The child tax credit (CTC) is a federal tax credit that was created in 1997 by the Taxpayer Relief Act. The credit has been modified in various ways over the decades since its debut, but changes made in 2021 by the American Rescue Plan Act (ARPA) are the first to […]
Post Tagged with: "Indianapolis Tax Attorney"
CNC Tax: What Does Currently Not Collectible Mean?
Worrying about how to make ends meet is difficult, but the added pressure of having to pay taxes when funds are short can be overwhelming. If you are unemployed, have suffered a financial hardship, or for any other reason cannot afford to pay your taxes, you might be eligible for […]
An Indiana Tax Lawyer Explains IRS Installment Plans, State Payment Options
Tax debt is a serious issue with substantial potential impacts on your life and financial status. When you owe money to the Internal Revenue Service (IRS) or the Indiana Department of Revenue (DOR), the weight of the possible consequences can be too much to bear alone. An Indiana tax lawyer […]
Questions about Offer in Compromise to Reduce Tax Debt
Tax debt is a heavy burden to bear. An oversight from the past or a clerical error can place significant strain on your current financial situation. Whether you owe a tax debt to the State of Indiana or the federal government, an offer in compromise (OIC) is one potential option […]
Indiana Tax Court: The Basics about Indiana Tax Cases
Indiana tax cases can arise under one of several Indiana tax laws. Every individual and business in Indiana is subject to various state and local taxes, but few understand the reasons behind tax disputes. Learning about the different types of tax cases, Indiana Tax Court proceedings, and having an experienced […]
I Owe the IRS More Than I Can Pay. What Are My Options?
If you owe more on your taxes than you are able to pay, one path to consider in reducing your tax debt is to submit an Offer in Compromise (“Offer”). This is an agreement between you and the Internal Revenue Service (“IRS”) which settles your tax debt for less than […]
Air BNB Tax Issues
Many clients are now renting their homes and apartments out. However, they do not realize that there are tax consequences for doing so, if the rental is for less than a period of 30 days. In other words, if you rent your home out for 29 days or less, you […]
Retroactive Tax Law Benefits for 2017
The Bipartisan Budget Act caused the Internal Revenue Service to allow three popular tax benefits to be claimed retroactively. Most of these benefits expired in 2016 but can be claimed in 2017. The Internal Revenue Service’s system has been reprogrammed to accept these benefits. The first benefit is exclusion from […]
IRS Identity Theft
Recently many individuals have used other people’s social security numbers to file tax returns, claiming refunds are owed. Typically our clients discovers this when they go to file a tax return and learn that a tax return has already been filed under their social security number. Additionally, some clients learn […]
IRS Update: Private Companies Will Now Collect Federal Tax Debts
On Monday, the IRS announced that it would have private companies collect Federal tax debts, pursuant to a federal law enacted by Congress in December. They chose for contractors to do this: CBE Group in Iowa, Conserve and Pioneer in New York, and Performant in California. The goal of this […]