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The burning question is, how long is this audit going to take? And the answer is, I don’t know. I am here to make this as painless and fast as possible. What I will say in my experience specifically as an enrolled agent, and this is specific to enrolled agents, the IRS understands the knowledge Read More

Once the client engages with us and hires us to be their representative, I actually have them sign an agreement that they will not contact the IRS. If they do contact the IRS, I disengage ’em because they don’t know what they’re doing. They don’t know what they’re saying, and they could really create a Read More

There’s several different notices that the IRS will send you. There’s balance due notices. There’s a letter audit where, you know, maybe you forgot to report a W2 and they received a copy that wasn’t on your tax return. That’s, you know, we call that a letter audit. There could be employment audits or you Read More

Lots of taxpayers get IRS notices. It’s not uncommon. It’s scary for them. So what’s the first thing you do when you’re scared? Call a professional call the right kind of professional. Typically, you would call a CPA with tax experience. You would call an enrolled agent, or you would call a tax attorney.

If you’re a US person and you have either US domicile or you’re a citizen here, the IRS expects you to report your worldwide income, how much of that you can reduce based on tax laws. That’s a different conversation, but in terms of reporting requirements. You are required to report your worldwide income, your Read More

Ex client comes to me. They are a Italian resident and their spouse is a U.S. citizen and Italian resident. They have income from the United Kingdom, they have income from the United States, and they have income from Italy. So typically we do a discovery call, and I work with their foreign tax practitioners Read More

So when, when it comes to international tax and compliance with reporting and maximizing tax savings, and there’s a single international component, generally there’s multiple international components to consider. It’s extremely important that the taxpayer is working with a reputable and educated tax practitioner that has experience in international tax. Not all CPAs, not all Read More

So one of the goals at Palermo Landsman and Ross is to make sure that we’re getting as close to break even as possible. If the client, you know, the taxpayer, that’s not of importance to them and giving the IRS an interest free loan is not of importance to them, then that’s on them. Read More

Yeah, so about 70 percent of our clientele doesn’t get their tax information from financial institutions in order to file timely. What we try to do is get as much information as they have by the first week of April, and then we do an estimate so that when we file their extension, they’re making Read More

So, the IRS can charge interest and penalties when you don’t timely pay or when you don’t timely pay and file. With the October 15th deadline, your tax must be paid in full and your return must be filed if you’re on extension. If you owe tax and you don’t pay by October 15th, you Read More