX RETURNS VIDEOS Playlist:    • TOP ALL-TIME UNFILED TAX RETURNS VIDEOS 

Have you received a notice of intent to levy from the IRS? Here is what you need to know! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Links:-IRS Notice CP504: What It Is, What It Means, and How to Respond:    • IRS Notice CP504: What It Is, What It...  -The WORST Notice You Can Receive From the IRS (IRS NOTICE LT11)!:    • The WORST Notice You Can Receive From... 

Did you receive IRS Notice CP2566 and are so confused as to what it means? Watch today's episode to grant you some peace of mind of knowing what exactly it is! Do you have unfiled tax returns that need filing? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-IRS SFR Program Explained and What To Do If IRS Filed an SFR For You!:    • IRS SFR Program Explained and What To...  -IRS Notice CP59: Do NOT Ignore This Notice!:    • IRS Notice CP59: Do NOT Ignore This N...  -How to File BACK TAXES, Avoid PENALTIES, and Get Your Life Back!:    • How to File BACK TAXES, Avoid PENALTI... 

Have you received IRS Notice LT11? There are talks that this may be one of the most serious IRS notices yet. Find out everything you need to know about this notice now!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-TOP ALL-TIME TAX RELIEF VIDEOS:    • Tax Relief Explained: What To Do If Y...  -Does a Notice of Federal Tax Lien Appear on Your Credit Report?:    • Does a Notice of Federal Tax Lien App...  -Interest Rate on IRS Debt Is PUMPING [Highest in 16 Years]:    • Interest Rate on IRS Debt Is PUMPING ... 

Have you received the CP523? In this episode I am going over everything you need to know about this IRS notice!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Links:-Did The IRS Send You a CDP Hearing Notice?:    • Did The IRS Send You a CDP Hearing No...  -IRS CP2000 Notice Explained — For Unreported 1099s, Crypto, Stocks, Etc.:    • IRS CP2000 Notice Explained — For Unr...  -Tax Debt Relief EXPLAINED: Here Are the 8 IRS Tax Debt Relief Programs:    • Tax Debt Relief EXPLAINED: Here Are t...  -Offer in Compromise Playlist:    • Offer in Compromise 2024: How to Qual...  -IRS Wage Garnishment: How Much Can the IRS Take? What Should You Do?:    • IRS Wage Garnishment: How Much Can th... 

Many taxpayers parting ways with the United States must file Form 8854 (Initial and Annual Expatriation Statement). Failure to do so is problematic because it can expose taxpayers to the notorious “exit tax.” Few people have seemed to notice, but significant changes might be on the way. This article analyzes worldwide obligations of U.S. individual taxpayers, exit taxes, foundations for Form 8854 filing duties, legislative proposals for increased enforcement, a recent case invalidating the IRS document that introduced Form 8854, and IRS actions in other contexts where the courts have shot down administrative guidance.

Did you receive IRS Notice CP59? Find out what it is and what you need to do now! Do you have unfiled tax returns that need filing? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-How to File BACK TAXES, Avoid PENALTIES, and Get Your Life Back!:    • How to File BACK TAXES, Avoid PENALTI... 

Did you receive an IRS Notice CP3219A Notice? Find out what your next move should be now! Do you have unfiled tax returns that need filing? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-Interest Rate on IRS Debt Is PUMPING [Highest in 16 Years:    • Interest Rate on IRS Debt Is PUMPING ...  -How Long Does It Take for the IRS to Respond to a CP2000 Response? WHO KNOWS:    • How Long Does It Take for the IRS to ... 

Will the IRS take the proceeds of your home sale? Find out what you need to know now! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-Did You Receive an IRS Notice for OLD Tax Debt? Watch This!:    • Did You Receive an IRS Notice for OLD...  -The IRS Partial-Payment Installment Agreement (PPIA) Explained!:    • The IRS Partial-Payment Installment A... 

Are you waiting to hear back from the IRS? Well, it might take a while. Learn more about it in this episode!  Do you have unfiled tax returns that need filing? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link: -Did You Receive an IRS Notice for OLD Tax Debt? Watch This!:    • Did You Receive an IRS Notice for OLD... 

