2024-04-16 19:47
Getting hit with a CP504 can feel like a cold splash of water — startling and unwelcome. It’s that moment when you realize the IRS means business about unpaid taxes.
But… Read More
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Tags:
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The Silver Tax Group blog covers a vast range of common tax questions with answers from attorneys, as well as tips in ensuring the IRS doesn't come after you.
2024-04-15 19:16
Imagine opening your mailbox and finding an LT11 Notice. Your heart races. The IRS is on your doorstep, metaphorically speaking, with a final notice of intent to levy.
Yes, the government… Read More
2024-04-11 16:09
If you’ve ever received a CP504B notice and felt like you’ve hit a brick wall, you’re not alone. The moment that letter lands in your mailbox can be daunting, but here&rsqu&hell…Read More
2024-03-29 19:35
Imagine opening your mailbox to find an IRS notice. Not just any notice, but the CP503 Notice. It’s their second reminder that you owe taxes.
The first one somehow slipped thr… Read More
2024-03-29 16:01
Key Takeaways:
Penalty Abatement for Reasonable Cause: IRS relief is available for uncontrollable circumstances preventing tax compliance; proving these is crucial.
Eligibility and Ord… Read More
2024-03-27 16:54
Imagine stepping into a world where the words Form 843 instructions open doors to forgotten treasures. Doesn’t that just sound like the beginning of an epic quest? Well, it is! … Read More
2024-03-26 16:52
Have you ever felt the cold sweat of IRS penalties soaking through your shirt? If yes, then relief might be closer than you think. Enter the IRS penalty abatement form.
This could b… Read More
2024-03-14 19:00
Key Takeaways:
CP71 Notice: It’s a reminder you owe taxes.
Reason: The IRS thinks you didn’t pay all your taxes.
What to Do: Agree? Look into ways to pay. Disagree? Prep… Read More
2024-03-13 18:00
Key Takeaways:
CP3219A Notice: It means the IRS noticed your income doesn’t match their records.
Why It Happens: Maybe you forgot to report some money you made or missed includin… Read More
2024-03-12 14:16
Key Takeaways:
IRS has 10 years to collect taxes after they decide how much you owe.
Some things can pause or add time to this 10-year period, like disputing with the IRS, making a pay… Read More
2024-03-11 13:58
Key takeaways:
Why Passports Get Revoked: The IRS revoking passports happens if you owe more than $62,000 in back taxes.
Avoiding Problems: You can stop this by setting up a payment pl… Read More
2024-01-31 21:31
Key Takeaways:
Know Your Levy: Understand the difference between an IRS levy and a lien; levies can affect wages, and bank accounts, but some assets are exempt.
Respond Early: Address… Read More
2024-01-30 21:09
Key Takeaways:
Understand the IRS Process: Familiarize yourself with how IRS criminal investigations are initiated and the role of special agents. This knowledge can demystify the process… Read More
2024-01-25 13:22
Understanding what triggers an IRS criminal investigation can be a crucial bit of know-how. It’s not just about filling out your tax return; it’s the subtleties in your financial… Read More
2024-01-24 17:52
Tangling with the IRS over criminal charges is something we all want to avoid. So when does the IRS pursue criminal charges? This pressing question looms large for anyone facing tax issues… Read More
2024-01-17 20:21
Getting hit with an IRS letter can knock the wind out of your sails. If you’ve landed a IRS notice 725b, you’re facing a sit-down with the taxman, and that’s no small deal… Read More
2024-01-16 22:19
Staring down a mountain of tax debt can feel like facing an unclimbable peak. But there’s a lifeline that might just be your ticket to the base camp: the IRS Offer in Compromise. This… Read More
2024-01-10 16:37
Staring down a mountain of tax debt can feel like facing a brick wall with no ladder in sight. But here’s the kicker: Form 656-B might be your secret passage to a fresh start. This for… Read More
2023-12-27 23:07
Struggling with tax debt can feel like a heavyweight, but there’s a lifeline available: knowing how to get an Offer in Compromise approved. This is your chance to settle that IRS bill… Read More
