Tag Archives: IRS Tax Problems

Follow the Tax Rules When You Borrow From Your Corporation

If you’re a business owner and your company lends you money, you’ll enter it in the books as a shareholder loan. However, if your return is audited, the IRS will scrutinize the loan to see whether it is really disguised … Continue reading

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Failure to File or Pay Penalties: The First Four Facts

The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides that the … Continue reading

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Avoid Future Tax Problems: Start Planning Next Year’s Tax Return Now

  For most taxpayers, the tax deadline has passed. But planning for next year can start now. Being organized and planning ahead can save time and money in 2014. Here are six things you can do now to make next … Continue reading

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Are you Using the Correct Filing Status When Filing Your Income Tax Return?

It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether … Continue reading

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Compromise of Tax and Penalty

Lefstein-Suchoff CPA & Associates, LLC has a proven track record of getting our Client’s Offers in Compromise accepted and thereby saving our clients thousands of dollars. If, on the other hand, we believe that filing an Offer in Compromise will … Continue reading

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How to Designate Power of Attorney with the IRS

  You have the right to represent yourself or have someone represent you before the IRS in connection with a federal tax matter.  At Lefstein-Suchoff CPA and Associates we represent many clients who face IRS problems.  Please read below for … Continue reading

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Federal Tax Lien: What is It?

    A lien is a legal claim against all your current and future property.  When you don’t pay your first bill for taxes due, a lien is created by law and attaches to your property.  It applies to property … Continue reading

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If You Don’t Pay on Time: Understanding Collection Actions

  There are several words and phrases particular to the collection process.  Here, we’ve defined some of the most commonly used collection terms: Federal tax lien:  A legal claim against all your current and future property, such as a house … Continue reading

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Offer In Compromise: Review

The OIC program allows qualifying taxpayers to settle their tax liability in full for an amount less the full liability owed.  Recently, the IRS has changed some of its computational rules, which may make the program more accessible and attractive. … Continue reading

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New 1099-K Forms may Lead to Enhanced IRS Collections

What do you need to know about Form 1099-K? Form 1099-K is an information return that reports payment card and third party network transactions for the calendar year.  1099-K forms are giving IRS new collection leads. A memo to IRS … Continue reading

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