Settle Your Tax Debt for Pennies on the Dollar

Promises to settle your IRS tax debts for pennies on the dollar re just that: Promises. Firms that hawk these types of tax-debt relief plans are referred to as “offer in compromise mills” by the IRS.  According to the IRS, these companies charge big...

Looking for your stimulus payment?

The IRS is creating processes to help some people who were due an economic impact payment but never got it or received an incorrect amount. For example, identity theft victims, innocent spouses and filers of returns with math errors can work with the Service to...

Who gets to claim the kids?

The custodial parent, unless the non-custodial parent has Form 8332 (signed by the custodial parent.) The Tax Court confirms in the case of a man who argued that he was entitled to claim his daughter, who lived with his ex-wife after their divorce, as a dependent.But...

How long should I keep my tax returns?

3 Years. As a general rule, 3 years is how long the IRS has to question items on your return and send you a bill.  It’s also the time frame to file an amended return to seek a refund. The  IRS can go back up to six years if over 25% of income is omitted. If...