News and Events

When an individual receives notice of an IRS audit, knowledge and planning are the first considerations. Whether the audit is for a person or business, it is important to know the basic steps of an IRS audit. Individuals and businesses should understand why they were selected for an audit. In addition to understanding the myths about IRS audits, individuals must be aware of pitfalls in the audit process. In short, for those audited by the IRS, it is essential to know what to expect.

For U.S. taxpayers faced with unpayable tax debt, an Offer in Compromise may be the best path forward.  Under the Offer in Compromise program, the IRS and taxpayer may agree to settle a tax debt for less than the full amount owed.  This allows the taxpayer to relieve their crushing debt burden, while the IRS is able to collect a portion of the amount owed.

You are probably aware that there is an option to delay filing a tax return. What you may not know, however, is that if you owe taxes and fail to file and pay on time, you will likely incur interest and be assessed penalties on that late tax payment. In fact, two penalties could apply: one for filing late and one for paying late, and interest accrues on top of these penalties.

When many people hear the term “tax shelter,” they automatically think that some type of shady dealing is afoot. But nothing could be further from the truth.

Failure to file tax returns that include all income earned in the United States is illegal and could lead to sanctions, including fines, penalties and even incarceration, depending on the severity of the non-compliance.