Richardson Accounting and Tax Blog

Follow me
By
Services for Real Estate Pros - Richardson Accounting and Tax
RECENT BLOG POSTS
It is important for taxpayers to exercise their rights and dispute IRS penalties when they are unjustified. Currently, the IRS is way behind on processing tax returns and other documents sent by taxpayers. To a certain degree this is normal for the IRS, but it has been exacerbated by the pandemic...
08/22/2021
IRS Automated Collections Enforcement is scheduled to begin today. Tax Levies and Tax Liens may be filed against taxpayers that have received IRS balance due notices for unpaid taxes and have failed to respond to the IRS to resolve the matter. This balance due could be from the filing of a tax re...
08/15/2021
The IRS has announced that they will be reinstating their automated IRS Tax Levies and Tax Liens on August 15, 2021. Taxpayers have 10 days to follow up on IRS notices warning about unpaid tax debts. Failure to respond to IRS notices will lead to wages and commissions being garnished and bank acc...
08/05/2021
There are definite pros and cons of an Equivalency Hearing (EH) as opposed to a Collection Due Process (CDP) hearing with IRS Appeals. These appeals rights come into play after the IRS issues a tax lien. The other situations arise before or after the IRS issues a tax levy. Taxpayers will be maile...
07/29/2021
Appeals rights at an IRS Collection Due Process (CDP) hearing are important now that the IRS has reinstated their tax collection function. There was a long freeze in most IRS tax collection efforts due to the pandemic. The IRS did not want to unfairly burden the public during the economic contrac...
07/27/2021
IRS Criminal Investigation Voluntary Disclosure Practice is a great option for those with potential criminal tax liability. Taxpayers must determine whether their conduct was willful or not willful. If it was willful, Voluntary Disclosure Practice may be an appropriate solution to avoiding crimin...
07/12/2021
  The number of taxpayers in the IRS Collection Inventory surprisingly dropped from 2019-2020. I am including three categories in this calculation: Taxpayers with Unpaid Tax Debts, Ending Inventory. Taxpayer Delinquency Investigations, Ending Inventory. This category is also known as Nonfilers, t...
07/11/2021
There are striking trends in the data for recent IRS tax audits.    Examinations (Audits) - Total Positive Income (under $50,000)         Taxpayer Failed to Respond Rate % of Correspondence Audit FY 2018 43.20% 88.10% FY 2019 39.80% 88.10% FY 2020 44.70% 90.00%  For individual taxpayers in the lo...
07/10/2021
The percentage of Offers in Compromise (OIC) accepted by the IRS has continued to drop for the last five years.  The number of Offers in Compromise (OIC) submitted by taxpayers to the IRS as well as the number accepted has dropped annually. (Source: IRS Data Book) Despite this downward trend, it ...
07/03/2021
The IRS on July 15, 2021 will begin notifying the US State Department again about taxpayers with Seriously Delinquent Tax Debt (SDTD). Seriously Delinquent Tax Debt (SDTD) is currently owing at least $54,000 to the IRS.  This figure is adjusted annually for inflation.  Seriously Delinquent Tax De...
06/27/2021
Rainmaker
46,555

HowardRichardson

IRS and State Tax Representation
Contact The Author