Tax Developments
Tax law is a moving target. Legislative changes, amendments to regulations, updated tax guidance and new court decisions constantly alter the tax landscape. Learn how significant tax developments can affect individual and business taxpayers.
IRS Adds QR Technology to Balance Due Notices
Receiving any letter from the IRS can be an intimidating experience that leaves you with more questions than answers. To better understand letters sent from the IRS, taxpayers often search the web for further assistance. Starting this month, the CP14 and CP14 IA...
The IRS and Private Collection Agencies
The IRS is required by law to use private agencies to collect some outstanding, inactive tax debts. However, the IRS only uses four private collection agencies to collect these debts. The companies that are currently under contract to assist in the collection of...
IRS Temporarily Stops Mailing Notices to Taxpayers with Balances Due
On August 21st, 2020, the IRS announced they had suspended the mailing of three notices – the CP501, the CP503 and the CP504. The IRS issues a CP14 Notice to notify taxpayers of a tax balance due. If a taxpayer does not respond to the CP14 Notice, the IRS will issue a...
2020 Deadlines and Delays
More than ever, this tax season will be riddled with delays despite the extended tax deadline. The Internal Revenue Service was already behind before the COVID-19 outbreak. The IRS closed in late March due to the pandemic. And now they are struggling to re-open and...
Reducing the Tax Gap
Politicians are in constant debate over how to decrease the budget deficit: raise taxes or cut them? Tax researchers often cite a more politically-neutral third option: reduce the “tax gap.” The tax gap is simply the difference between taxes owed and taxes paid....
IRS More Behind Than Ever Before
According to a report from National Review, recent changes to the tax code, staffing issues and aging technologies have created significant administrative challenges for the IRS: New Rules – There are more than 80 changes to the tax code within the new Tax Cuts...
Choosing a Business Structure
If you are running or creating a small business, Britt & Burroughs understands that you have a lot of decisions to make. This September, we will look into some of the options for choosing a business structure and how we can help. Taxes Influence Business...
Can the IRS Revoke Your Passport?
Some taxpayers in danger of losing their passports now have some breathing room, thanks to the Taxpayer Advocate Service. Don't let the IRS revoke your passport. The TAS Offers Help On August 8, 2019, the Internal Revenue Service (IRS) reminded taxpayers with...
Tax Withholding 2019 – Are You Ready?
Get a headstart on the 2019 tax season. Now is a great time to ensure not only that your return is compliant with current tax laws but also optimized so that you pay no more than required. Make sure you've properly managed tax withholding 2019.Here’s What Taxpayers...
Do You Have Expiring ITINs in 2019?
Get a headstart on the 2019 tax season. Now is a great time to ensure not only that your return is compliant with current tax laws but also optimized so that you pay no more than required. If you have expiring ITINs in 2019, make sure you renew them before the end of...