Richardson Accounting and Tax Blog

Follow me
Services for Real Estate Pros - Richardson Accounting and Tax
The IRS released a statement today that payments for 2021 tax returns were incorrectly applied to joint taxpayer accounts. This means married filing jointly taxpayers. CP 14 notices were mailed out claiming a balance due or showing an incorrect tax liability.The IRS is advising taxpayers to take ...
Prior federal tax deposit (FTD) compliance for a business submitting an IRS Offer in Compromise (OIC) required FTDs for the quarter of OIC submission and the succeeding quarters. Federal tax deposits are the payment of employment taxes withheld from employee wages by the employer to the IRS. The ...
The IRS has reinstated it's Automated Collection Notice program. These are the letters mailed to taxpayers with unpaid tax liabilities. There are a series of tax collection notices that must be mailed to taxpayers by law before the IRS can begin their enforcement procedures.Anyone receiving IRS n...
The IRS recently released temporary guidance to their Offer in Compromise (OIC) staff. The standard procedure for an Offer in Compromise (OIC) employee was to return a filed OIC as not processable if it was discovered that there were unfiled tax returns for the Offer candidate.Now, OIC examiners ...
The IRS announced today that it will abandon its use of a third party service for facial recognition technology in order to authenticate taxpayers' identities when creating an online account.
The Taxpayer Advocate Service (TAS) is an independent office within the Internal Revenue Service (IRS) that helps taxpayers to resolve disputes with the Internal Revenue Service. They also make recommendations to the United States Congress about changes to existing laws in order to improve the fu...
Currently the threshold for revocation or denial of passports is set at $54,000. When a taxpayer accumulates this dollar amount of unpaid IRS taxes, the IRS can certify the tax debt to the US State Department. The US State Department will revoke, deny or limit passport rights of a taxpayer in thi...
Separate IRS Accounts can be created when one or both spouses/ex-spouses are fully or partially liable for a joint tax liability.  The joint liability of each spouse is duplicated on each separate tax account. This can occur due to a variety of reasons: Innocent Spouse Relief Bankruptcy Installme...
IRS tax levies may impact independent contractors and wage earners differently. In other cases they are affected the same. When it comes to a tax levy on a taxpayer's wages and salary, it is called a continuous tax levy. The tax levy will be issued once and repeated every pay period until the lev...
Can the IRS Issue a tax levy on retirement account assets to collect unpaid taxes?The short answer is generally, yes. Retirement account assets that qualify under the Employee Retirement Income Security Act (ERISA) such as pension plans, 401(k) and others can be subject to an IRS tax levy. Non-qu...

Howard Richardson

Tax Problems | IRS and State Tax Representation
Contact The Author