Jim Payne's Tax Blog in Gainesville, FL

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2023 

Darren Guillot, Deputy Commissioner, Collections and Operations Support announced on January 20th that the trial policy of allowing installment plans without requiring financial information for tax debts up to $250,000 is now permanent.Why is this a Big Deal?The requirement to provide financial i...
01/26/2023
It happens. The IRS audits you and makes an assessment that you know is wrong. Maybe you missed the audit appointment, and the auditor disallowed all your deductions. Or maybe the IRS has a 1099 or W-2 showing that you have unreported income and you have never heard of the issuer. If you just can...
01/24/2023
The IRS accuracy penalty is a charge that the IRS imposes on taxpayers who file inaccurate tax returns. The penalty is equal to 20% of the amount of taxes that are owed as a result of the inaccuracies. This can be a hefty amount so it’s worth considering what you can do to minimize their potentia...
01/17/2023
The IRS tries to keep its processes for selecting returns for audit a secret. However, we do know some of the general steps. The majority are selected by computer-generated scores that are based on how different an individual return is from an average return. The higher the score, the more likely...
01/13/2023
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Jim Payne, CPA

CPA firm practicing in the area of IRS Collections
smartphone(352) 317-5692
local_phone(352) 376-9401
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