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Tax Issues

7 Tips to Reduce Your Chances of Falling Victim to Tax Identity Theft

January 7, 2021 by Kelly Monahan, EA

7 Tips to Reduce Your Chances of Falling Victim to Tax Identity Theft

  Tax identity theft occurs when identity thieves obtain your Social Security number and file a fraudulent tax return on your behalf. According to the Federal Trade Commission, tax identity theft is the most common form of identity theft. The FTC estimates that it costs taxpayers over $5 billion a year. Consumer advocates believe that […]

Filed Under: Tax Issues Tagged With: identity theft, tax fraud

CAN YOU TAKE ADVANTAGE OF THE NEW R&D TAX CREDIT?

December 29, 2020 by Kelly Monahan, EA

CAN YOU TAKE ADVANTAGE OF THE NEW R&D TAX CREDIT?

  You don’t have to wear a white lab coat to claim the federal research and development tax credit if you meet the four criteria outlined in Internal Revenue Code Section 41 and its regulations. Learn why failing to explore this credit may be leaving money on the table. Many manufacturing companies fail to take […]

Filed Under: Tax Issues

Do You Need A Tax Attorney if You Owe Back Taxes?

December 9, 2020 by Kelly Monahan, EA

Do You Need A Tax Attorney if You Owe Back Taxes?

  If you owe back taxes you might think you need a tax attorney, but that’s not necessarily always the case. Just like hiring a traditional accountant to try to resolve your tax debt might not be the best choice, hiring a tax attorney, who doesn’t specialize in tax resolution might be the same thing. […]

Filed Under: Tax Issues

Did You Make Money with Cryptocurrency? How to Get Right with the IRS

November 17, 2020 by Kelly Monahan, EA

Did You Make Money with Cryptocurrency? How to Get Right with the IRS

  For early adopters of Bitcoin, Ethereum and other popular cryptocurrencies, the profit potential has been simply stunning. While there have been some heart stopping moments and frightening ups and downs, the clear long-term trajectory has been upward.   If you are one of those early adopters who profited from the rise in cryptocurrency values, […]

Filed Under: Tax Issues

Avoid These 5 Common Tax Filing Mistakes That Can Get You In Tax Trouble

October 25, 2020 by Kelly Monahan, EA

    Whether you file the simple 1040EZ or a complex 1040 and a raft of schedules, making a mistake on your tax form could lead to big tax trouble. Something as simple as a math error or unsigned form could invite extra attention from the IRS.   The tax agency sees those mistakes every […]

Filed Under: Tax Issues Tagged With: asset seizure, levy, tax debt, tax preparation, tax relief, wage garnishment

What is a Levy? IRS and Other Asset Levies Explained

October 12, 2020 by Kelly Monahan, EA

What is a Levy?  IRS and Other Asset Levies Explained

  Falling behind on your debts is never a fun place to be. It’s less fun when a levy is placed on your assets. In this article, we take a look at what an IRS levy is, why it happens, and what you can do about it. Note: If you have any tax trouble or […]

Filed Under: Tax Issues Tagged With: asset seizure, levy, tax debt, tax relief, wage garnishment

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