michael c moran ea: What Is An IRS Tax Lien?
- 02/24/23 09:20 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. An IRS tax lien is a serious tool used by the IRS to secure payment of back taxes owed. Whenever someone fails to pay federal income taxes, the IRS will place a tax lien against the person’s property, including their personal and real estate assets. The purpose behind the tax lien is to secure the right of the IRS to collect the taxes owed. This means that the IRS has the right to collect the amount owed even after the taxpayer has sold their property by … (2 comments)
michael c moran ea: I Entered My Banking Info Incorrectly For My Refund-NOW WHAT?
- 02/23/23 08:40 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. An unfortunate common mistake that happens when you prepare your tax return is recording the banking information for direct deposit refunds incorrectly. Taxpayers need to be extremely careful when entering the banking and routing numbers for direct deposit refunds. If you enter the wrong number, obviously the refund will not be hitting your bank account. There are a couple of steps that you can take:
If the return hasn’t already posted to the IRS system, you can call them and ask to stop the direct deposit. … (0 comments)
michael c moran ea: Do You Qualify for an IRS "First Time Penalty Abatement"?
- 02/22/23 01:37 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. The IRS First Time Penalty Abatement (FTP) is a program available to taxpayers who have incurred late filing and/or late payment penalties on their federal income tax returns. The program waives any applicable penalties for taxpayers who qualify. Generally, to qualify for FTP, the taxpayer must meet the following three criteria: 1) The taxpayer must have had no prior penalties for the last three tax years. 2) The taxpayer must show reasonable cause for the penalty incurred (e.g. a death or illness in the family, natural disaster, etc.). 3) … (0 comments)
michael c moran ea: How Do I Prepare For An IRS Audit?
- 02/02/23 11:56 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. Preparing for an IRS audit can be a stressful experience, but it doesn't have to be. Doing the necessary preparation prior to the audit can help things go smoothly. Here are a few steps you can take to help prepare for an IRS audit: Gather all required documents: It’s essential to make sure you have all the documents you need to provide to the auditor. This includes a copy of the previous year’s tax returns, 1099s and other financial documents. Make sure your documents are … (0 comments)
michael c moran ea: What Should I Look For In A Tax Resolution Firm?
- 02/01/23 08:10 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. If you are facing IRS tax issues, you may be considering hiring a tax resolution company to help resolve them. It can be difficult to trust someone else to handle your financial and legal affairs, but choosing the right company can make a significant difference in resolving your tax issues. Here are some key factors to consider when selecting a tax resolution company: Reputation: Look for a company with a good reputation in the industry. Read customer reviews and do your research online. Experience: Choose … (0 comments)
michael c moran ea: What Can Trigger An IRS Audit?
- 02/01/23 07:44 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. An IRS audit is an examination of an individual or a business's tax returns to ensure that all information is accurate and that taxes have been calculated correctly. Although an audit can happen at any time, there are certain triggers that can increase the likelihood of an audit. 1 - High Income: People with high incomes are more likely to be audited. The IRS tends to focus on higher-income taxpayers as they believe they have a higher likelihood of underreporting their income or claiming … (1 comments)
michael c moran ea: How Does IRS Tax Collection Actually Work?
- 01/29/23 11:35 AM
I focus my practice on tax resolution, respresenting taxpayers in Colorado, Florida and across the United States. The IRS is responsible for collecting taxes from individuals and businesses in the United States. The process of collecting taxes begins with the filing of tax returns. Taxpayers are required to file their returns by a certain date, typically April 15th for individuals, and pay any taxes owed. If a taxpayer fails to file their return or pay their taxes, the IRS will take action to collect the unpaid taxes. This process is known as IRS collection. The first step in the collection process is typically a … (0 comments)
michael c moran ea: Do I Need To Make Estimated Tax Payments?
- 01/26/23 12:17 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. You are required to make estimated tax payments if you expect to owe at least $1,000 in taxes for the year and your tax liability is not going to be fully covered by your employer through withholding. The estimated tax payments help you to pay your taxes in a timely manner and avoid owing a large amount at the end of the year.Estimated taxes are typically required for individuals who are self-employed, have income from investments, or have other types of income that are not subject to … (1 comments)
michael c moran ea: What Can I Do If I Get Hit With a Tax Levy?
- 01/26/23 10:21 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. A tax levy is a legal action taken by the IRS to collect unpaid taxes by seizing a taxpayer's assets, such as wages, bank accounts, and property. If you receive a notice of tax levy, it's important to take immedate action to resolve this issue. Here are some steps to take: 1 - Contact the IRS - you can contact the IRS to request a release of levy or to discuss payment options 2 - Request a hearing - you can request a hearing with the IRS … (1 comments)
michael c moran ea: What Is An IRS "Offer In Compromise"?
- 01/24/23 08:56 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. If you can't full pay under an installment agreement, you may apply for an Offer in Compromise (OIC). An OIC is an agreement between a taxpayer and the IRS that resolves a taxpayer's tax liability by payment of an agreed upon reduced amount. Before an offer can be considered, you must have filed all tax returns, have received a bill for at least one tax debt included on the offer, made all required estimated tax payments for the current year, and made all required federal tax deposits for the current … (0 comments)
michael c moran ea: Boulder, CO: What Realtors Need To Know About Mileage Logs
- 01/18/23 12:57 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. One of the most important things I tell any realtor I meet (in addition to any realtor that has become a client) is they MUST keep a log of their mileage. Unfortunately, stressing this point sometimes falls by the wayside. If you find yourself in this predicament, or are currently under audit, here are a couple of options you have to keep up with your logs: 1 - If you did not record a mileage log throughout the year, go back into your calendar and start creating it. You should have the starting odometer mileage for the year as … (1 comments)
michael c moran ea: Boulder, CO: What If I Can't Pay The IRS ANYTHING?
