The duration of an IRS tax evasion investigation can vary significantly depending on the complexity of the case and the resources available to the agency. However, based on the information provided in the given URLs, we can provide an overview of the typical timeline and process involved in such investigations. Initiation of Investigation IRS criminal … Read more
The American Rescue Plan Act, signed into law on March 11, 2021, authorized a third round of Economic Impact Payments (EIP3) to eligible individuals and families. The IRS began sending out these payments on March 12, 2021. Eligibility for the Third Stimulus Check To be eligible for the third stimulus check, you must meet the … Read more
The Internal Revenue Service (IRS) is making significant strides in processing tax returns for the 2024 tax season, despite a slightly delayed start compared to 2023. As of March 29, the IRS had processed over 88.8 million federal income tax returns, representing a 1% decrease from the 89.6 million processed during the same period last … Read more
Navigating Tax Refunds with Installment Agreements Understanding the interplay between tax refunds and installment agreements is crucial for taxpayers seeking financial relief. This comprehensive guide delves into the IRS’s policies and procedures regarding refunds when taxpayers have outstanding payment plans. Can I Receive a Refund with an Installment Agreement? No. One of the conditions of … Read more
Understanding Car Expense Deductions for Business Owners As a business owner, managing expenses is crucial for financial success. Understanding the tax implications of car expenses can help you maximize deductions and reduce your tax liability. This comprehensive guide explores the eligibility criteria, methods, and deductible expenses related to writing off car payments as a business … Read more
Establishing proof of income is crucial for self-employed individuals, whether for tax filing, securing loans, or renting an apartment. This guide provides a detailed overview of the various methods and documents you can use to demonstrate your self-employment income. Methods for Proving Self-Employment Income 1. Annual Tax Return (Form 1040) Official IRS document that verifies … Read more
Understanding the consequences of unpaid taxes is crucial for taxpayers. One severe measure the IRS can take is wage garnishment, where a portion of your paycheck is seized to settle your tax debt. This comprehensive guide delves into the IRS wage garnishment process, including the timeline, exceptions, and strategies to prevent or stop a wage … Read more
In 2021, the American Rescue Plan Act authorized a third round of Economic Impact Payments (EIP3) to provide financial relief to Americans amidst the COVID-19 pandemic. While the majority of eligible individuals received their payments automatically, some may have missed out due to various factors. This guide will provide a comprehensive overview of the EIP3 … Read more
Filing taxes is an important civic duty that ensures the proper functioning of government programs and services. The Internal Revenue Service (IRS) sets specific income thresholds that determine whether an individual is required to file a tax return. This guide will provide a detailed overview of the minimum income requirements for filing taxes in 2020, … Read more
Understanding the IRS’s Collection Authority The Internal Revenue Service (IRS) possesses a wide range of tools to collect unpaid taxes, including the ability to seize and sell property. However, the IRS generally does not resort to such drastic measures unless other collection efforts have failed. IRS Seizure of Property While the IRS has the authority … Read more