2023-12-20 18:01
Ever found yourself stuck in a conflict that just wouldn’t end? You’re not alone. Each year, millions of Americans find themselves embroiled in disputes – personal, profess… Read More
2023-12-01 17:36
Have you ever heard of pig butchering scams? A name as odd and grotesque as the acts it represents, these crypto frauds have stormed Southeast Asia like a monsoon. And just like a monsoon, t… Read More
2023-11-28 21:53
Ever feel like you’re walking a tax tightrope as a real estate professional? On one side, there’s the tantalizing promise of juicy tax benefits. But on the other, it’s a lo… Read More
2023-11-14 18:53
Navigating the complex labyrinth of tax laws, deciphering reporting requirements, and understanding intricate instructions can be a daunting task. That’s what tax compliance can seem l… Read More
2023-11-14 18:20
Ever been blindsided by a tax dispute resolution? You’re not alone. Imagine standing at the edge of a financial precipice, staring into an abyss of complex tax codes and seemingly endl… Read More
2023-11-07 20:28
Ever felt like you’re walking a tightrope when dealing with the IRS? You know, that precarious balancing act where one misstep could lead to an unpleasant tumble into tax debt. That&rs&hell…Read More
2023-10-26 21:18
Ever stared into a bowl of alphabet soup and wondered what all those letters mean? Well, welcome to the world of international taxation. In this realm, one such handful is PFIC, which stands… Read More
2023-10-26 21:05
Gazing out from the precipice of a cliff, the vastness of an azure sea below stretches as far as one’s eyes can see. That’s how it feels when you’re trying to navigate thro… Read More
2023-10-20 13:55
Have you ever been overwhelmed by the complicated tangle of tax laws and rules for overseas finance? Navigating the world of FBAR vs FATCA can feel like deciphering an ancient language. Let… Read More
2023-10-19 13:49
Ever played a game of financial leapfrog, where you aim to jump over one generation to land your assets safely in the hands of another? That’s what it feels like when dealing with the… Read More
2023-10-18 15:16
Ever found yourself staring down the barrel of a form 433-f, with the IRS on one end and your hard-earned money on the other? That’s what it can feel like when you’re up against… Read More
2023-10-17 15:19
Did you know that the very heart of the IRS Financial Crimes Enforcement Network (FinCEN), also colloquially known as the IRS FBAR Tax filing office, is a mere 25-minute drive from our Michi… Read More
2023-10-02 18:38
Can you get financial aid if you owe taxes? This is a question that often arises among individuals seeking to further their education while grappling with tax obligations.
The answer isn… Read More
2023-09-22 17:00
Imagine yourself in a game of chess, where the pieces are your hard-earned assets and the board is the complex terrain of estate planning. You’re playing against an invisible opponent:… Read More
2023-09-18 16:43
Imagine this: You’ve just won a major lawsuit settlement. A sense of relief washes over you like a cool ocean wave after years of legal battles and sleepless nights. But as the dust se… Read More
2023-09-11 16:05
Have you ever stared at your bank account, watching numbers dance like fireflies on a summer night? Now imagine those accounts scattered across different countries. This is where FBAR report… Read More
2023-09-07 15:42
Streamlined Domestic Offshore Procedures can be a lifeline for taxpayers with undisclosed foreign assets.
This IRS initiative provides an avenue to rectify past oversights without the har… Read More
2023-08-31 20:02
Permanent establishment can be a tricky beast to tame in the world of international taxation.
The concept, though seemingly straightforward, holds many complexities beneath its surface. Goin… Read More
2023-08-28 22:03
Form 8519 can seem like a daunting beast when it first lands in your mailbox.
The complexity of tax law and the IRS collection process doesn’t help. You’re already aware that thi… Read More
2023-08-25 17:12
The IRS Voluntary Disclosure Program is a crucial tool for taxpayers.
