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Record Keeping

Record Keeping

Accurate record keeping is vital for your tax return examination.  Your records are the original documents used to determine your income, and deductions.  So how long are you required to hold on to these original documents?  Are you fearful of destroying tax documents?  Original documents typically should be held for three years.  There are exceptions.  When those …

Avoid IRS Tax Debt Collections

Tax Debt No one likes tax debt or be reminded by the IRS that they have not paid their outstanding bill in full.  So why do some of us position ourselves for the world’s greatest collection agency, the Internal Revenue Service (IRS) to do just that?  Once in their cross hairs, you will not shake them off.  Acknowledge …

CNC

Currently Not Collectible Status

Currently Not Collectible The currently not collectible status may be your solution to temporarily delay or permanently defer payment of tax debt.  This does not mean that the tax debt goes away, yet it may provide you with some immediate tax relief.  Yet as the months and years pass by, the IRS obligation to collect …