Back Taxes Or Tax Debt

A recent study conducted by McGladrey LLP (now RSM LLP) suggests that mid-sized businesses may be confused about the filing and payment requirements for sales and use taxes. While paying too much is a burden on any company’s bottom line, there is also the risk of not paying what they owe and, as a result,continue reading…

You have just learned that you do, in fact, owe the Internal Revenue Service thousands of dollars. You received a letter pointing out a discrepancy, and you went back through the return and all of your tax records for that year. When you realized that the IRS was right, you got that tight feeling incontinue reading…

Many taxpayers may have heard of a tax lien before, but they don’t understand what the lien actually entails, such as the consequences of it being associated with your record. So what is a tax lien, and what does it mean for a taxpayer that is unfortunate enough to have it stuck to his orcontinue reading…

A friend of ours was floored recently when she received a letter from the IRS. Her first thought was our own first rule of IRS correspondence: Do not panic. In fact, “Do not panic” is also our second and third rule. Our friend’s second thought was, “Good luck with that.” It took her an hourcontinue reading…

Many people believe that television and movie stars live on virtually unlimited incomes. Unfortunately, for some of those entertainers, they act as if that were a true statement, and sometimes run into problems from the taxman. The latest case involves Melissa Gilbert, the star of “Little House on the Prairie,” and the news that thecontinue reading…