Common IRS Notices The IRS has hundreds of notices they send to taxpayers, so we compiled a list of the most common IRS notices written in plain English to save you from the headache of deciphering what your notice means! CP10: The IRS has made changes to your return because there was a miscalculation, and
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Pros and Cons of Filing for Bankruptcy
Pros and Cons of Filing for Bankruptcy When you are researching whether or not you should file for bankruptcy, you are inundated with confusing information and jargon you are likely unfamiliar with. To help you with this process, we have compiled and condensed some information you should know about the differences between Chapter 7 and
Rules for Credit Rating Agencies
Credit Rating Agencies, or CRAs, are organizations that are hired to determine the creditworthiness of companies and debt issuers. The major CRAs in the United States are Standard & Poor and Fitch’s and Moody’s. After the global financial crisis of 2007, the CRAs fell under major criticism for their perceived part in granting high-credit ratings
Credit Reporting Agencies – How fair are they?
Credit Reporting Agencies The ability to obtain credit is an important facet of American life. The ability of companies to grant an extension of credit drives a major portion of the economy, and much of that economy is based on businesses being able to extend credit to consumers. The ability to safely extend credit to
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy Chapter 13 bankruptcy refers to the portion of the U.S. Code 11 that involves bankruptcies. When filing bankruptcy under Chapter 13, an individual debtor is declaring that they are insolvent. However, they have the ability to pay their creditors some portion of the debt owed to them. Most Chapter 13 filers also
Chapter 7 Bankruptcy
Chapter 7 bankruptcy involves the liquidation of a debtor’s assets in order to pay a portion of their debts. Any remaining debts are then fully discharged, leaving the debtor free and clear of any liabilities. If a debtor has limited means in order to continue paying their creditors, this may be the best option for
IRS Penalty Abatements – Reasonable Cause Factors
If a taxpayer is late with paying their taxes by their due date, they can face the possibility of having substantial tax penalties applied to their original tax balance. The types of late pay penalties fall into two categories: failure to pay and failure to deposit. Failure to pay is not paying by the tax
Who Qualifies for Taxpayer Advocate Assistance?
Because the TAS is an independent organization within the IRS that is offered free of charge, you must meet certain requirements in order to take advantage of their services. The people who often qualify for taxpayer advocate assistance fall in to five main categories based on their circumstances: 1) If you are in a situation
What is the IRS Taxpayer Advocate Service?
IRS Taxpayer Advocate Service The Taxpayer Advocate Service (TAS) is an independent service within the IRS which helps taxpayers resolve problems with the IRS and recommend changes which prevent any problems in the future. If you qualify, the service can help if: your problems with the IRS are causing financial hardship for you, your family,
IRS OVDI – Role of the Attorney in the Voluntary Disclosure Process
Role of the Attorney in the Voluntary Disclosure Process An attorney that specializes in taxes can be a great resource to those who are seeking to rectify the non-disclosure status of any foreign accounts and/or income. Although participation in the Voluntary Disclosure program reduces the likelihood that the IRS will pursue further civil and criminal