- 01/07/23 02:39 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. If you’re experiencing severe economic hardship—in other words, you really can’t pay the IRS anything—and still owe taxes, your debt may be deemed “Currently Not Collectible.” Without disposable income or resources to pay tax debt, you may be able to qualify for this option, which halts all collections activities. Once your account is in CNC status, the government typically won’t garnish your wages or come after your assets with liens or levies. However, the government can come after you again later on down the road. If you or someone you know has back taxes to deal with, or needs assistance … (1 comments)
michael c moran ea: Boulder, CO: What To Do If I Haven't Filed My Tax Returns In Years?
- 01/07/23 02:09 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. If you haven't filed recently, or in years for that matter, you should file all returns as soon as possible regardless of the reason for not filing. If your return(s) wasn't filed by the due date (including extensions of time to file): You may be subject to the failure-to-file penalty, unless you have reasonable cause for your failure to file timely. Tax not paid in full by the original due date of the return (regardless of extensions of time to file) may also result in the … (0 comments)
michael c moran ea: Boulder, CO: What Happens If I Can't Pay My Taxes?
- 01/07/23 01:47 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. I frequently hear the question: "I need to file my taxes, but I owe the IRS and state and don't have the money to pay. What do I do?" The answer to that question is: even if you do owe, file your tax return on time! The reason is this - many people don’t realize that the IRS charges a penalty of up to 25% just for filing your tax return late. That’s right - you will get hit with an additional 25% of what you owe if you miss the deadline for filing individual tax returns. What most people don't know is that you … (0 comments)
michael c moran ea: Boulder, CO: Best Tax Tips For Realtors
- 01/06/23 09:57 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. The IRS is ramping up their audit team and realtors (especially ones with a Schedule C) are always on their radar. Here are some tax tips to help navigate that road. 1 - Keep good records. If you don't have the backup, your expenses may be disallowed. 2 - Track your mileage. Make sure you have a thorough log or an app to keep the mileage correct and bullet proof. 3 - Watch the client gift amounts. You can only give up to $25 per client, so keep this in mind. 4 - You can still deduct 100% … (0 comments)
michael c moran ea: Boulder, CO: Will The IRS Cut A Deal?
- 01/02/23 02:58 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. The IRS does make deals on taxes owed, including penalties and interest. The requirements are rigid - but if you qualify, the results are incredible. To qualify for a deal with the IRS, I would suggest that you owe the IRS at least $15,000 and have very little in the way of equity in assets. Also, you must be using your monthly income to pay for your necessary living expenses and not have much or only a small amount left over to pay old taxes. If you meet these requirements then you owe it … (1 comments)
michael c moran ea: Boulder, CO: IRS Audits Can Be Resolved Quickly
- 12/22/22 09:48 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. The best way to end an IRS AUDIT with a great outcome is to end it at the first meeting. Whenever our firm represents clients in IRS audits, we actually perform a trial audit in our office before we ever meet with the IRS. This allows us to know which areas need more documentation or answers. When we meet with the IRS (without our client), we can quickly answer the auditor’s questions, provide documents and get to the bottom line. We always meet the IRS at their … (0 comments)
michael c moran ea: Can You Beat The Odds When Facing An IRS Audit?
- 12/14/22 09:31 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. It seems like virtually every single day I receive a notice on behalf of one of my clients from the IRS, and it contains penalties owed. When it comes to tax audits, the IRS wins 80% of the time when you are not represented by a qualified practitioner. Taxpayers are deemed guilty until proven innocent, which menas the IRS can start an audit by disallowing every deduction you made on a return until each one is proven to be legitimate. If a taxing authority has decided to … (0 comments)
michael c moran ea: If I Get Audited By The IRS, Should I Represent Myself?
- 12/14/22 08:55 AM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. There are millions of taxpayers that run into IRS trouble, and many that get audited. But what if you don't want to deal directly with them? The great thing is, you DO NOT HAVE TO TALK TO THEM. As a matter of fact, going or talking to the auditor yourself is the WORST thing you can do! The Taxpayer Bill of Rights allows you to be represented by a qualified practitioner who can answer questions for you and provide documentation to the IRS. Many taxpayers attempt to … (0 comments)
michael c moran ea: I Haven't Filed My Tax Return In Years - What Should I Do?
- 12/09/22 01:56 PM
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. Yes, there are literally millions of taxpayers that for whatever reason, just don't file their tax returns on time. How should you handle this?Many people don’t realize that the IRS charges a penalty of up to 25% just for filing your tax return late. That’s right; you will get hit with an additional 25% of what you owe if you miss the deadline for filing individual tax returns. It’s even worse for payroll tax returns.What most people don’t know is that you can file ANY … (0 comments)
I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. An IRS tax lien is a serious tool used by the IRS to secure payment of back taxes owed. Whenever someone fails to pay federal income taxes, the IRS will place a tax lien against the person’s property, including their personal and real estate assets. 
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