It happens to the best of us. We carefully prepare for an appointment with our accountant or we gather all our documents and go through the process of preparing our tax returns. A short while later we receive a notice from the IRS letting us know that we underreported our taxable income. Now what? Our
IRS Forms Explained
Understanding IRS Audit Notices
The number of IRS audits actually went down in 2015-of course that is of little comfort to the people coming into our tax law offices in San Diego, Orange County and Los Angeles. The tax agency expects to complete approximately 1-million audits this year—which is down almost 400,000 from just three years ago. The reason—budget cuts
How Traders Write Off Large Losses
One of the common problems we see in our tax law offices in San Diego, Beverly Hills and Orange County has to do with investors and financial traders who have improperly set-up their business and consequently are being audited after taking deductions under Section 475 of the mark-to-market securities tax code. The IRS established Section
What are Informational Returns? | IRS Form 1099
1099 tax forms are some of the most recognizable tax forms to the average taxpayer. These forms are considered informational tax returns because the IRS requires filers of informational returns to provide this information to individuals they have completed potentially taxable transactions with and also to provide this information to the IRS. This allows the
Taxpayer’s Bill of Rights
Have you heard about the Taxpayer’s Bill of Rights? For years the IRS has published different procedures, processes and taxpayer expectations throughout different publications its offered to the public. But just like the Bill of Rights in our constitution, the agency has boiled it all down to ten overarching taxpayer right’s and expectations of the agency
Form 9465-FS
When a taxpayer fails to meet his or her federal tax obligations to the Internal Revenue Service (IRS), he or she has a number of options available to meet that obligation and avoid an IRS levy. One such option is to request that the IRS and the taxpayer enter into an agreement whereby the taxpayer
Form 4180
The Internal Revenue Service (IRS) does not come calling from the moment a business falls behind on its tax obligations. However, failure to pay payroll taxes will initiate a process that often ends with the assessment of a Trust Fund Recovery Penalty (TFRP), or a penalty imposed directly on responsible persons that willfully fail to
IRS Collateral Agreements (IRM 5.6.1)
Internal Revenue Service (IRS) collateral agreements are agreements between a taxpayer and the IRS whereby the taxpayer makes a promise to the IRS to perform in some way. It may be a promise to pay a delinquency or file a return, but it is not to be confused with an offer in compromise. Unlike a
Form 433-F
When a tax debtor is unable to meet his or her tax liabilities, the Internal Revenue Service (IRS) may under certain circumstances approach the tax debtor to implement a workable payment plan. In doing so, the IRS acknowledges that this is the best solution to a situation where the tax payer is unable to pay,
Form 433-A
When a tax debtor claims that he or she is unable to meet his or her federal tax obligations, the Internal Revenue Service (IRS) must endeavor to learn more about the tax debtor’s financial situation in order to verify this claim. By doing so, the IRS learns more about the debtor’s financial ability to pay,
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