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What is Tax Evasion? Tax evasion is a felony for the willful attempt to evade or defeat the assessment or payment of taxes, which could include intentionally misleading the Internal Revenue Service (IRS). The crime generally involves overt or hidden illegal actions to avoid paying the taxes you owe, like, for example, transferring money to […]
What are the Potential Consequences of Tax Fraud or Evasion Charges? Read More »
Tax Resolution Agreements: Understanding Penalties and Interest Federal tax law in the United States is complicated, and it can be difficult for even seasoned tax professionals to stay on top of these laws as they change nearly every year. If you have a more complicated tax situation, such as owning a small business, multiple income
Are Penalties and Interest Always Part of IRS Tax Resolution Agreements? Read More »
Why Would the State Revenue Department Send Me a Notice? With millions of households and businesses filing for taxes every year, some questions or errors are bound to be made. If you have received a notice from your state’s revenue department, it could be for a myriad of things. This article will discuss some of
What Steps Should You Take If You Receive a Notice from Your State’s Revenue Department? Read More »
The last thing you want to receive in the mail is a notice of a tax audit from the IRS. The more you read, the more concerned you’ll become with your future. While this is a scary time in your life, it doesn’t have to be. There are steps you can take to better understand
For most people, the IRS is only a concern during tax season. However, if you have underpaid your taxes or made a calculation error, you may be hearing from the IRS or your state or local revenue agency at another time. This can be a stressful experience, especially if you don’t currently have the money
What you will learn: If you owe the IRS back taxes, address the problem quickly, including submitting tax returns on time. There are many options you can use to get your taxes back in order. When necessary, a tax attorney such as The Law Office of Lance R. Drury can assist you in navigating the
The carbon oxide sequestration tax credit was created to incentivize business owners to reduce their carbon footprint, and learning about the credit will help you understand: The person who owns the carbon oxide capture equipment has the first right to the tax credit. If the owner of the carbon oxide capture equipment chooses, he or
As you read about the changes that are happening this tax season, you’ll learn: You have extra time to get your taxes filed, and the standard deduction has been increased. Many of the deductions and credits you were previously familiar with have been tweaked in some way and often to your benefit. Issues such as
You were surprised to get a letter from the Internal Revenue Service. Even more surprising was that the IRS wanted to send out a revenue officer to talk to you. It’s not common for people to deal with these officers directly, but they could if the IRS finds that they cannot collect debts from you
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