Frequently Asked Questions

Why is unreported Crypto Income important to the IRS?  The reason that unreported crypto income is important to the IRS is because you can be charged with avoiding income taxes and be sent to prison and pay restitution. Taxpayers transacting in virtual currency are required by law to report those transactions on their tax returns. […]

How should an employer handle payroll matter in their company? Employers can handle this process themselves internally through their own payroll department, or they may use a remote or outside vendor who provides the payroll services to the employer. This outside vendor or remote payroll servicer may be in the same state or across country. […]

If you already know that you won’t be able to pay your tax bill in full, you may be panicking at this very moment. Failing to pay your taxes can result in both fines and criminal charges. The good news is that you do have options available to you that can help you stay on […]

What are the basic elements of an Internal Revenue Service installment agreement? As a taxpayer who finds that you are not able to make full payment of the federal income tax due on or before the annual due date, you may need an installment agreement. There is an individual and business payment plan available, but […]

Not being able to pay your bills can have a negative effect on you. Constant stress and worry over your financial situation are overwhelming and lead to a decline in the quality of your life.  Receiving a large tax bill from the IRS can cause you additional worry, further financial strain, and extra stress that […]

What are the basic elements of an Internal Revenue Service installment agreement? As a taxpayer who finds that you are not able to make full payment of the federal income tax due on or before the annual due date, you may need an installment agreement. There is an individual and business payment plan available, but […]

As marijuana and its legalization of it becomes more prevalent, the IRS and state departments are making sure to release guidelines about the taxing of the industry. As with any new tax rules and regulations, it can be quite confusing, but, as a business owner, you are responsible for making sure your taxes are done […]

Why did I receive a Notice of Intent to Levy and Notice of Right to a Hearing? The basic reason for receiving a Notice of Intent to Levy is because past due income tax returns have not been filed, or past due taxes have not been paid in full. The Internal Revenue Service under the […]

Under what reason will the IRS release a bank levy?  The Internal Revenue Code specifically provides that the IRS must release a levy if it is determined that You paid the amount you owe, the period for collection ended prior to the levy being issued, it will help you pay your taxes, you entered into […]

One of the biggest worries that taxpayers have, when they see a notice from the IRS, is that they owe money to them. When you do owe money to the IRS, they will work hard to collect it from you and they will take collection actions against you should you not pay them. Taxpayers who […]