IRS

CP504 - Notice of Intent to Levy

We recently discussed the differences between a lien and levy here, but how do you know when the IRS will levy your property? Before levying a taxpayer’s property, the IRS must notify the taxpayer of the outstanding balance and the pending levy action.

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How Not to Structure Your Transactions

Most people are aware that cash transactions for $10,000 or more have to be reported to the IRS to help identify and prevent money laundering activities. For cash-based businesses, this reporting requirement can be burdensome, so people will try to arrange payments in such a way as to avoid the $10,000 limit.

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Four Tax Mistakes Real Estate Edition

Realtors are often experts at keeping multiple matters in the air. They must handle clients, closings, listings, and showings without breaking a sweat. But one thing that can be quickly dropped is taxes.

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Dogs and Dependents

Claiming someone as a dependent on your taxes generally allows a benefit to the person providing the support. When most people think of a dependent, they think of a minor child that a parent is raising and supporting.

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