Why Hiring a Tax Attorney for IRS Audits Can Save You Stress and Money
Facing an IRS audit? Hiring a tax attorney can alleviate stress, protect your rights, and minimize tax liability. Find out why legal representation is crucial.
Protecting Your Finances: Look Out for These Red Flags for a Tax Audit
Receiving a letter from the IRS stating that your information “does not agree” with their records is a daunting prospect. In short, you’re being audited. Although the IRS audits less than 1% of all tax returns, the following are red flags for an IRS audit and could increase your chances of being scrutinized.
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Demystifying IRS Online Payment Plans: What You Need to Know
The IRS offers online payment plans to help taxpayers manage their tax debt. By breaking down the amount owed into monthly payments, individuals can avoid the financial strain of a lump sum payment. These plans also help prevent severe consequences like liens or wage garnishment. Applying for a payment plan is straightforward, and taxpayers have the flexibility to choose their monthly payment amount based on their financial situation. However, it’s important to note that for larger amounts of tax debt, approval for a payment plan is at the discretion of the IRS, and seeking legal advice may be beneficial.