This program, introduced in 2009, allows individuals to disclose previously undisclosed offshore accounts and assets… Read More
2023-08-14 19:35
Tax risk management can feel like navigating a minefield.
You’re not alone if you find it overwhelming and complex. It’s a common pain point for many businesses.
The truth is eff… Read More
2023-08-14 19:19
Navigating the complexities of a BBA partnership can feel like trying to solve a Rubik’s cube blindfolded.
It’s no secret that when it comes to understanding tax laws and IRS aud… Read More
2023-08-14 19:13
Understanding FBAR penalties is crucial for Americans living overseas with foreign financial accounts.
Non-compliance with FBAR regulations can incur severe consequences, including both fina… Read More
2023-08-03 16:59
Decoding the IRS Form 1065 instructions can feel like you’re trying to decipher an ancient language.
The complexity is enough to make even seasoned business owners break into a cold sw… Read More
2023-07-26 18:20
Tax audit representation can feel like navigating a labyrinth.
The fear of the unknown, the stress of potential penalties… It’s enough to keep one up all night.
But here&r&hell…Read More
2023-07-21 16:32
Wondering how long IRS audits take?
It’s a question that can keep many taxpayers up at night.
Dealing with an Internal Revenue Service (IRS) audit letter is stressful, and dealing with… Read More
2023-07-19 19:11
Engaging an audit consultant can make a world of difference when it comes to managing your financial records and navigating complex tax scenarios. With their extensive knowledge of auditing… Read More
2023-07-19 19:11
Engaging an audit consultant can make a world of difference when it comes to managing your financial records and navigating complex tax scenarios. With their extensive knowledge of auditing… Read More
2023-07-05 18:24
Maintaining adherence to federal guidelines and certifying the correctness of a business’s financial reporting… Read More
2023-06-28 17:33
Key Takeaways:
Installment agreements, or IRS payment plans, allow taxpayers to pay off their tax liability over time
The types of payment arrangements include:
Short-term IRS payment… Read More
2023-06-14 19:26
Key Takeaways:
Accuracy-related penalties, also known as a Section 6662 penalties, can be detected by the IRS’s AUR program
The AUR uses an algorithm to identify discrepancies in… Read More
2023-05-30 14:00
If you’re looking to submit Form 911, understanding the intricacies of this essential document is crucial for resolving your tax-related issues. In this comprehensive blog post, we&rsq&hell…Read More
2023-05-24 13:00
Key Takeaways:
The IRS conducts audits to verify information about a taxpayer’s tax return
A fourth of Americans are afraid they’ll be audited
Audit scopes vary, but the… Read More
2023-05-17 13:00
Key Takeaways:
Criminal tax defense is an area of the law in which attorneys defend taxpayers who have been accused of tax-related crimes
Anyone charged with a tax crime should work wi… Read More
2023-05-10 13:00
Key Takeaways:
A power of attorney is a legal document that gives another person or institution, like an agent, the authority to act on your behalf, and that likely includes signature aut… Read More
2023-05-03 13:00
Key Takeaways:
Offshore prepaid cards are issued by foreign banks and are preloaded with money, and the user can stay anonymous
These cards have their benefits, but they can also be us… Read More
2023-04-26 13:00
Key Takeaways:
Resident aliens must meet one of these two tests:
Green card test: You have a green card (Permanent Resident Card, Form I-551)
Substantial presence test: You have been i… Read More
2023-04-19 11:24
Key Takeaways:
The Foreign Account Tax Compliance Act (FATCA) was introduced in the HIRE Act of 2010 and aims to combat tax evasion
FATCA requires that specified foreign financial asse… Read More
2023-04-13 19:51
Gambling is a popular pastime enjoyed by millions of people around the world. Whether it’s playing slot machines, blackjack, or betting on horse races, many people enjoy the thrill of… Read More
2023-04-12 18:24
OnlyFans has become a popular platform for content creators to share their work and monetize their content. Many performers on OnlyFans have earned a significant income from their work on th… Read More
2023-04-12 10:51
Key Takeaways:
Contractor audits happen when the IRS sees a potential issue with the tax return of a freelancer or self-employed individual
The IRS will ask to review records to verify… Read More
2023-04-05 13:05
Key Takeaways:
Americans underreport 4% to 5% of their income, on average, and the tax gap continues to be a problem for the IRS
