TaxCure Staff

About the Author TaxCure Staff

This is a compilation of articles and blog posts that TaxCure staff has created.
September 1, 2022By: TaxCure Staff
penalty relief 2022 irs

Do you have unfiled tax returns from 2019 or 2020? Right now, the IRS is letting taxpayers catch up without interest or penalties. This is an extremely rare opportunity, and it gives taxpayers the chance to save hundreds or even thousands of dollars in penalties and interest. But you need to act fast — you only have until September 30 to take advantage of this program. 

June 3, 2022By: TaxCure Staff
irs tax liens and levies 2019 2021 analysis

For the second year in a row, there was a dramatic drop in IRS liens and levies. In Fiscal Year 2020, the IRS filed 291,081 liens, and the agency sent out 396,269 notices of levies requested from third parties. The following year, in FY 2021, liens dropped to 212,251 and levies dropped to 305,610.

April 26, 2022By: TaxCure Staff
irs updates financial collection standards

As of April 25, 2022, the IRS has increased its Collection Financial Standards. These standards are budgetary allowances the IRS uses when assessing a taxpayer's ability to pay delinquent taxes. The standards refer to the amounts the IRS determines are allowable, reasonable, and necessary for taxpayers in regards to common household budgetary categories. aThey are based on the Bureau of Labor Statistics, U.S. Census Bureau, and American Community Survey.

November 4, 2021By: TaxCure Staff

As I was going about my day, I received automated robocalls (one of many over the last few months) from a so-called Mary Fletcher discussing how as a state resident I may want to consider enrolling in the new tax compromise program provided by the American Rescue Plan Act of 2021. I also received another from Eva Smith, about the Offer In Compromise program that is “now open for enrollment.” As soon as I received the message, I knew it was false or misleading. Here is a transcription of the voicemails I received (and many others probably received) and what you should do if you are facing tax problems.

January 8, 2021By: TaxCure Staff

Recently, the Treasury Inspector General for Tax Administration (TIGTA) advised the Internal Revenue Service (IRS) that it was losing billions of dollars in tax revenue due to unreported and underreported 1099-K income. A report released on December 30, 2020, explained the methods TIGTA used to find unreported 1099-K income, TIGTA's recommendations, and the IRS's plans to address this part of the tax gap. If you have 1099-K income, you need to understand what is happening. Here is a breakdown of the essentials.

July 7, 2020

Most people are looking for a way to reduce their tax bill, but it can be daunting to figure out how to minimize tax liabilities without getting on the IRS’ radar. Despite similar terms, tax avoidance and tax evasion have key differences that can help individuals and families make the best financial decisions for their situation.

June 30, 2020By: Charlie CorselloTaxCure Staff

The IRS released data for 2019 with a few interesting numbers related to enforcement actions and audits. We will review and compare the number of tax liens, tax levies, and audits in 2019 as compared to previous years.

June 29, 2020By: TaxCure Staff

The IRS released data recently on the Offer in Compromise (OIC) acceptance rate for 2019. The OIC acceptance rate decreased by 7.4% when compared to 2018. The dollar amount for all accepted OICs increased by 10.76% or about $28.1 million. That represents an average of $16, 177.86 per offer accepted.  The number of offers submitted decreased by 4,902 or 8.3% when compared to 2018. This could be due to a strong economy in 2019.

June 2, 2020By: TaxCure Staff

Paycheck Protection Program (PPP) loans provided a much-needed boost of working capital to businesses that were struggling amid the coronavirus. While the PPP loan helps cover payroll and utilities, these loans are forgivable, but from a federal tax perspective, they don’t work like other forgivable loans. Is your PPP loan taxable? Here is what you need to know.

May 28, 2019By: TaxCure Staff

The IRS released its 2018 version of the IRS Data Book, which provides a snapshot of all activities conducted by the agency during the previous fiscal year. It covers activities that the IRS conducted between October 1, 2017, and September 30, 2018. It includes tax returns, appeals, exams, audits, levies, liens, and other tax-enforcement activities. The IRS generally releases its Data Book for the previous fiscal year in mid-May, providing additional insights into the agency’s activities over the previous months. Take a look at how the numbers have changed between 2017 and 2018.