What must I now do if I had followed IRS verbal guidance which turned out to be wrong?

If you documented the dates you called and the employee ID numbers of the IRS employees who gave you this wrong advice, this could possibly help...

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You do not have to pay any taxes on this gift. But you should have some documentary proof on file that it was in fact a gift. So your parents...

Will the IRS automatically flag and audit me if I file a larger return this year than the last 2 years?

The first advice I give to my clients, especially self-employed ones, is this: Start preparing for an audit on January 1. This means simply...

Do you have to pay taxes on life insurance money received? Do you claim that money as income in the next tax year?

Both colleagues are correct: Generally, life insurance proceeds are not taxable income. And generally, when a spouse inherits the entire estate of...

If I end up abandoning my green card status while living abroad, but want to come back, should I still file tax and I-131?

First of all, there could be a way to preserve your permanent resident status even if you leave the U.S. for a prolonged period of time. I would...

Question about an Offer in Compromise with the IRS and a federal tax lien.

Statistically speaking, the IRS rejects approximately 80% of all Offers in Compromise filed annually. Thus, the odds are not in the taxpayers'...

What tax obligations do I have as a U.S. citizen, living in California, earning income from Spain?

Ideally, your Spanish employer should consult with a U.S. Tax Attorney regarding the rules and regulations pertaining to its U.S.-based employees. ...

Need to pull entire tax transcript. Can you tell me how to do it?

If you would like to get copies of your actual tax returns, as you filed them, each return will cost you $57 and it will take time to get them....

MY father died of complications from dementia and he did not file income taxes for 3-4 years ,What would you do ?

The returns should be prepared and filed asap because a taxpayer has only three years, generally speaking, to collect any refund the IRS might owe....

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We received a notice of defiency from the IRS. Now what can we do? And do I need a lawyer?

You now have 90 days from the date of the notice to petition to the U.S. Tax Court. Look at the first page, top right-hand corner: It should be...