irs tax problems: Avoiding IRS Penalties
- 12/13/21 03:22 PM
Congress considers our tax system a “pay-as-you-earn” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-earn” requirement. These include: Payroll withholding for employees; Pension withholding for retirees; and Estimated tax payments for self-employed individuals and those with other sources of income not covered by withholding. When a taxpayer fails to prepay a safe harbor (minimum) amount, they can be subject to the underpayment penalty and this is when your IRS tax problems can begin. This nondeductible interest penalty is higher than what might be earned from a bank. The penalty is … (0 comments)
irs tax problems: IRS Tax Liens Affecting Your Closings & Have You Puzzled?
- 06/14/21 05:46 PM
What do you do when you find out the real estate deal you were about to close is held up, or might not close at all, because your client has a federal tax lien filed against them? What do you advise them to do? How many more transactions could you close if your clients didn’t have IRS Problems? It’s amazing how many people are in the market--both buyers and sellers--who don’t even know they have a federal IRS tax lien until the title company uncovers it during the title search. IRS has announced that starting tomorrow, June 15th, 2021 they are ramping up … (1 comments)
irs tax problems: 3 Essential Steps to Prepare for Tax Season & Avoid Tax Trouble
- 01/06/21 09:45 AM
Taxes are one of those topics people hate to talk about or even think about, especially if they end up owing money in back taxes every year. That's why many taxpayers wait until the very last moment to prepare for tax season. It’s also why nearly 14 million Americans find themselves receiving threatening letters from the IRS and in some sort of collection proceedings. With the new Biden administration taking office in 2021, more tax changes are almost certain. COVID relief is another factor to account for, and things are changing almost daily. So it's never too early to start preparing for … (2 comments)
irs tax problems: A November To Remember To Be Grateful
- 11/17/20 07:39 PM
As we approach Thanksgiving, 2020, I've been doing a lot of reflecting on the year. We have all been through an interesting and taxing period (pun intended) consisting of the virus, lockdowns, wearing masks, elections, and closed businesses. We have certainly been inconvenienced and have had to adjust our daily, weekly and monthly routines. It has been a difficult year especially for those of us who have lost loved ones, friends, clients, jobs or marriages. Most of us know people who have struggled with the personal impacts of COVID-19. My thoughts and prayers go out to everyone who continue to experience difficult times as … (5 comments)
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Randy Tudor, EA, CTRC
Certified Tax Representation Consultant in Phoenix
Congress considers our tax system a “pay-as-you-earn” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-earn” requirement. These include: 
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