Receiving notices from the IRS that date back years? Don't disregard them just yet. Watch today's episode to figure out your next steps of action!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-IRS Statute of Limitations on Collections Explained in Full by a CPA:    • IRS Statute of Limitations on Collect... 

Have you inherited an IRA from a non-spouse who passed away after 1/1/2020? Beneficiaries of pre-tax retirement accounts have always had to pay taxes on what they inherit. However, on 1/1/2020, the SECURE Act was passed, changing the annual amount that beneficiaries would have to withdraw. Beforehand, non-spousal beneficiaries could: Cash out the account in one lump sum and pay taxes on that amount Take the account out over five years and pay taxes on it Take distributions the year after the account owner passed away and take withdrawals over their lifetime (a stretch IRA) Most non-spousal beneficiaries must empty their inherited account within 10 years following the original owner's death (there are some exceptions for someone who is disabled, the chronically ill, those who are within 10 years of age of the deceased, and minor children).  Unfortunately, the IRS made some changes. Learn what it is—and if it impacts you—in this episode of Retire with Ryan.  You will want to hear this episode if you are interested in... [1:50] My on-demand Retirement Readiness Review Course [2:16] What's new with inherited IRAs? [5:56] The IRS announcement about required minimum distributions [9:32] The IRS changed the penalty for missing IRA distributions [10:07] IRS Notice 2044-25: The RMD for 2024 is being waived  [11:13] What should you do with this information? [13:04] What if you inherited a Roth IRA? The IRS announcement about required minimum distributions (RMDs) Everyone thought that non-eligible beneficiaries who opted for the 10-year window could choose how to withdraw the funds (as long as the account was emptied). We thought that you could minimize distributions in years where their income was higher and take higher distributions when their income was lower, choosing when to pay taxes on the account (and avoiding being in a higher tax bracket). Unfortunately, in February 2022, the IRS issued regulations to reflect the changes in the SECURE Act. They divided non-eligible beneficiaries into two groups: People who inherited an account from someone who passed away before they reached their RMD age. Someone who passed away after they reached their RMD age. If you inherit an IRA from someone who hadn't yet reached their RMD age could wait until the 10th year to take distributions. However, if the person died after they'd started taking RMDs, the beneficiary would have to take distributions out every year (continuing the distributions of the original owner). Thankfully, the IRS extended some relief and said if you were supposed to take RMDs in 2021–2024, the requirement would be waived.  The IRS also changed the penalty for missing IRA distributions from 50% and reduced it to 25%. If you missed a year where you were supposed to take it—as long as you make up the difference in two years—the penalty would be reduced to 10%.  What should you do with this information? It's time to do some tax projections of your future income. If you've inherited a retirement account, you must deplete it in the next 10 years. If you anticipate being in a higher tax bracket in the future, it may make more sense to take a distribution this year in a lower tax bracket.  If you inherited an IRA in 2020, you still have seven years left to empty the account. How will it impact your taxes? Where will a distribution land you on the tax bracket scale?  What if you inherited a Roth IRA? Listen to hear how required minimum distributions work for an inherited Roth IRA!  Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel New Beneficiary IRA Distribution Requirements, #180   Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact Subscribe to Retire With Ryan

Ever worried about staying compliant with the IRS? New business owners often face confusion around tax regulations. This week on the Play Big Faster Podcast, host Scherrlie L. Prince chats with CPA and entrepreneur Charles J. Read, founder of GetPayroll. They delve into the world of tax compliance for small businesses. Learn the 7 essential steps to fight an IRS penalty and what to do if you receive a scary notice in the mail. Discover 5 key strategies to avoid employment tax pitfalls and gain peace of mind knowing your business is on the right track. This episode is a must-listen for new entrepreneurs, solopreneurs, and small business owners looking to navigate the often-complex world of taxes. If you're loving The Play Big Faster Podcast, here's how you can show some love back. Drop a rating and review on Apple Podcasts. Your feedback fuels this podcast's mission to empower more entrepreneurs like you to build the business they've always dreamed of. Simply click the episode link, scroll down, and hit those five stars. Don't forget to share what resonated with you the most about this episode! And, if you haven't already, hit that 'Follow' button. I've got a treasure trove of bonus content lined up, and you won't want to miss out. Your follow ensures you're in the loop for all the insider insights and entrepreneurial wisdom coming your way. Hit that 'Follow' button now! Thanks for being part of this incredible journey. Together, we're redefining what's possible in the world of entrepreneurship!  

