100+ Years of Combined Tax Resolution Experience.
An article this week on TheHill.com reported that for 2013, the IRS gave up more than $16 billion in uncollected tax revenue according to a new federal report. That means for every five delinquent accounts, IRS agents only closed three of them.
The article also states that the manner in which IRS agents attempted to retrieve delinquent taxes, describing their process as “contacting taxpayers through the mail, then trying to encourage payment through phone calls, to eventually placing liens or taking a taxpayer’s property.”
With all that money left unaccounted for, it can be frustrating come April to see in bold print the total amount of taxes you owe of your hard-earned money while the IRS literally leaves billions uncollected. And while it seems it’s always the few who disregard the law that make it harder for the rest of us, it might not be on purpose. An article in the 2013 March TIME magazine states that unreported taxes are just as much a mistake as they are on purpose. Individuals do not always intend to under report their earnings. It can easily be a mistake. The article also adds that oftentimes the amount underreported is less than the value of what it would cost the IRS to go after it. But all those dollar bills add up and if a mistake is caught, it might not cost you billions, but it can cost you a lot of money and headache when trying to rectify an honest mistake.
That’s where tax law professionals like us come in to help you navigate the complicated and sometimes scary waters when dealing with the IRS. And when you are faced with an audit or approached by an IRS agent, you need to have a tax lawyer on your team. We know the ins and outs of all the tricks so you don’t have to. Call us today at 844-841-9857, we can help!
The world of tax laws is a complex maze, and the IRS statute of limitations is your guide. It tells you how long the IRS has to audit your tax returns and collect any money you might owe. Knowing this timeframe is essential. It’s your protection against the IRS coming after you years down the...
If you and the Internal Revenue Service (IRS) disagree on an outcome or decision involving your tax matter, you can legally appeal their decision. IRS tax appeals allow you to state your case to the IRS appeal division for another evaluation. Whether you need to dispute a tax penalty, assessment or other decision from the...
One of the keys to business success is understanding the tax rules and how they apply to or affect your company. In states where marijuana is legal for medical or recreational use, there are usually special taxes that apply to the sale of the drug. If you’re considering opening a dispensary or own one already,...
The landscape of cannabis taxation is as dynamic as the changing tides of its legal status across various jurisdictions. Entrepreneurs and consumers alike must navigate a complex maze of federal and state tax regulations that often clash or overlap, especially as more states join the roster of cannabis-legal states. Businesses entrenched in the burgeoning industry...
As the fiscal year draws to a close, taxpayers might observe a shift in their strategies by assessing the updated landscape of tax brackets for 2023. With the guidance of Polston Tax’s experienced advisors, individuals, and businesses can navigate the system’s complexities, ensuring a path to financial efficiency and potential savings. Tailored tactics can cater...
Sales tax can be a daunting topic for any business owner, especially if your organization sells across state lines. Knowing the ins and outs of sales tax law is essential for staying compliant and avoiding fines, and it can help you set up your business to meet the requirements of different states, including sunny Florida....