Posts by Keith L Jones, CPA TheCPATaxProblemSolver
How to Hire Your Kids to Save $1,000s In IRS Tax dollars
How much can I pay my child to work for my business according to the 2023 IRS guidelines?
The 2023 IRS guidelines state that you can pay your child a reasonable wage for their work in your business. This wage should be comparable to what you would pay an unrelated employee for similar work. It is important to keep accurate records of the hours worked and the tasks performed by your child, as well as to pay them regularly. This allows you to demonstrate that the payments are legitimate and that you are not using them as a means to avoid taxes.
Read Full ArticleBest Guide to IRS Payment Plan: Tips to Resolve Tax Debt
IRS payment plan or IRS tax payment plan Struggling with tax debt? We can help you find a solution. In this article, we provide tips on navigating an IRS tax payment plan. Navigating IRS payment plans may appear overwhelming, but with proper guidance, you can resolve your tax debt and regain control of your finances.…
Read Full ArticleIRS Wage Levy: Duration and How to Effectively Address
Is your paycheck being held hostage by the IRS? If you’re dealing with an IRS wage levy, you’re likely feeling the financial strain. But how long does this levy actually remain in effect? In this article, we’ll crack the code on the duration of an IRS wage levy, providing you with the information you need to regain control of your finances.
An IRS wage levy is a powerful tool used by the Internal Revenue Service to collect unpaid taxes. When the levy is imposed, a portion of your wages is garnished to satisfy your outstanding debt. Understanding how long this levy lasts is essential for planning your financial recovery.
While there is no set timeframe for an IRS wage levy, it’s important to know that it can stay in effect until your outstanding tax debt is fully paid or a different arrangement is made. However, by taking certain actions, such as negotiating with the IRS or seeking professional help, you may be able to shorten the duration of the levy.
In the following sections, we will explore the factors that determine how long an IRS wage levy can remain in effect and provide practical tips to help you navigate this challenging situation. Don’t let the IRS hold your paycheck hostage any longer – let’s crack the code on an IRS wage levy together.
Read Full ArticleSeeking Innocent Spouse Relief to Fix Unjust Tax Liability
Learn about Innocent Spouse Relief safeguarding against unfair tax burdens. FAQs, examples, and guidance on utilizing this vital tax relief.
Read Full ArticleWhich IRS Tax Professional Can Help? CPA, EA, Tax Attorney
When seeking tax debt relief, choosing the right IRS tax professional can make all the difference. From credentials to communication, here are eight critical considerations to guide your selection: 1) Credentials and Qualifications, 2) Experience with Similar Cases, 3) Reputation and Reviews, 4) Transparent Fee Structures, 5) Availability and Communication, 6) Continuing Education, 7) Professional Association Memberships, and 8) Trust and Comfort. Ensure a thorough evaluation to navigate your tax challenges with confidence.
Read Full ArticleOvercoming IRS Hardship: Your Guide to Financial Resilience!
IRS hardship status is a way for individuals experiencing financial difficulties to seek relief from certain tax obligations. To qualify, you must provide sufficient evidence of your financial situation, such as income and expense details. This information helps the IRS assess whether you are unable to pay your taxes in full without causing undue hardship. Additionally, you may need to demonstrate that you have explored other options, like installment agreements or offers in compromise, before requesting hardship status. The IRS carefully reviews each case on an individual basis to determine eligibility, aiming to provide assistance to those in genuine need.
Read Full ArticleResolve your IRS tax problems promptly with these 10 Steps
Confronting tax problems related to issues from the IRS can be daunting and tense. If you have outstanding taxes, are confronted with an audit, or encounter other tax complications, it’s vital to act promptly and discover a resolution. Luckily, there are measures you can adopt to address your tax predicaments and reclaim authority over your monetary circumstances.
Read Full ArticleA 5 Step Guide for IRS Tax Relief Services: Streamlined
Are you drowning in tax debt? Don’t despair. The Fresh Start Initiatives introduced by the IRS can provide the relief you need. Our step-by-step guide simplifies the process, making it easy for ninth graders to understand. Learn about installment agreements, where you pay off your debt in manageable monthly payments. Discover the Offer in Compromise program, allowing you to settle your debt for less than you owe. With the right roadmap, compliance, and professional assistance, you can achieve IRS tax relief and regain control of your financial future. Don’t let tax troubles weigh you down—find your fresh start today.
Read Full ArticleCan You Go to Jail for Not Filing Taxes
Can you go to jail for not filing taxes? Learn the repercussions of not filing taxes, including IRS penalties and risk of criminal charges leading to jail.
Read Full ArticleUnderstanding Payment Plan to IRS or IRS Payment Plan: A Lifeline for Taxpayers
Take control of your financial situation with a structured approach that eases your tax obligations. By setting up a payment plan with the IRS, you can navigate the challenges of tax payments at a pace that suits you. This arrangement provides you with a manageable way to address your tax debt while minimizing financial strain. With the flexibility to choose a plan that aligns with your budget, you can find relief knowing that you’re taking proactive steps towards fulfilling your tax responsibilities. Whether you’re an individual taxpayer or a business owner, an IRS payment plan offers you the opportunity to settle your debt while maintaining your financial stability.
Read Full ArticleIRS Jeopardy Assessment: Can the IRS Levy for Owed Money?
Discover the implications of an IRS Jeopardy Assessment for tax debt. Learn if the IRS can levy due to outstanding liabilities. Get informed now.
Read Full ArticleIRS Fresh Start Program | How to Qualify for Tax Relief
what is the IRS fresh start program Trying to figure out how to pay your taxes can be stressful, but the IRS Fresh Start Program may be able to help. People who are having trouble paying their taxes because of a lack of money can use this program to get payment plans and other options.…
Read Full Article6 Brainy Ways to Proceed When You Owe IRS Back Taxes
6 Brainy Ways to Proceed When You Owe IRS Back Taxes
Read Full ArticlePayroll Taxes-What You Better Know About Them And form 941
What you should know about payroll taxes, form 941, payroll tax filing, due date of returns and deposits, and penalties for not payroll tax filings.
Read Full ArticleCracking The CSED Code: Unraveling The Mystery Of IRS CSED
CSED stands for Collection Statute Expiration Date. It refers to the maximum amount of time the IRS (Internal Revenue Service) has to collect on tax debts. Generally, the IRS has 10 years from the date of assessment of a tax liability to collect the debt. After the CSED, the IRS is legally prohibited from collecting the debt.
It’s important to note that certain actions can extend the CSED, such as filing for bankruptcy, submitting an Offer in Compromise, or signing a waiver agreeing to extend the collection period. Therefore, it’s crucial to carefully consider any actions you take and consult a tax professional if you have unpaid tax debts approaching their CSED.
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