September 1, 2017 By Franskoviak & Company, P.C.
I am a small business owner and how long should I keep tax records for and what type of records should I keep? This is a common question that I get from many of my small business clients throughout the year and actually the answer that it depends! For instance, most people are aware that … Continue reading How Long To Keep Tax Records For A Small Business
August 17, 2017 By Franskoviak & Company, P.C.
When you receive an IRS collection notice, the first thing that happens may well be a knot in your stomach, or you can’t sleep at night, constantly worrying that the IRS will show up at your doorstep or worse even seize your assets. The next thing you should do is work with a representative to … Continue reading What Happens When the IRS Gets Mad!
June 15, 2017 By Franskoviak & Company, P.C.
Recently a new phone scam has emerged; beware of a new scam where fraudsters call to demand an immediate tax payment through a prepaid debit card. The caller claims to be from the IRS and tells the victim about two certified letters sent to the taxpayer but returned to IRS as undeliverable. The scam artist … Continue reading Beware Of New IRS Phone Scam
June 2, 2017 By Franskoviak & Company, P.C.
Recently several lawmakers have introduced legislation in the House of Representatives (HR 2171) that would significantly limit the IRS ability to go after taxpayers that owe back taxes to the IRS. Specifically the bill is called the “Taxpayer Protection Act of 2017” and its purpose is to reduce taxpayer burden and enhance taxpayer protections. The … Continue reading Pending New Tax Bills Introduced in Congress to Lessen Taxpayer Burdens
April 10, 2017 By Franskoviak & Company, P.C.
You’re busy, you’re still getting organized — whatever the reason, you still haven’t filed your taxes yet. But waiting until the last minute to file your taxes means you might be rushed. And that means there’s a higher likelihood of making mistakes or overlooking something important. To help you avoid making a mess of an … Continue reading Ten Things to Know if you haven’t filed your taxes yet
April 3, 2017 By Franskoviak & Company, P.C.
Dealing with a tax issue might not be as bad as you might think. There is a solution for every problem out there. But one thing is for sure, things can get worse before they get better if left untreated. The Ostrich approach to dealing with your IRS tax problems simply does not work. If … Continue reading Dealing With IRS Tax Issues Isn’t As Uncommon As You Might Think
March 30, 2017 By Franskoviak & Company, P.C.
Tax Season is in full force as we near the end of March, and I just wanted to send out some reminders as the tax season deadline nears. Individuals will have a few extra days to file returns because the due date is April 18th this year on account of the weekend and Emancipation Day … Continue reading Tax Time Deadlines for Returns, Extensions, Tax Payments and Refunds Upcoming
March 28, 2017 By Franskoviak & Company, P.C.
So you owe the IRS taxes and now you wonder what your options for paying are. For paying can you send in a check? Can you pay online? Does the IRS accept cash? Can you use Paypal? Below are your payment options when it comes to owing Uncle Sam. 1) Online Debit or Credit Card … Continue reading Owing the IRS and Understanding Your Payment Options
March 20, 2017 By Franskoviak & Company, P.C.
The IRS has recently announced some important changes to the Offer in Compromise (OIC) program that should be noted. Effective for OIC’s submitted after March 27, 2017 the IRS will return any Offer submitted if you have not filed “all of the required income tax returns”. If an OIC is submitted without all of the … Continue reading Important Changes to the IRS Offer in Compromise Program
March 1, 2017 By Franskoviak & Company, P.C.
How to Fight an IRS Tax Bill? What if the IRS sends you a tax bill and you don’t think you owe the money? Or even worse, maybe you never received a notice, but they levied your bank accounts or filed a tax lien against your home, and you weren’t even aware you owed them … Continue reading How to Fight an IRS Tax Bill?