irs collections: Gig Workers on the Radar: How To Reduce Your IRS Audit Risk - 09/08/23 01:01 PM
As the shift from traditional employment to self-employment and business ownership continues, many workers are finding themselves in a brand new situation. The IRS has noticed the shift to gig work, freelancing and self-employment, and their auditors and agents are increasingly focusing on those brand new small business owners.
The audit rate for ordinary individual taxpayers has less than a 1% chance of getting a notice from the IRS. For small business owners, however, the audit rate is on the rise, and if you work in the gig economy that means you.
The rising audit rate for small business owners is certainly cause … (2 comments)

irs collections: Richardson TX - Private Debt Collectors and IRS Debt. Is it a scam? - 05/03/19 01:42 PM
Many taxpayers in collection have recently received notices that their IRS accounts have been turned over to Private Debt Collectors. I have met with several in our offices in the Plano, TX area, in the last few months, who have received such notices. Why is this happening and what does it mean?
 
Since 2003, the IRS has had the right to use debt collectors if they chose to. However, except for a period in 2004, that option was not often utilized. What has changed recently that it’s now occurring? The FAST Act, passed by Congress, requires that the IRS use Private Debt … (0 comments)

irs collections: Richardson TX - Consequences Late Filings/Deposits of Payroll Tax - 03/10/19 08:41 AM
Paying Employees is a critical function for business owners. If an employer doesn’t pay their employees timely, they will not have a staff to operate their business. What happens when your company pays its employees but doesn’t file Payroll Tax filings timely or doesn’t make deposits for payroll taxes timely? Since I’m in Richardson Texas, we will focus on penalties from the IRS and the State of Texas.
 
What Are the Most Common Penalties?
The IRS has Penalties for both Late Filing and Late Deposits -
Failure to File Penalties - For Quarterly Form 941 and Annual Form 940 are up to … (0 comments)

irs collections: Richardson, TX: Understanding IRS Installment Agreements - 02/21/19 02:09 PM
I represent taxpayers in Richardson, TX as well as our cities within Texas.  When I meet with clients, the best solution for many of them is to set up an Installment Agreement.  An Installment agreement is a repayment plan with the IRS over time. However, all Installment Agreements are not alike. There are three different types of Installment Agreements that I’ve outlined below. My goal is that after reading about each of them, you will have a better understanding of which one is the right one for you.
Streamlined Agreement -  To qualify, must have Individual Tax Debt under $50,000 and the … (0 comments)

irs collections: Richardson TX - Tax Compliance - The Key to Resolving IRS Debt - 01/27/19 10:33 AM
As I’ve stated in other articles, as of the end of 2017, there were over 14 million taxpayers in some stage of the collection process with the IRS and many of those taxpayers are in Richardson, TX and throughout the DFW vicinity. While these issues can seem insurmountable, you can resolve them if you take the proper actions.
 
How do you Solve Your Tax Problems?
While there are several methods to resolve your tax debt including Installment Payments, Offers in Compromise (OIC), and being placed in Currently Uncollectible Status, until you get into Tax Compliance, these are not viable options until you get … (2 comments)

irs collections: What To Do When You Receive IRS Notices in Plano & Richardson, TX. - 01/13/19 11:17 AM
The IRS Collection Process Can Be Confusing and Frustrating!
As of the end of 2017, there were over 14 million taxpayers in some stage of the collection process and many of those taxpayers were in the Plano and Richardson area in Texas.  If you are one of those taxpayers, you will find yourself receiving a number notices from the IRS. Those notices can create a wide range of reactions from taxpayers that range from complete fear to irritation to no reaction.  
If you don’t react in the correct manner within the appropriate timeline, you may find yourself with liens or levies or … (0 comments)