Can the IRS conduct a collection interview at your house or business?
Can the IRS conduct a collection interview at your house or business? The IRS cannot enter your place of residence or business without being invited or without a court ordered writ of entry. If you are represented, the IRS cannot conduct a collection interview without your representative being present nor can they compel you […]
Chances of Being Audited by the IRS | Chances of IRS Audit | Legacy Tax & Resolution Services
Chances of Being Audited by the IRS | Chances of IRS Audit | Legacy Tax & Resolution Services An IRS audit is a review or examination of an organization’s or individual’s returns and supporting information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax […]
How Often Does the IRS Make a Mistake in Property Seizures?
How Often Does the IRS Make a Mistake in Property Seizures? The Treasury Inspector General for Tax Administration (TIGTA) is required under Internal Revenue Code Section 7803(d)(1)(A)(iv) to annually evaluate the IRS’ compliance with the legal seizure provisions to ensure taxpayer’s rights are not being violated. The IRS appears to be human, and it […]
Why is the IRS Levying My Paycheck, and Can I Make Them Stop?
Why is the IRS Levying My Paycheck, and Can I Make Them Stop? The IRS wants three things from you, communication, financial information, and compliance. They really do not want to levy or garnish your paycheck. A wage levy is what the IRS does after multiple attempts to communicate with you that have gone […]
IRS Bank Levy – How Much Do I Have to Worry About Losing the Money in My Account?
IRS Bank Levy – How Much Do I Have to Worry About Losing the Money in My Account? A bank levy can be disastrous – checks start bouncing, bank charges for returned checks, and concern over how you are going to get past this and pay your bills. There are two things you need […]
Sec 529 College Savings Plan Features and Tax Benefits
Article Highlights: Who Can Contribute? How Much Can Each Individual Contribute? Makeup Contributions Maximum Plan Contributions Tax Free Accumulation Eligible Expenses (Qualified Distributions) Non-qualified Distributions Be Mindful Direct Payment of Tuition Coordination With Education Credits A common question parents have is, “How might I save for a child’s post-secondary education in a tax-beneficial way?” The […]
Status Of The Biden Administration’s Student Loan Forgiveness
Article Highlights: The Forgiveness Plan Supreme Court Qualifications Tax Issues Payment Moratorium Current Applications President Biden’s student loan debt forgiveness plan was originally authorized by an executive order and announced on August 24, 2022. It subsequently hit a snag when two court cases put a hold on the plan, which was one of Biden’s campaign promises. The […]
R & D Credit- Are You Ready To Maximize Your Tax Savings?
2016 Brings Significant Changes- R & D Credit- Are You Ready To Maximize Your Tax Savings? The Research and Development (R&D) Tax Credit is here to stay. After years of recurring expiration and renewal, the R&D Credit was finally made a permanent part of the tax code under the recently enacted Protecting Americans from Tax […]
Video Tips: An Opportunity to Rollover Sec 529 Plan to a Roth IRA
Families and students with an existing Section 529 plan who have found an alternative way to pay for their education, or simply didn’t pursue a higher education, have concerns about left over funds being trapped in the 529 account unless they take a non-qualified withdrawal and assume a penalty. This has led to hesitating, delaying, […]
What Does It Mean to be Audited by the IRS? | What Happens When the IRS Audits You? | Legacy Tax & Resolution Services
What Does It Mean to be Audited by the IRS? | What Happens When the IRS Audits You? | Legacy Tax & Resolution Services An IRS audit is a review or examination of an organization’s or individual’s returns and supporting information to ensure information is reported correctly according to the tax laws and to […]