Social Security garnishment is generally prohibited when it comes to creditors. But the U.S. Government is no ordinary creditor and has the full force of the IRS to perform levies against tax-delinquent debtors. So can the IRS garnish Social Security? Simply put, yes. The IRS is among the only agencies that can levy your Social [...]
If you owe the IRS money, they may pursue aggressive collections actions against you. Unlike private lenders, they don’t have to go through the court to place liens on your property, levy your bank account, or garnish your wages. They do, however, have to provide you with notice of their intent to do so. If [...]
If you are facing an IRS criminal investigation, the impact on your professional and financial well-being can be devastating. An experienced tax lawyer will help ensure that your business doesn't make costly mistakes that could lead to an investigation, as well as offer experienced defense if you are already in trouble with the IRS. Contact Sodowsky Law firm, P.C. to learn more [...]
The IRS has what is known as a Collection Statute Expiration Date (CSED). Logistically, the CSED is ten years. However, there are a number of waivers and extensions that the IRS can file for to extend the CSED. There are also exceptions to the ten-year rule. Below, we take a look at everything you need to know about the IRS statute of limitations on tax [...]
As a business owner, you are expected to file and pay your taxes each year. And the IRS knows there's nothing wrong with trying to pay less in taxes, allowing you to use legitimate strategies to lower your tax burden. But there is a huge difference between using legal tax avoidance tactics and trying to illegally underpay. [...]
The IRS has the right to seize your home and other property if you fail to pay your federal income taxes. To exercise this authority, the IRS must notify you before they can seize anything. If you’ve been contacted by the IRS about a tax debt, don’t assume they will come immediately to take your home. There are steps you can [...]
The IRS can impose substantial penalties on those who do not pay their taxes on time. Not only does this include hefty interest rates, but it can also include a penalty that is tacked onto the delinquent balance. None of this is fun, but the IRS also knows that it has significant leverage when dealing [...]
Small Businesses Are at Higher Risk for IRS Audit It may sound counterintuitive, but smaller businesses have been at increased risk for an IRS audit for some time. This is due in large part to the ways in which they manage their payrolls. While larger businesses often have accountants themselves on the payroll, smaller business owners usually perform this task [...]
Each time a new president is elected, they usher in their bold new tax plan that has Americans supposedly feeling better about their bottom line. Donald Trump is no exception. In 2017, President Trump not only announced major tax cuts, but also vastly overhauled the U.S. tax code. This includes the creation of new tax brackets. [...]
If you operate a small business, you will need to know about both income tax withholding requirements and other tax issues in Virginia. For the average person, these issues can be complex. But you don’t have to handle it alone. Seek the legal guidance of an experienced Virginia tax attorney at Sodowsky Law Firm today. Call (703) [...]
Sunday, May 13th is Mother’s Day. While we should celebrate our mothers and be thankful to them all year long, this is a special day set aside just for them. Some mothers get flowers; some get “breakfast” in bed prepared and served by their young children; some get taken out for a special lunch. All [...]
This year, there appears to be a lot of confusion surrounding individual tax payments and 2018 tax reform. This isn’t uncommon. Every year that a new president takes office, there are major changes to the tax code. With the Tax Cuts and Jobs Act, that confusion seems to be compounded. Clients have shown up without [...]
TAX DEADLINE RAPIDLY APPROACHING The deadline of April 15 for filing and paying your federal income taxes is rapidly approaching. If you have not yet done so, you should be gathering and organizing your documents for your return preparer. Don’t wait until the last minute --- you might miss something important. Also, if you expect [...]
With the new tax bill signed into law, you may be wondering how this will impact your tax returns. While some employees have already seen changes in their pay check, the new law will not affect the tax returns you file this year. Nevertheless, with Tax Day coming up on April 17, there some important [...]
During the past few months, the news has inundated with the Trump tax reform and what it could mean for you. Taxes, in general, are confusing. Add the new laws, and your head is probably spinning. But nearly all of the clauses in the Trump tax reform bill are not effective until January 1, 2018, meaning they will [...]
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