Episode 45:  In this episode, Timalyn discusses IRS Notices.  She'll explain what they are, why you're receiving your IRS notice and how to read it.  Then, she'll provide some insights into the 3 types of IRS Notices that are currently being sent out fairly aggressively by the IRS.  Love Letters from the IRS Timalyn lightheartedly refers to notices and communications from the IRS as love letters.  In all reality, they can be extremely serious and require immediate attention.  Once a client hires Timalyn to help resolve tax debt issues, she also receives copies of the same letters. What Is an IRS Notice? This is written correspondence from the IRS to the taxpayer.  It can address a number of issues including a balance due, updates on activity on your account or if any changes to a tax return have been made.  Not every IRS Notice involves bad news.  Nonetheless, receiving one can cause anxiety.  For example, during the pandemic some people received notices of stimulus payments or confirmation of payment of the advanced child tax credit, etc.  If you've filed an amended tax return or you find a refund you were due, the IRS will also send you a notice. Some IRS notifications are issued to inform you of why you are receiving an IRS communication and what you need to do to resolve any potential issues.  IRS CP503 Notice The bulk of the notifications being sent to taxpayers are CP503 notices.  In Episode 29, Timalyn explained the IRS CP14 notice (demand for payment of unpaid taxes).  The CP503s are different.  The CP503 notification is the second notice and a reminder of an unpaid tax balance due.  If you have a tax liability when you submit your tax return, you'll receive a CP14.  Then, if the balance hasn't been paid, the IRS will issue a CP501 (the first notice for balance due).    IRS CP504 Notice Timalyn explains that the IRS CP504 notification is the one you really need to be concerned with, if you receive it.  This is a final notice and balance due.  The CP504 is also notification of the IRS' intent to levy.  In Episode 5, Timalyn answered the question, “What Is a Tax Levy?”    Basically, the Intent to Levy is the IRS telling you they have the legal right to take money owed from your personal bank account or business bank account.  The IRS also has the legal right to contact your employer to request a garnishment (funds to be withheld) from your paycheck, which are then sent to the IRS.  The latter can happen regardless of whether you are a W-2 employee or 1099 independent contractor.  The IRS can also require the employer to make backup withholdings.  Don't Put Your Head in the Sand If you have received notifications from the IRS, don't ignore them.  In many situations, the IRS is willing to work with you.  However, if you don't open the letters and fail to respond, you're going to run out of options and the IRS will run out of patience. How to Read the IRS Notice The office address of the IRS will tell you which actual office is sending the notification.  It also signifies the level of importance of this particular IRS notice.  If the address has a local address and the name of an IRS representative, your case has been assigned to an IRS revenue officer.  Your assigned IRS revenue officer is the only person you'll be able to communicate with, going forward.  He/she is the only IRS contact with whom you can correspond or speak with on the phone about your tax debt situation.  These revenue officers are already overloaded with cases, you just added to his/her workload.  At the top right of your IRS notice, there is a designation of the type of notice you're receiving.  This could be the CP501, CP503 or the dreaded CP504 (the Intent to Levy).  Timalyn comments that there are other types of notices, but these are the more common ones being issued, at this time.  Remember, there are also notices of Accuracy-Related Penalties if you failed to report all of your income or miscalculated a deduction/credit.  The IRS Notice also provides information regarding the deadline for you to respond.  There may still be a way to deal with this, even if the deadline has passed.  However, you need to take action, quickly.  You can appeal an IRS decision if you've received an IRS CP504 (Intent to Levy) notification.  You have the option of trying to contact the IRS via telephone (good luck).  You may also want to pull your tax transcripts to identify where you might disagree with the IRS and what information they are using to support their claim.  The IRS Notice should also include a copy of the Taxpayer Bill of Rights.  It grants you the right to tax representation.  In Episode 10, Timalyn explains how to set up a payment arrangement with the IRS. Bowens Tax Solutions specializes in tax representation.  Consider booking a consultation to speak about your tax debt situation and potential options.  In Episode 37, Timalyn explains the Tax Relief Journey.  It'll explain the 3 phases of tax relief. In closing, Timalyn urges you to make sure you read any IRS notification you may already have.  These can become extremely serious, but there are steps you can take to resolve the issues.  Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 45, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.    Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Call 866-8000-TAX or visit https://choicetaxrelief.com/free-cons... to book your FREE tax relief consultation!If you've received the CP71A Notice from the IRS in the mail, you might be wondering what it is and what to do about it.  The CP71A Notice is the IRS Annual Reminder Notice to Taxpayers With Balance Due Modules That Are in Currently Not Collectible (CNC) status.  Learn more about the CP71A Notice and what to do if you receive a CP71A Notice from the IRS in this episode!

