St. Louis Tax Law Blog

couple frustrated by bills and receipts

Don’t have enough for your taxes? Consider an installment plan

Your work was going very well in the first part of the year, so you planned to take your profits and build up. Suddenly, your sales dropped off, and you were left barely scraping by. As tax time came around, you realized that you were self-employed and would need to come up with several more thousand dollars than you have.…

IRS Building in Washington

Do you know the difference between tax avoidance and evasion?

When it comes to the payment of income taxes, the Internal Revenue Service (IRS) is substantially less worried about overpayment than it is about underpayment.  Individuals who don’t pay their full amount of taxes could wind up paying not only the balance of unpaid taxes but also substantial penalties and interest. In some cases, the IRS can also take legal…

delinquent late payment paperwork

Delinquent taxes? Be prepared to negotiate with the IRS

Have you been behind on filing taxes with the Internal Revenue Service? If you have been, something you’ll want to do is to file your delinquent tax return. If you don’t file your tax return on time, it is true that the IRS could charge you a fee, which is something you may want to talk about with your attorney,…

IRS Offer in Compromise OIC agreement and pen.

How an Offer in Compromise with the IRS works

You had probably never heard of an Offer in Compromise, or OIC, with the Internal Revenue Service until you got behind on your federal taxes. Now, with a tax debt looming over your head and the IRS threatening collection actions that could cripple you financially, you’re desperately seeking some kind of relief. Could an Offer in Compromise work? OICs are…

Tax changes newspaper

IRS posts new announcement about tax filing deadlines

The information disseminated by governmental agencies tends to change rapidly and sometimes daily. Right now, few things are certain, and many people are just trying to keep up, including many here in Missouri. What everyone knows is that the annual ritual of submitting income tax returns to the IRS is still on the lists of many people. The question now…

Sign on IRS headquarter building in Washington, DC

Clearing up confusion on the IRS’s latest grace period

In the midst of everything else that is currently going on in the country and across the globe, some aspects of life have to go on regardless. For instance, taxpayers here in Missouri and elsewhere have tax returns to attend to. Recently, the Secretary of the Treasury, Steven Mnuchin, announced that taxpayers will receive some relief from that obligation. However, the news…