Will I Have To Pay The IRS For My Tax Debt Forever?

April 22nd, 2018

A frequent question we often hear is “Can the IRS collect my tax debt from me for the rest of my life?”  Fortunately, the answer is no. The IRS has 10 years to collect any taxes you owe.   The 10 years starts to run from the date the IRS first assesses the taxes against you.  For exampl.....

How Do I Qualify For An Offer In Compromise?

April 15th, 2018

An Offer in Compromise (OIC) allows you to settle your tax debt for less than the amount you owe.  However, just because the IRS accepted an OIC for your neighbor, co-worker or friend, does not mean that you will necessarily qualify for .....

Tax Implications Of The Sharing Economy

April 5th, 2018

If you are an Uber or Lyft driver, rent out a room through Airbnb or provide a number of other goods or services through an online platform, you are involved in the “sharing economy.”  This is also known as the on-demand, gig or access economy.  In the last few years, the sharing economy h.....

Do I have a hobby or a business for tax purposes?

April 2nd, 2018

Many people choose to pursue a hobby such as jewelry making, boat racing, coin collecting, baking, photography or showing dogs. A hobby is something you pursue as a sport or for recreation or because you are passionate about it, but not to make a profit. However, you can make money from so.....

Understanding New Tax Law Changes in 2018

January 23rd, 2018

SUMMARY OF NEW TAX LAW CHANGES

Recently, the President signed the most substantial tax reform in over 30 years, the Tax Cuts and Jobs Act (TCJA).  While your 2017 tax returns will be p.....