The IRS imposes penalties on taxpayers for various reasons, including failing to file a tax return on time, failing to pay taxes owed, or providing inaccurate information. However, the IRS also offers penalty abatement—a process that allows taxpayers to request a reduction or removal of certain penalties under specific circumstances. Understanding how penalty abatement works […]
Article from October 2025
How to Prepare for the New 1099-K Thresholds in 2025
The IRS will enforce new reporting thresholds for 1099-K forms starting in 2025 under the One Big Beautiful Bill Act (OBBBA). The changes will impact gig workers, freelancers, and small business owners, particularly those operating in the gig economy or e-commerce. Understanding these updates and planning accordingly can help avoid surprises come tax season. Let’s […]
How Do Newlyweds File Taxes?
Getting married is a joyous occasion, but it also brings important financial and tax considerations. As a newlywed, understanding how to navigate the tax implications of your new marital status is crucial for optimizing your finances and avoiding potential pitfalls. This comprehensive guide will walk you through the essential steps and decisions you need to […]
How the IRS Finds Out About Your Assets
The IRS has a reputation for being one of the most powerful collection agencies in the world, and for good reason. When you owe back taxes or fail to report income, the IRS has multiple ways of uncovering what you own and where your money is. Many taxpayers wonder: how does the IRS find your […]
How to Request a Tax Transcript From the IRS
When it comes to financial matters, accurate documentation is key. The IRS maintains various types of transcripts that provide a detailed record of your tax-related activities. Whether you need a tax transcript for tax filing, loan applications, or personal financial planning, understanding how to request IRS transcripts is crucial. In this guide, we’ll walk you […]