IRS Offer in Compromise Updates
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities... Read More
What is the IRS Rule for Real Estate Professionals?
Generally, the passive activity loss for the tax year isn’t allowed. However, there is a special allowance under which some or all... Read More
Are Transfers between Spouses Taxable?
Transfers between spouses are generally nontaxable, but some exceptions exist. Generally, no gain or loss is recognized on a transfer of property... Read More
IRS Withholding Order – Withholding Compliance Program
Sometimes the IRS will send a withholding order to a taxpayers employer. This withholding order generally will lock in the taxpayer into... Read More
How to remove an IRS lien
A taxpayer who has a lien from the IRS may question how to remove the IRS lien. A levy is a legal... Read More
IRS Innocent Spouse: Equitable Relief Rules
If you do not qualify for innocent spouse relief, relief by separation of liability, or relief from liability arising from community property... Read More
Does a partnership need to file a tax return if it had no income?
The IRS has different filing requirements with respect to a particular entity. Partnerships and corporations have different standards for filing an information... Read More
Tax Day for individuals extended to May 17, 2021: Treasury, IRS extend filing and payment deadline
IR-2021-59, March 17, 2021 The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for... Read More
Taxation of Virtual Currency
Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to... Read More
Does Filing for Bankruptcy Extend the IRS Collection Statute of Limitations?
A variety of laws affect the collection statute expiration deadline. A brief summary of some of the various case actions that can... Read More