Finding yourself in the middle of an IRS tax controversy can be extremely stressful. You believe that you filed your taxes correctly, but the IRS thinks differently or life’s circumstances have hindered your ability to pay your taxes. You now risk forced collection action along with penalties and interest, but you aren’t sure of how…
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Receiving a notice from the Internal Revenue Service (IRS) that your business taxes are being audited can be disarming. However, having a clearer understanding of why these audits occur, how they unfold, and what your rights are throughout the process can hopefully help alleviate some of the anxiety you may be feeling about it. Statistics…
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In the wake of Hurricane Ian, many North Carolina residents suffered damage to their homes, businesses and personal property. Often insurance claims do not fully compensate for all the losses. This can leave many, especially those in debt with the IRS, in a difficult financial position. A disaster loss is a loss that is attributable…
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Emerging from the pandemic, several future trends in accounting are changing the traditional models of the profession. A new breed of technology-based trends require adaption and change and will impact the field of accounting forever. At Murray Moyer, PLLC, we embrace change and understand the importance of keeping up-to-date on technology to better serve our…
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Tax returns contain highly confidential information that can relay the entire financial snapshot of a person or business. Aside from the income, investments and other financial data, tax returns may show political affiliations and charitable contributions. For this reason, many politicians are encouraged to make their tax returns public record as an effort in transparency.…
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After a stressful tax season and a brief rest after all the deadlines are met, the time for a mid-year tax planning checkup approaches quickly. In July/August each year, small business owners need to reassess several processes to ensure the business is running smoothly. A mid-year tax planning checkup is the perfect opportunity for this…
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As attorneys who work with clients facing different types of tax issues, we often get asked about offshore banking and the tax implications for moving money overseas. Using a bank outside of the United States is not illegal in and of itself; however, there are many rules to follow. Each country and banking institution has…
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Now that the filing deadline has passed, the IRS is busy contacting taxpayers who filed reports with errors and audit inquiries. There are also a lot of scammers out there contacting individuals and businesses posing as the IRS. Common IRS scams this tax season may include text-message scams, e-mail schemes, phone scams and unemployment fraud.…
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While inability to pay your taxes leads the list for common tax problems, there are many other issues involving tax controversy. There are over 20 million Americans who owe the IRS or other taxing authorities more money than they can afford to pay. Over 80% of these tax liabilities are owed by individuals, not corporations.…
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With a looming filing deadline, many taxpayers worry about how to complete their returns on time when some necessary tax documents are missing. Missing tax documents are your responsibility, but you can usually file your taxes on time even if you do not have all your tax documents ready. It is important to obtain the…
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