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Understand IRS Form CP14

June 13, 2022 by admin

Monday June 13, 2022 – The IRS is not too active collecting immediately after tax season. After all, they have a lot to do. But, come to the end of June, into July, expect the IRS to start contacting you about any unpaid tax, or any questions they might have about matching information returns with tax returns.

IRS Form CP14 is the first in a series of letters the IRS will send you if there is an unpaid balance for the last tax year. When asked, “What is the notice about?” The IRS answers, “We sent you this notice because you owe money on unpaid taxes.”

If you receive IRS Notice CP14 – read it carefully. The notice will tell you how much the IRS says you owe, when the IRS expects you to pay, and what to do if you disagree.

If you disagree – contact the IRS right away. Object! If the IRS is correct, and you can pay, pay right away to avoid penalties and interest.

If you can’t pay – this Notice is not the last you will hear from the IRS. There is a series of letters the IRS must send BEFORE they can take anything away from you (Levy). So, you still have some time to work out an Installment Agreement, or some other remedy with the IRS.

Attorney Steven A. Leahy helps taxpayers who owe the IRS. So, he has seen IRS Notice CP14 before.

https://www.irs.gov/individuals/understanding-your-cp14-notice

https://www.nbc4i.com/news/local-news/columbus/still-owe-taxes-heres-an-irs-notice-to-watch-for/

https://www.cbsnews.com/news/irs-cp14-notice-taxes-due/

Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Today's Tax Talk

IRS Under Siege! Says Yellen

June 9, 2022 by admin

Wednesday June 8, 2022 – United .States Treasury Secretary Janet Yellen appeared at a Senate Hearing on Tuesday and said “The IRS is under siege. It is suffering from huge underinvestment,”

She, again, urged Congress to pass the Build Back Better Bill, or at least that portion that funds the IRS with an additional $80 billion over 10 years. That legislation would nearly double the IRS Budget and more than double the number of IRS employees.

Approving Treasury’s budget request would allow the IRS “to be able to … make sure that people are paying the taxes that are due.

Attorney Steven A. Leahy reports on this important story on Today’s Tax Talk.

https://www.yahoo.com/video/yellen-says-irs-under-siege-184329459.html

Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Today's Tax Talk

Crypto = Commodity?

June 7, 2022 by admin

Tuesday June 7, 2022 – Legislation was introduced in Congress today that would classify the vast majority of digital assets as commodities, giving regulatory control to the Commodity Futures Trading Commission.

The Bill is presented as the bill as “landmark bipartisan legislation that will create a complete regulatory framework for digital assets that encourages responsible financial innovation, flexibility, transparency and robust consumer protections while integrating digital assets into existing law.”

there are those that believe, “[i]n order for cryptocurrencies to truly expand to their highest possible market reach and for the technology underlying these digital assets to fully provide benefits to global economies, regulation is critical. In order for there to be effective regulation, there must be clearly defined terms and distinctly assigned overseeing bodies”

Attorney Steven A. Leahy reviews the proposed legislation on Today’s Tax Talk Crypto-Tuesday edition.

https://www.cnbc.com/2022/06/07/bipartisan-crypto-bill-lummis-and-gillibrand-want-to-empower-cftc-treat-digitals-assets-like-commodities.html

https://www.benzinga.com/markets/cryptocurrency/22/06/27591741/bitcoin-ethereum-and-dozens-of-others-to-be-classified-as-commodities-according-to-new-cry

Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Today's Tax Talk

State of Domicile vs Residency

June 7, 2022 by admin

Monday June 6, 2022 – Where you reside and where you are domiciled are not always the same, and may be VERY important when paying state taxes.

My practice is in Illinois. Many Illinois residents are fleeing Illinois for greener (and cheaper) pastures. But, Illinois wants to hang on to these Illinoisans and their tax payments. Simply moving to a new state may not be enough to cut the ties and change your domicile.

Other states have this same issue. Attorney Steven A. Leahy reviews the case of O. Gene Bicknell vs. Kansas Department of Revenue and the chance that your chance of being audited just doubled. Both stories on Today’s Tax Talk.

https://www.wsj.com/articles/pizza-hut-tax-battle-bicknell-kansas-florida-change-of-residence-11654290410

https://www.fingerlakes1.com/2022/06/05/if-you-make-over-100000-risk-of-audits-double-as-tax-laws-change-including-the-reporting-of-600-through-cash-apps-to-the-irs/

Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Today's Tax Talk

IRS Examinations – By The Numbers

June 1, 2022 by admin

Wednesday June 1. 2022 – IRS Audits are called “Examinations.” And the IRS conducted 243,715 individual examinations in 2019. While the numbers have dropped – that is still a lot of audits.

The Chrisley Tax Evasion Trial is good example of what not to do. Taxpayer’s should be aware that an examination can turn into a criminal investigation. So, you should never lie to an IRS employee. Also, don’t engage in evasive or obstructionist behavior during an IRS audit. That can get you in trouble.

Attorney Steven A. Leahy reviews the Chrisley case and then looks at the IRS Examination numbers recently released in the 2021 Internal Revenue Service Data Book on Today’s Tax Talk.

https://www.forbes.com/sites/robertwood/2022/06/01/tax-tips-from-chrisley-knows-best-tax-evasion-trial/?sh=313a90f55511

https://www.irs.gov/statistics/soi-tax-stats-irs-data-book

Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Today's Tax Talk

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