IRS

Form 668-A - Notice of Levy

Last week, we looked at CP504, the warning the IRS gives before issuing a levy. This week, we are looking at Form 668-A. The IRS will send this form to both the taxpayer and the business that will have to turn over the taxpayer’s property, such as a bank.

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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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