The tax gap happens when there is a big difference betw… Read More
2023-03-31 20:03
The Internal Revenue Service (IRS) has the right to audit a taxpayer’s finances at any time and if they suspec… Read More
2023-03-29 08:47
Key Takeaways:
Shareholder IRS audits may occur if there are discrepancies in shareholder tax returns or the agency believes income or deductions weren’t reported properly
Relate… Read More
2023-03-22 14:30
Key Takeaways:
Tax-related identity theft is when a bad actor uses a taxpayer’s Social Security number or other personal information to file a fraudulent tax return
Suspected ide… Read More
2023-03-15 08:37
Key Takeaways:
Form 8938 and FBAR are both reporting forms used to provide information about certain types of foreign-held financial assets
Form 8938 is filed with the IRS, and FBAR is… Read More
2023-03-08 10:26
Key Takeaways:
An S corporation is a type of tax status that allows pass-through taxation, which avoids the double taxation other corporations experience
Many businesses pursue S corp… Read More
2023-02-21 13:00
Key Takeaways:
The negligence penalty is 20% of the amount you underpaid when you were careless, reckless, or intentional about ignoring tax laws.
The IRS may assess this penalty when:… Read More
2023-02-15 13:00
Key Takeaways:
Schedule C is submitted by self-employed individuals, sole proprietors, gig workers, and others
A Schedule C audit may happen if the IRS suspects you didn’t report… Read More
2023-02-08 13:00
Key Takeaways:
A principal residence is your primary home, where you spend most of your time and the address you use on identification documents
This distinction impacts whether you qu… Read More
2023-02-01 18:18
Key Takeaways:
The substantial understatement penalty applies if a taxpayer understates their tax liability by 10% or $5,000, whichever is more
You could get this penalty if you:
Under… Read More
2023-01-31 17:26
Key Takeaways:
All gambling income is taxable. Gamblers may receive Form W2-G from payers if their winnings exceed certain limits, like $600 for horse racing and $1,200 for slot machine b… Read More
2023-01-25 13:00
Key Takeaways:
The failure to pay penalty is issued when you don’t pay your taxes on time. This penalty is 0.5% of your unpaid tax per month, up to 25% of your total tax bill.
Yo… Read More
2023-01-18 11:50
Key takeaways:
IRS civil penalties are fees issued because of civil offenses, like failing to file your tax return on time or failing to pay the tax you owe
Six common civil penalties… Read More
2023-01-11 18:20
Key Takeaways:
The IRS created the first-time penalty abatement in 2001 to reward previously compliant taxpayers when they make a mistake, like failing to file on time, pay their full tax… Read More
2022-12-29 18:02
Key Takeaways:
Definition of a tax attorney
Definition of an enrolled agent
Pros and cons of both professions
A business relies on ethical, reliable, and experienced professionals t… Read More
2022-12-27 17:51
Key Takeaways:
Tax fraud, tax evasion, and willfully failing to file may lead to jail time and high fines
The IRS won’t send you to prison if you forget to file your tax return o… Read More
2022-12-22 17:41
Tax preparation can be daunting and tedious, with complex legal jargon at every turn. While some taxes have relatively straightforward filing requirements, others are hard to dissect. Stayin… Read More
2022-12-20 10:13
Key Takeaways
Overview of the California Franchise Tax Board
Things you should know about a California state tax levy
How to stop a levy or get it released
Failing to pay &hell…Read More
2022-12-15 10:02
Key Takeaways:
LLC partnerships are limited liability companies with two or more members. They aren’t taxed as corporations unless they choose this arrangement with Form 8832
You… Read More
2022-12-13 09:18
Your Guide to Principal Residence and Taxes
Key Takeaways:
Your principal residence (also called a primary residence) is where you live most of the time
The IRS may also determine y… Read More
2022-12-08 20:02
Key Takeaways:
Tax evasion is illegal and occurs when a taxpayer fails to pay the tax they owe or deliberately underpays
Tax avoidance is legal, and involves a taxpayer taking advantag… Read More
2022-11-30 15:52
The IRS requires you to file a tax return if you earned over the standard deduction for your filing status during the tax year. The standard deduction changes every year, and as of tax year… Read More
2022-11-23 20:38
Key Takeaways:
Business accounting involves reporting, tax preparation, financial analysis, and forecasting, and it’s crucial to ensure your operations keep running.
