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Can the IRS take your pension for back taxes? Well, the answer is…maybe. While the IRS does have the authority to garnish wages and bank accounts to collect on unpaid taxes, there are some restrictions.  So, what are the restrictions? Do you have to worry about the Internal Revenue Service taking your retirement funds? In […]

About 18% of all IRS payment plans default each year. The long-term consequences of defaulting on an IRS payment plan may impact your borrowing power and credit standing for many years down the road. Getting sideways with Uncle Sam is never a good thing. So, why let it happen? There is never a good time […]

There are millions of “tax preparers” out there every year who prepare tax returns for Americans who need help with their taxes. However, not all tax preparers are created equal. You may be surprised to hear that some paid tax preparers are not required to have any special license(s).  Nor are they required to have […]

Fall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set their students up for success. Doing this all year long can add up fast. Fortunately, eligible educators may be able to offset qualified expenses they paid in […]

What is the Gig economy? The Gig economy is basically is a new way of earning income that has evolved over the last few years. It involves earning income sporadically, off and on, as opposed to a “steady” job where one gets a check every payday, and it is expected, and people plan on getting […]

Taxpayers need to be vigilant about scammers out there that are after your social security number. They will go to almost any length to steal it from you, steal your identity, and quite possibly ruin your life. In the latest twist on a scam related to social security numbers, scammers will say that they can […]

The Home Office Deduction allows certain taxpayers who qualify to deduct certain home expenses on their tax returns. More people than ever are working from home, and they may be wondering if they qualify to take these home-office deductions when they file their income tax returns for 2020 next year. Here is some especially important information to keep in […]

Many individual taxpayers who filed 2019 tax returns with refunds due to them will receive interest on their refund from the IRS. The regular April 15 due date for filing returns and paying income taxes was postponed to July 15, 2020, as part of the IRS response to the COVID-19 pandemic. The IRS is required by […]

The answer to this question may actually surprise you. I have heard many myths over the years about what the answer to this question is. Throughout my career at the Internal Revenue Service, as a Revenue Officer, I continually dealt with taxpayers that either owed the IRS back taxes, or had tax returns that they […]

WASHINGTON − The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options. Can I get money from my retirement […]