Category: Uncategorized
A Closer Look at the IRM, the Internal Revenue Manual
The Internal Revenue Manual (IRM) is a comprehensive document that serves as the cornerstone for the operations of the Internal Revenue Service (IRS). It is designed to ensure that IRS employees have the necessary guidance to perform their duties effectively and consistently. Below is a detailed guide to understanding the IRM and its multifaceted role…
IRS Debt: The 3 Worst Things You Can Do if you Owe the IRS
The 3 Worst Things You Can Do if You Owe the IRS Owing money to the IRS is stressful, and it’s easy to panic or make the wrong moves. Unfortunately, some actions (or inactions) can make the situation much worse, resulting in penalties, interest, and aggressive collection efforts. If you owe the IRS, it’s critical…
Selling Your Home: Understanding the Tax Rules and Implications, Including Filing as MFS in the State of Georgia
Selling Your Home: Understanding the Tax Rules and Implications, Including Filing as MFS in the State of Georgia Selling your home can be an exciting milestone, but it’s essential to understand the tax implications that come with it. Whether you’re upgrading to a bigger space or downsizing, the sale of your primary residence can have…
Tax Resolution Myths: Debunking Common Misconceptions About Settling with the IRS
Tax Resolution Myths: Debunking Common Misconceptions About Settling with the IRS If you’re facing tax issues with the IRS, it can be overwhelming. Misunderstanding your options for resolving tax debt often adds to that stress. Unfortunately, myths and misconceptions about tax resolution abound, causing many individuals and businesses to avoid or mishandle their IRS problems.…
Essential IRS and Georgia (GA) State Filing Requirements for S Corporations
A Guide to Tax Compliance and Best Practices for S Corporations and Single-Owner LLCs in the state of Georgia Federal Requirements 1. Electing S Corporation Status for the LLC For a single-member LLC to be treated as an S Corporation, both federal and state procedures must be followed. Federal Election (Form 2553) 2. Form 1120-S:…
Taxation of Unrealized Gains: Current Landscape and Future Considerations
In recent years, there has been increasing discussion around the taxation of unrealized gains, especially in the context of wealth inequality and federal tax revenue. Traditionally, the U.S. tax system has operated on a realization-based approach—taxing individuals when they sell an asset for a profit (realized gains), not when the value of the asset appreciates…
IRS Automated Collection System: What it is and how it works
What is ACS? The IRS collects taxes by assigning delinquent accounts to either the Automated Collection System (ACS) or a Revenue Officer. ACS is an IRS call center with multiple locations across the country. It sends out computer-generated notices demanding payment and handles incoming calls generated by those notices. ACS agents also call delinquent taxpayers…
IRS Update: Beware of Offer in Compromise Marketing Mills
IRS warns of ‘mills’ taking advantage of taxpayers with Offer in Compromise program WASHINGTON – The Internal Revenue Service reminds taxpayers to beware of promoters claiming their services are necessary to resolve unpaid taxes owed to the IRS while charging excessive fees, often with no results. These unscrupulous “mills” use aggressive marketing to make false…
Understanding the IRS; An Introduction
For those unfamiliar with the intricacies of tax administration, the array of IRS guidance can initially seem quite perplexing. To demystify this, here’s a brief overview of seven of the most common forms of guidance. In its role of administering tax laws enacted by Congress, the IRS must interpret these laws and translate them into…
IRS Tax Tip: All Taxpayers Have the Right to Finality of Federal Tax Matters
Taxpayer Rights Taxpayers have the right to finality when working with the IRS. For example, taxpayers have the right to know when the IRS has finished an audit. This is one of 10 basic rights, known collectively as the Taxpayer Bill of Rights. Here’s what taxpayers need to know about their right to finality: More Information