Call 866-8000-TAX or visit https://choicetaxrelief.com/free-cons... to book your FREE tax relief consultation!If you've received the CP71C Notice from the IRS in the mail, you might be wondering what it is and what to do about it.  The CP71C Notice is the IRS Annual Reminder Notice to Taxpayers With Balance Due Modules That Are in Status 24 With a Balance of $25 or More.  Learn more about the CP71C Notice and what to do if you receive a CP71C Notice from the IRS in this episode!

Exploring the international tax aspects of Notice 2023-64, which provides interim guidance on CAMT.

Call 866-8000-TAX or visit https://choicetaxrelief.com/free-cons... to book your FREE tax relief consultation!If you've received the CP504 Notice from the IRS in the mail, you might be wondering what it is and what to do about it.  The CP504 Notice is the IRS' Notice of Intent to Levy.  Learn more about the CP504 Notice and what to do if you receive a CP504 Notice from the IRS in this episode!⬇️ Free E-Book:- 7 Secrets About Your Tax Debt the IRS Doesn't Want You to Know: https://choicetaxrelief.ac-page.com/s...⬇️ Other Tax Relief Videos:- IRS Notice CP14 Explained:    • CP14 Notice From the IRS EXPLAINED: W...  - IRS Notice CP501 Explained:    • IRS Notice CP501: What It Is, What It...  - IRS Notice CP503 Explained:    • IRS Notice CP503: What It Is, What It...  - IRS Installment Agreements Explained:    • IRS Installment Agreements EXPLAINED ...  - How to Fight the IRS...And Win!:    • How to FIGHT THE IRS...And Win!  IRS ...  - Offer in Compromise Explained:    • Offer in Compromise 2023: How to Qual...  - CNC Status Explained:    • Currently Not Collectible Status Expl...  - How to Get an Offer in Compromise Approved in 10 Steps:    • How to Get an Offer in Compromise APP...  - All My Tax Relief Videos:    • TOP ALL-TIME TAX RELIEF VIDEOS  

In this episode, Roger and Annie cover recent federal tax updates and urge tax professionals to gear up for the October 15 extension by assessing their performance and contemplating tax software changes. They delve into rising IRS audit notices for the Employee Retention Credit (ERC), the new 1099-K reporting threshold, the IRS's halt on surprise visits by revenue officers, and the impending Corporate Transparency Act.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only. (01:02) - Welcome to Federal Tax Updates : how to be proactive (08:26) - What's new with ERC (11:43) - Estimated tax payments or adjusting withholdings (14:05) - The start of IRS notices and what do they mean? (16:15) - How to respond to an IRS Notice? (28:51) - What kind of documentation does the IRS expect small business owners to have? (37:10) - Updates on 1099-Ks (46:32) - New changes in policy for the IRS (48:26) - Updates on the Transparency Act (54:17) - Making changes to your overall work environment (55:25) - Remember to subscribe so you don't miss an episode

