Robby Determining your outstanding tax liability is crucial for managing your finances and avoiding potential penalties. The Internal Revenue Service (IRS) provides several methods for taxpayers to inquire about their account balance, including a dedicated phone line and online resources. This article explores the options available for contacting the IRS to ascertain your tax debt. Contacting … Read more
The economic consequences of the ongoing pandemic have prompted discussions about the possibility of a fourth stimulus check from the Internal Revenue Service (IRS) in 2024. While there has been no official announcement regarding the issuance of a fourth stimulus check, this article will delve into the potential eligibility criteria, payment methods, and estimated amounts … Read more
Understanding IRS Audit Frequency The Internal Revenue Service (IRS) plays a crucial role in ensuring compliance with tax laws and regulations. As part of its responsibilities, the IRS conducts audits to verify the accuracy of tax returns and assess potential discrepancies. While audits can be a daunting experience for taxpayers, it’s essential to understand the … Read more
The Internal Revenue Service (IRS) is tasked with the critical responsibility of enforcing the nation’s tax laws. To effectively carry out this mission, the IRS employs a specialized force of law enforcement officers known as Special Agents. These agents possess the authority to investigate financial crimes, execute search warrants, and make arrests, all while carrying … Read more
Does the IRS Pay You to Snitch? The Internal Revenue Service (IRS) operates a comprehensive Whistleblower Program, incentivizing individuals to report suspected tax violations. This program plays a crucial role in the IRS’s efforts to combat tax fraud and non-compliance, ensuring a fair and equitable tax system for all. Eligibility for Whistleblower Awards To qualify … Read more
The Internal Revenue Service (IRS) has announced that the 2022 tax filing season will officially begin on Monday, January 24, 2022. This means that taxpayers can start submitting their 2021 tax returns to the IRS on that date. The filing deadline for most taxpayers is Monday, April 18, 2022. Key Dates for the 2022 Tax … Read more
Understanding the Consequences Mistakes on tax returns are common, but they can have serious consequences. The impact of an error depends on several factors, including: Type of mistake: Math errors, omissions, or incorrect deductions can all lead to different outcomes. Who discovers the mistake: If you find the error before the IRS, you can take … Read more
When filing your taxes, you have the option to either claim the standard deduction or itemize your deductions. Itemizing deductions involves listing specific expenses that are then subtracted from your adjusted gross income (AGI). However, recent tax law changes have significantly reduced the number of taxpayers who itemize. As a result, it’s crucial to be … Read more
After submitting your tax return, you may encounter the message “Your Tax Return Is Still Being Processed.” This message indicates that the Internal Revenue Service (IRS) has received your return but is still reviewing it. While this can be a nerve-wracking experience, it’s important to understand the reasons behind this message and the potential implications … Read more
A tax advance is a short-term loan that allows you to access a portion of your expected tax refund before the IRS issues it. Tax advances are typically offered by banks, credit unions, and other financial institutions. There are several reasons why you may be denied for a tax advance, including: Your physical address is … Read more