For many nonprofit and community organizations, tax-exempt status is very important. Without this designation, they would not be able to provide services. The unfortunately reality is that federal government officials can challenge this status if they feel organizations have stepped outside the confines of tax law. One particular type of tax exemption is beginning tocontinue reading…
What happens when a federal tax lien is attached to property?
Seeing a notice from the Internal Revenue Service arrive in the mail isn’t likely to be a welcome sight. When federal officials claim that taxpayers have failed to pay their full tax liabilities, a lien may be attached to their personal property. This essentially means that the government is laying claim to property until thecontinue reading…
Hundreds of IRS contractors accused of failing to pay taxes
Life can be full of twists and turns. Keeping this in mind, a person’s financial fortunes can change almost overnight. A medical emergency could create a significant amount of debt, leaving an individual wondering what to do next. In this situation, it’s not hard to understand why people may suddenly be unable to pay theircontinue reading…
What is the statute of limitations for tax audits?
Becoming the subject of an audit is nerve-wracking for any individual or business — no matter the circumstances. Although many of these tax questions can be resolved through correspondence with the Internal Revenue Service, there is always the possibility that an in-person audit will take place. Knowing this, many readers might be wondering how far back thecontinue reading…
Shutdown won’t delay IRS tax extension deadline
As news of the federal government shutdown continues to fill the news cycles, many people in Minnesota are probably wondering exactly how this affects them. Federal agencies across the board have been impacted by the shutdown, so the Internal Revenue Service has been stripped down to a fraction of its operating capacity. As such, for those whocontinue reading…