Call 866-8000-TAX or visit https://choicetaxrelief.com/free-cons... to book your FREE tax relief consultation!If you've received the CP503 Notice from the IRS in the mail, you might be wondering what it is and what to do about it.  The CP503 Notice is the IRS's 2nd Notice of a Balance Due.  Learn more about the CP503 Notice and what to do if you receive a CP503 Notice from the IRS in this episode!⬇️ Free E-Book:- 7 Secrets About Your Tax Debt the IRS Doesn't Want You to Know: https://choicetaxrelief.ac-page.com/s...⬇️ Other Videos Mentioned:- IRS Notice CP14 Explained:    • CP14 Notice From the IRS EXPLAINED: W...  - IRS Notice CP501 Explained:    • IRS Notice CP501: What It Is, What It...  - IRS Installment Agreements Explained:    • IRS Installment Agreements EXPLAINED ...  - How to Fight the IRS...And Win!:    • How to FIGHT THE IRS...And Win!  IRS ...  - Offer in Compromise Explained:    • Offer in Compromise 2023: How to Qual...  - CNC Status Explained:    • Currently Not Collectible Status Expl...  - How to Get an Offer in Compromise Approved in 10 Steps:    • How to Get an Offer in Compromise APP...  - All My Tax Relief Videos:    • TOP ALL-TIME TAX RELIEF VIDEOS  

Call 866-8000-TAX or visit https://choicetaxrelief.com/free-cons... to book your FREE tax relief consultation!If you've received the CP501 Notice from the IRS in the mail, you might be wondering what it is and what to do about it.  The CP501 Notice is the IRS's 1st Notice of a Balance Due.  Learn more about the CP501 Notice and what to do if you receive a CP501 Notice from the IRS in this episode!⬇️ Free E-Book:- 7 Secrets About Your Tax Debt the IRS Doesn't Want You to Know: https://choicetaxrelief.ac-page.com/s...⬇️ Other Videos Mentioned:- IRS Notice CP14 Explained:    • CP14 Notice From the IRS EXPLAINED: W...  - IRS Installment Agreements Explained:    • IRS Installment Agreements EXPLAINED ...  - How to Fight the IRS...And Win!:    • How to FIGHT THE IRS...And Win!  IRS ...  - Offer in Compromise Explained:    • Offer in Compromise 2023: How to Qual...  - CNC Status Explained:    • Currently Not Collectible Status Expl...  - How to Get an Offer in Compromise Approved in 10 Steps:    • How to Get an Offer in Compromise APP...  - All My Tax Relief Videos:    • TAX RELIEF  