Common accou… Read More
2022-11-16 20:15
Key Takeaways:
Underreported income includes any earnings subject to tax that are left off of a tax return
The largest portion of the tax gap tracked by the IRS is made up of underrepo… Read More
2022-11-16 19:02
The goal of running a business is to make money, but if you’re not tracking the numbers correctly, you’ll never be able to optimize your financial potential. Small business accou… Read More
2022-11-09 18:23
Key Takeaways
Capital gains tax is a tax on profits you make when you sell an asset, like stocks, bonds, real estate, and other property
You only have to pay this tax on investments yo… Read More
2022-11-02 14:56
The Internal Revenue Service (IRS) specifies an interest rate that must be charged on private loans or loans between family members. It’s called the applicable federal rate (AFR), and… Read More
2022-10-27 16:43
Key Takeaways:
IRS levies are placed on personal property, like bank accounts or real estate, to pay off a taxpayer’s tax debtYou can avoid IRS bank levies by paying taxes when they… Read More
2022-10-25 16:04
Key Takeaways:
Selling a home can have tax consequencesCertain situations can exempt you from the capital gains taxA tax professional can help make sure you aren’t overpaying taxesH… Read More
2022-10-19 19:03
Key Takeaways
The IRS uses property seizures to resolve your outstanding tax debt by taking hold of your personal assetsYou may face a property seizure if you haven’t paid what you… Read More
2022-10-19 01:21
Operating a small business can be just as complex as running a large corporation; it can also come with similar tax complications. Six of the most common small business tax penalties&nb&hell…Read More
2022-10-12 13:14
Key Takeaways:
Most people have to pay taxes on their income, unless they make less than the standard deduction and meet other IRS requirementsYou may forget to file your taxes on time, b… Read More
2022-10-06 01:24
There are many things that can come from an IRS tax audit and few of them are good. One of the things you may be most worried about is being charged with tax evasion or finding yourself on t… Read More
2022-10-05 13:00
Key Takeaways:
The IRS may audit tax returns flagged for abnormal information, and some small businesses are audited every yearHow to prepare for an audit:Gather requested documentsKeep e… Read More
2022-09-29 13:00
Key Takeaways:
Tax attorneys help clients deal with a variety of IRS issues and disputes, like audits and tax chargesSeven signs you need to work with an IRS tax attorney:You haven’… Read More
2022-09-22 13:00
Key Takeaways:
Use these strategies to negotiate effectively with the IRS in 2022.
Choose the right resolution program Understand the rules and requirements for the program… Read More
2022-09-20 13:00
Key Takeaways:
Small business accounting is the process of gathering and evaluating business financial data, preparing reports, and preparing for taxesKey concepts include assets versus l… Read More
2022-09-19 00:43
Concerned about filing your business’ taxes correctly and on time? Click the link below for our video on what a tax attorney can do for you and the many reasons you should consider hir… Read More
2022-09-15 16:17
Key Takeaways
Accounting fees for small businesses can range from $500 to $5,000 per yearFees vary based on your business’s needsAn accountant is an investment in your busines… Read More
2022-09-14 01:04
One of the most important things a small business must have to succeed is cash. In order to keep the most cash in your business’s pocket, take advantage of these ten small business tax… Read More
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