Getting a letter from the IRS about unpaid tax debt is always a little scary. It can seem overwhelming or like the IRS is threatening you—especially if the IRS intends to take part of your Social Security benefits. If you receive the CP298 notice from the IRS, you shouldn't panic. Let's break dow...
Getting a levy notice from the IRS is frightening. Before you start stressing over how much money the IRS is asking for, though, you should work with a tax attorney to figure out what your options are. If you receive the CP297C Notice from the IRS, rest assured that you and your attorney will be ...
Getting a CP40 notice from the IRS might feel intimidating—but it doesn't have to. As long as you follow the proper steps and reach out to a tax attorney for help when needed, you can resolve this tax matter. What Is the IRS CP40 Notice? The IRS sends the CP40 notice when it has assigned your t...
In the last decade, more and more people have been investing in cryptocurrency. As it became more popular, the IRS started asking U.S. taxpayers to report their cryptocurrency earnings. Letters 6173 and 6174 from the IRS both concern cryptocurrency, and you should know what to do if you receive o...
Receiving Letter 16 from the IRS doesn't mean the IRS is going to start seizing your assets right away—so don't panic. The IRS is simply informing you that you have a tax balance due or that you're behind on tax returns. Both of these issues can be easily resolved as long as you act quickly. Let'...
Getting a Letter 75 from the IRS can be overwhelming and a bit nerve-wracking—the IRS is asking for money and threatening to levy your property if it doesn't get it. There's no need to panic, however. If you act quickly, you can deal with an LT75 properly. Let's look more closely at what an LT75 ...
Navigating the complexities of tax obligations can be challenging for any Maryland business owner. One notice from the IRS that can be cause for concern is Letter 73. It's a notification of an issue the IRS takes very seriously: unpaid federal employment taxes. This letter is not just a reminder ...
An LT11 notice from the IRS is a serious matter. It's a “final” notice issued before the IRS levies you. It's not a notice you can safely ignore, and you should read it very carefully. Let's look at LT11 in more detail so you can understand what your rights and responsibilities are and how best t...
Understandably, Maryland business owners are confused by the idea that they have to report and potentially pay taxes on “business personal property.” Particularly since it's important to be clear on how business and personal expenses should be separately accounted for—with extra attention paid to...
Spring is the time for Marylanders to decide they're willing to brave the crowds to go down and see the cherry blossoms in the Tidal Basin. Instead, some Marylanders may be wondering if they have to be brave in dealing with the Internal Revenue Service (IRS) after the IRS has sent them an LT26 No...
If you're a Marylander who has filed and paid your taxes on time, then spring should be about going to Orioles games, the Flower Mart, or even braving the crowds to go to the Tidal Basin to see the cherries. So, it may come as a shock to receive any notice from the Internal Revenue Service (IRS)....
If you're a Marylander who owes outstanding taxes, pay very close attention if you receive a CP531 Notice from the Internal Revenue Service (IRS). This is not a notice to ignore. If you do, you'll literally be paying for it. RECOGNIZING A CP531 NOTICE IRS notices always have a box to the right...
Before getting on a plane, taxpayers with large outstanding tax debts should check their mail for an Internal Revenue Service (IRS) Notice CP508C. This notice is qualitatively different from other IRS notices that the taxpayer may receive, and it's essential to understand the notice's significan...
During the height of the Covid pandemic, the Internal Revenue Service (IRS) allowed companies to claim an Employee Retention Credit (ERC), if the companies had met specified criteria. However, tens of thousands of ineligible companies claimed the ERC on their tax filings and now must pay the amou...
Receiving a letter from the IRS can be heart-stopping under the best circumstances. But when the letter claims you owe the government money, it can be overwhelming and hard to know where to turn or what to do next. However, following up after receiving any notice from the IRS is important, partic...
If you have unpaid taxes, the IRS can be persistent in its efforts to collect them from you. Even if you're living on a fixed income, the IRS can attempt to levy or legally seize your assets to satisfy this debt. If you receive a CP91 notice in the mail, you should read the letter carefully and t...
As a Maryland business owner with a company large enough to have employees, correctly managing payroll taxes is essential. When employers fail to fulfill their obligations relating to payroll employment taxes, the Internal Revenue Service (IRS) can pursue civil fines—with penalties of up to 100%—...
When you receive a notice from the IRS informing you of an outstanding tax liability, their intent to file a lien, or to levy or seize your assets, it can be frightening. You may not know what to do or where you can turn. So, we've answered some of the most common questions about the IRS collecti...
It can be stressful and overwhelming if you've received notices from the IRS stating that you have an unpaid tax balance. As long as the agency believes you have an unpaid tax debt, it will continue to try to collect by filing a lien or a levy. With a lien or a levy, the IRS will attempt to claim...
If you're worried about an issue with your taxes, you might be losing sleep over when and if the Internal Revenue Service (IRS) will come knocking on your door. Actually, as of July 2023, the IRS has ended almost all unscheduled visits to taxpayers. That said, no matter where or when you are meet...
If you're an employer who has claimed a COVID-related Employee Retention Credit (ERC), you may be concerned about being audited. Or perhaps you've received an audit notice from the Internal Revenue Service (IRS). If that's the case, don't panic. An audit doesn't mean that you're already suspec...
As the Wall Street Journal recently reported, while other pandemic-related assistance programs have expired, filing for the Employee Retention Credit (ERC) continues to be on the increase. Many employers are absolutely entitled to ERC claims, but the Internal Revenue Service (IRS) wants to make s...
Although other forms of COVID pandemic assistance received more initial fanfare, employers should also not overlook the federal tax relief available. One important initiative is the “Employee Retention Credit” (ERC), a credit for those employers who retained employees during the height of the pan...
As of 2022, the IRS is cracking down on employers and payroll taxes. If you are a business owner who has failed to send the IRS your employees' Medicare and Social Security contributions, the IRS will very likely come knocking at your door—and they won't go easy on you. Penalties for failing to ...
Nobody likes doing taxes. When you have a business to run, you have other things to worry about—plus, you'd rather hire a professional to take care of complex payroll taxes. But what happens if the accountant or payroll service you hired makes a mistake on your tax return? The IRS has started cra...
Time is of the essence when it comes to tax-related issues. If you are uncertain as to what your next step should be, contact the reliable tax attorneys at Gabaie & Associates, LLC today.
