IRS Installment Payment Plans

If you can pay your debt over time, an installment plan may be the right solution. The most widely used method for paying an old IRS debt is the monthly installment agreement, or IA. If you owe $25,000 or less, you should be able to get an installment payment plan for 60 months just by […]

Preparing for a Business Audit

Be prepared for an audit of your business. Who’s afraid of the IRS? Almost everyone. The key to surviving a tax audit — and even coming out on top — is not to panic, but prepare. What to Do Before Your Audit If you go it alone, before meeting the auditor, you should thoroughly review […]

IRS Penalties Most Likely to Affect Small Businesses

If your small business fails to comply with tax taws or tax filing requirements, those mistakes can be costly. The number of penalties that the IRS can use to punish small businesses is staggering. This article covers the six most common tax mistakes that small businesses make and the corresponding penalties that the IRS can […]

Negligence Versus Tax Fraud: How Can the IRS Tell the Difference?

The difference between cheating on your taxes and negligently filing them, and how the IRS distinguishes between the two. It shouldn’t come as a shock to hear that it’s a crime to cheat on your taxes. In a recent year, however, only 2,472 Americans were convicted of tax crimes — 0.0022% of all taxpayers. This […]

IRS Audits and the Self-Employed

According to the IRS, self-employed taxpayers are among the worst tax cheats.  Unfortunately for the vast majority law-abiding self-employed taxpayers, this means that they, as a group, are more likely to be targeted for an IRS audit.  Thankfully, there are steps that the self-employed can take to reduce their chances of being audited. The two […]