Jim Payne's Tax Blog in Gainesville, FL

Dealing with tax debt can be a real headache, but guess what? The IRS would rather make a deal with you over the expense of sending Collections people to make threats. The IRS offers some pretty flexible payment plans to help you out. Let’s break down your options:Short-Term Payment PlansWho’s It...

Dealing with the IRS can be intimidating and a real pain. However, avoiding the common mistakes can reduce your financial risks and heartburn. Here are some pitfalls to watch out for and tips on handling them effectively.1. Ignoring IRS NoticesThis is by far the biggest mistake you can make. Nobo...

The IRS rejects 60-70% of Offers in Compromise (OIC) submitted by taxpayers. Receiving a rejection for your OIC can be disheartening, but it’s not the end of the road. Here’s what to do next:Understand the Reason for Rejection: Carefully review the rejection letter. Common reasons include discrep...

When facing IRS debt, time is not just a factor; it's a resource. Ignoring IRS debt can be the biggest mistake because it directly leads to losing valuable time needed to create and implement an effective financial strategy. This loss of time can exacerbate your debt situation, making it increasi...

The IRS received a significant funding increase through the Inflation Reduction Act of 2022. This led to speculation about a sudden surge in audit activities. Many wondered, "When will the IRS army of auditors hit the warpath?" However, the actual plan for deploying these resources suggests a mor...

As a CPA who handles IRS collection issues, it's ironic and revealing when marketing firms call me, offering to "rescue" me from tax debts through the IRS Fresh Start Program. These unsolicited calls miss the mark and show a deep misunderstanding of my professional role and the program they tout....

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.   It’s a surprisingly common scenario. Client refuses to open mail from the IRS because after all, nothing good will come out of it.  Months later, it was discovered that the IRS had proposed a change,...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.   The IRS is going to postpone the requirements to file form 1099-K for 2023. This announcement is a big plus. But the tidal wave of bureaucratic form production is still coming, now in 2024.  To give ...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.  The Federal Government is giving businesses another bureaucratic headache. They want almost every business in the US, except for very large and regulated businesses, to report to them on who owns and ...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.   It’s not unheard of for someone to get a text message to call a provided 800 number for the fraud center for their bank/credit card company/internet provider immediately because their account is in j...