Quick Answers: Reduced IRS staffing could mean longer hold times and even an inability to talk to a real person on the other side of the IRS payment agreement phone number. The IRS encourages you to use your IRS Online Account to see balances, confirm...
Quick Answers: The IRS zeroes in on late or inaccurate Form 990 filings, which are the #1 cause of nonprofit audits. Insider benefits (like inflated executive pay or personal expenses paid with nonprofit funds) almost guarantee IRS...
Quick Answers: Can the IRS Really Settle My Tax Debt for Pennies on the Dollar?The IRS allows certain taxpayers to settle for less than they owe through an Offer in Compromise (OIC). In fiscal year 2024, about 4 out of 5 offers got rejected by the...
Quick Summary: Tax Traps to Avoid When Selling Your West Sacramento BusinessDepreciation recapture can cost you up to 37 percent in taxes. Deal structure (asset vs. stock sale) changes your tax outcome. Mismatched IRS Form 8594 filings can trigger an...
Key TakeawaysWithdrawing from your 401(k) or IRA before age 59½ triggers a 10 percent early withdrawal penalty plus regular income tax. A 20K withdrawal could leave you with only 13.6K after penalties and taxes—and you’ll lose future growth (up to 81K by...
