Jim Payne's Tax Blog in Gainesville, FL

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RECENT BLOG POSTS
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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A lien is a legal claim or right against someone else’s property, usually for the payment of a debt. The IRS can place a lien on your property if you owe taxes and have failed to pay them. This can be a very stressful and difficult situation to deal with, but it is important to know your rights a...
12/27/2022
The IRS can levy social security benefits. Even worse, that levy can continue even though the statute of limitations has expired. The question is how often does the IRS levy social security payments? And what can you do if it does?The IRS annual statistics report does not drill down anywhere clos...
12/20/2022
The CP11 letter arrives in the mail. You open it up and see the words "We made changes to your return because we believe there is a miscalculation. You owe money on your taxes as a result of these changes." Yep, this is going to be a great day. Usually, these notices are vague. They typically lis...
12/13/2022
The IRS does abate penalties provided you can prove reasonable cause. Establishing reasonable cause is very much a hit-or-miss proposition. However, there is a more effortless penalty abatement procedure if you can qualify.First Time Abate or FTA will automatically remove the Failure to File, Fai...
11/15/2022
I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.Here is the scenario. You filed your 1040 on February 1 in the hopes of getting your refund fast. Three weeks later you receive a 1099 in the mail that was not included on your return. Worse, it was for...
11/01/2022
Rumors are leaking out in the tax representation community that the IRS is finally going to do something about answering their phone. They have a pilot program running with the Practitioner Priority Service phone number that requires the caller to repeat a phrase before being placed on hold. The ...
10/25/2022
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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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