Episode 32:  In this episode, Timalyn will discuss the process remove a tax lien.  She recently taught a class to a group of tax professionals.  Many of them had questions related to this topic.  Based on their responses, she thought this would be a good topic to share with actual taxpayers who follow her podcast. If you're dealing with this situation, you've probably already received the IRS Notice of Federal Tax Lien.  The IRS files this with your county clerk's office.    What Is a Federal Tax Lien? Timalyn explains that it's when the IRS “calls dibs” on your property, until your federal tax debt is paid.  Even if you're not a homeowner, it applies to any property (real or personal), such as a car.  The lien is attached and will enable the IRS to recover its money from the proceeds, if that asset is sold.  A business may have accounts receivables. The lien also attaches to this so that the IRS gets paid from those receivables or other business property.  In fact, the IRS can even attach a lien to your retirement funds.  This is a serious situation. In Episode 7, Timalyn explained the Collection Statute Expiration Date (“CSED”).  It's the last day the IRS can legally collect on a tax debt.  Federal tax liens also have a similar date.  They are self-releasing within 10 years of the date they were filed, as long as the IRS doesn't re-issue a lien for specific years.    What if I Haven't Received a Notice of Federal Tax Lien? This doesn't necessarily mean you're in the clear.  The lien is issued after the tax is assessed and after a CP14 has been issued.  The CP14 gives a date by which the payment must be made.  If you fail to comply with that deadline, there is a silent tax lien.    Due process has been followed for the lien to exist. It just hasn't been sent to the county clerk's office. That's why it's referred to as a silent lien. This is important to note because the IRS can issue a tax levy, as discussed in Episode 5 without filing a lien with the county clerk. What if I Can't Pay the Tax Debt? As Timalyn discussed in Episode 10, you may have the option of setting an IRS installment agreement.  If you owe less than $10,000 and have been tax compliant for the past few years, it may be a guaranteed option.  Check out Timalyn's e-book, How to Guarantee a Pay Plan with the IRS. Assuming you've already received the tax lien, how do you remove it? 4 Ways to Remove a Federal Tax Lien The first way:  Pay the Debt  This is not sarcasm.  It's the obvious solution, if you can do it.  Things happen and situations change.  Once the debt is paid, the tax lien will be removed within 30 days.  The amount required can include the tax debt, any penalties and any interest that has accrued. Call the Centralized Lien Office at 800-913-6050.  You'll want to verify the total amount owed, request the years with a tax lien issued on them and importantly, to request a Payoff Letter.  This letter will be necessary if you're going to sell an asset with a lien attached.  Timalyn discussed selling a home with a tax lien in Episode 4.  The Payoff Letter would be needed by the title company, so you can prove how the lien will be resolved, without delaying or preventing the sale. The second way:  A Discharge of Property This process will usually take about 45 days.  You'll request that the IRS remove the tax lien so the property can be gotten rid of.  You'll have to provide specific information on the IRS Form 14135, Application for Certificate of Discharge of Property from Federal Tax Lien.  The information will include: ●      The Fair Market Value of the Property ●      Who Is Interested in Purchasing the Property ●      The Sale Price (to determine the proceeds available to pay off the tax debt) ●      And other, related details The third way:  Subordination This does not eliminate the lien.  However, with subordination, the IRS agrees to stand aside to allow another creditor to get its share before the IRS.  They'll potentially do this if they feel it's in their best interest.  Timalyn give the example of someone with an installment agreement who is struggling to meet the agreed upon payments.  If another debt could be eliminated, it would enable more money to be applied to the installment agreement payments. The fourth way:  Requesting a Lien Withdrawal If your tax debt is less than $25,000, you're setup with a direct debit installment agreement, you have no defaults related to the agreement, your most recent tax returns are filed, your tax withholdings are in order (or you're making your estimated quarterly payments) and you've made 3 consecutive payments on the agreement, a good faith request for lien removal can be made. You'll need to complete IRS Form12277, Application for Withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien.  Is Bankruptcy an Option for Back Taxes? This is a misconception many people have.  You cannot put a tax return into a bankruptcy unless it meets a 3 year, 2 year, 240-day rule.  As of the recording of this episode in 2023, your 2022, 2021 or 2020 tax debt would not qualify.  Additionally, if you have a federal tax lien, you should not put that into the bankruptcy.  The IRS has a secured interest, via the lien, and you'll have to pay it back anyway.  Bankruptcy may be a viable option for debts unrelated to tax lien.  If this is your situation, Timalyn suggests you work with both a bankruptcy attorney and a tax professional to make sure your bases are covered.  Timalyn is the owner and lead accountant at Bowens Tax Solutions and they can assist with tax lien removal.  If you want to work with someone else, at least you now have good information to help you understand the process.  If you would like to work with Bowens Tax Solutions, make sure you book your tax relief consultation with Timalyn. Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either.  As we conclude Episode 32, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.    Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.  Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

In this episode: 1099K reporting changes may be on the horizon for 3rd party payment users. The electric vehicle tax credit has been updated.  For full details, please read our blog article at Discover the Tax Benefits of Owning an Electric Vehicle on our website. Tax estimators are available on the IRS website to assist taxpayers in choosing the appropriate withholding amounts. IRS Tax Withholding Estimator Form 990 for nonprofits may be due by May 15th, 2023.   IRS Notice CP2000 indicates a discrepancy on your tax return between what you reported and what other sources indicate you should have.  It's important to respond timely. Our guest this week is Delaware Treasurer Colleen C. Davis.  She discusses her office's priorities, what businesses and individuals can look to Delaware for help with, and specific legislation such as the Delaware EARNS program, the Delaware ABLE plan, and the DE529 Education Savings plan.    

In this episode of Adam Talks, IRA Financial's Adam Bergman Esq. discusses IRS Notice 2023-27 regarding nonfungible tokens (NFT) and how they may be treated for tax purposes.

Here's an Employee Retention Credit ERC UPDATE. Enjoy! So here are the links I mentioned in this video:

Jim and Chris sit down to discuss an IRS notice 2022-53 entitled, Certain Required Minimum Distributions (RMDs) for 2021 and 2022. The post IRS Notice on Required Minimum Distributions (RMDs): EDU #2242 appeared first on The Retirement and IRA Show.

In this episode we discuss:  Forgiven student loans are not taxable on a federal level, but your state/locality may be different. The IRS has announced that they will give relief for the failure to file penalty for 2019 and 2020 returns. The IRS is enhancing focus on compliance for Subchapter – S and Partnerships. Expect enhanced questioning regarding virtual currency on 2022 Individual Tax Returns. Erroneous IRS Notices Did you know that the FBI estimates 10% ($80B) of all PPP funds were taken by fraudsters.  Additionally, $90B up to $400B of COVID unemployment programs are thought to have been defrauded,  half of which is thought to have been stolen by international hackers.   We hear the story of the worst of the worst.  Richard Ayvazyan and his wife Marietta Terabelian, along with several members of their families stole over $20M in PPP loans and Economic Disaster Loan funds.  Hear how this California couple defrauded America and then fled.   

A review of the week's major US international tax-related news. In this edition: IRS Notice 2022-36 penalty relief applies to certain international tax information returns – OECD releases public comments on Progress Report on Amount A of BEPS Pillar One – EY concludes Amount A of Pillar One will result in a few mature market jurisdictions gaining additional taxing rights, but most others receiving little benefit.

Are you struggling to get new clients? Implementing lead magnets into your marketing plan could be your solution! In this episode, Dan breaks down the different types of lead magnets, how to decide which is best for you, along with multiple real-world examples proving their effectiveness. Dan also shares tips to manage your billings and increase your revenue before wrapping up with a complete walkthrough of handling a CP2000 IRS notice.   Key Takeaways: -   The 3 key elements to creating a successful lead magnet -   10 tips to elevate your billings management -   Why you shouldn't file a 1040-X in response to a CP2000 notice -   What happens if you miss the CP2000 notice deadline   The IRS Whisperer podcast is dedicated to helping you develop an efficient and profitable firm. Be sure to subscribe on your favorite podcast platform so you don't miss an episode.   Do you have some feedback or questions about this episode? Leave a note in the comment section or reach out on social media: Facebook: https://www.facebook.com/IRSWhisperer  Instagram: https://www.instagram.com/irswhisperer/   The IRS Whisperer is powered by the Tax Resolution Academy® - a digital community for tax pros seeking support, educational materials, and up-to-date instruction on IRS representation cases. Learn how to grow your firm, operate more efficiently and profitably, and provide the best possible representation to your clients. To learn more or join, go to https://community.taxresolutionacademy.com/ctr

https://vimeo.com/690303898 https://www.currentfederaltaxdevelopments.com/podcasts/2022/3/20/2022-03-21-limits-for-vehicle-depreciation-for-2022   This week we look at: IRS releases revised depreciation limits for 2022 for autos under IRC §280F Lawmakers send yet another letter to the IRS regarding stopping the sending of notices Farmer/fisherman estimated tax payment relief formalized in an IRS Notice

Federal tax legislation in 2017 limited the deductibility of state and local taxes for individuals to $10,000 per year'but subsequent IRS guidance and changes in state laws have provide an opportunity for taxpayers to select an alternative tax regime for savings. In this week's Tax Credit Tuesday podcast, Michael Novogradac, CPA, Novogradac partner Tom Boman, CPA and Novogradac principal Reza Karim, CPA, discuss the options available to taxpayers. They present an overview of IRS Notice 2020-75, examine approaches by different states, show how those approaches work, explain how taxpayers qualify for options and look at other issues connected to state and local taxes.

As soon as the Tax Cuts and Jobs Act was signed into law in 2017, state tax administrators, small business owners, and residents of states with high property tax and income tax rates began to look for ways to work around the Act's $10,000 itemized deduction limit for state and local taxes (SALT). Typically, the owner of a partnership or S corporation pays income tax on the share of state income passed through to them from the business. However, over the last several months approximately 20 states have implemented new legislation to tax pass-through entities directly, rather than tax the individual owners. Tax Beat hosts, Brooks and Sarah, are joined by Cherry Bekaert's Tax Partner and Leader of the State and Local Tax Practice, Cathie Stanton, and Tony Konkol, Manager with the Firm's State and Local Tax Practice, to talk about these pass-through entity tax regimes. They cover the entities and owners who can take advantage of pass-through entity taxation and address issues to consider before electing in to this approach to state taxes. Chapter Markers:2:24: Overview4:39: How states are responding to SALT Cap8:52: IRS Notice 2020-75 paves the way for pass through entity taxation (“PTE”)17:22: Issues to consider before making opting in to PTE21:55: Methodologies and requirements for PTE24:45: Limitations28:45: Year-end tax planning and PTE

As virtual currencies gain more traction in the marketplace, the IRS is taking notice. Your clients may be unaware of the tax reporting requirements and the tax implications from their cryptocurrency transactions.  In this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, and Shehan Chandrasekera, CPA, Head of Tax Strategy — CoinTracker, delve into the cryptic world of virtual currency and discuss practical tax compliance tips.   What you'll learn in this episode History and the basics of cryptocurrency (1.01) Advantages and benefits of owning and transacting with cryptocurrency (2.39) Non-fungible tokens (NFTs) (4.18) The taxation of cryptocurrency and IRS guidance (5.56) Advice to clients regarding cryptocurrency activity and transaction tracking (8.39) How to answer the virtual currency question on the Form 1040 (10.53) Potential tax legislation and virtual currency (13.01) What to do when a client receives an IRS letter or notice regarding virtual currency activity (15.07) Journal of Accountancy podcast episode that focuses on the recent annual tax software survey (18.43) AICPA resources Virtual currency tax guidance and resources — Consolidation of AICPA resources, comment letters and IRS guidance to help tax practitioners advise clients on cryptocurrency complexities Blockchain & Digital Assets — Hub of resources around this increasingly-common technology Other resources Coinmarketcap.com — Website consolidating the various cryptocurrency properties and current prices IRS Notice 2014-21 —IRS guidance for individuals and businesses on the tax treatment of transactions using virtual currencies Rul. 2019-24 — IRS guidance that addresses common questions by taxpayers and tax practitioners regarding the tax treatment of a cryptocurrency hard fork The IRS also published Frequently Asked Questions on Virtual Currency Transactions for individuals who hold cryptocurrency as a capital asset and are not engaged in the trade or business of selling cryptocurrency CoinTracker — Software to help track cryptocurrency investment performance and taxes. Lukka — Data and software solutions to manage crypto assets on infrastructure built for the future of commerce. In December 2019, CPA.com announced a strategic alliance with Lukka to deliver crypto asset solutions to firms. IRS Cryptocurrency Tax Letter Guide: 6173, 6174, 6174-A, CP-2000 — Step-by-step guide to help taxpayers know what to do if they receive a cryptocurrency-related letter from the IRS Tax software: What CPAs like and dislike — Journal of Accountancy podcast where editors Alistair Nevius and Paul Bonner discuss details of the annual tax software survey. Note: If your podcast app does not hyperlink to resources, visit https://taxodyssey.libsyn.com to access show notes with direct links. This episode is brought to you by the AICPA's Tax Section, your home base to maintain your professional edge. To learn more about the Tax Section, check out aicpa.org/tax or sign up for a free web tour.

Randy returns in episode 50 of The Unique CPA to discuss new guidance from the IRS on the Employee Retention Credit. He talks about IRS Rev Proc 2021-33 (PPP loans, Restaurant Revitalization, Shuttered Venues, cash or accrual accounting) and IRS Notice 2021-49 (more on Shuttered Venues and Restaurant Revitalization), in addition to wage and employee counting methods that may apply to restaurants or all businesses generally, large and small. Get the full show notes and more resources at TheUniqueCPA.com