A Taxpayer Identification Number (TIN) is a unique identification number used for tax purposes in the United States. TINs are utilized in accordance with IRS guidelines by taxpayers and the IRS for tax filing, claiming deductions and credits, and identifying tax obligations and tax responsibilities. There are several types of TINs, including the Social Security…
Form 1098 is a common tax document in the United States that serves various purposes based on the taxpayer’s financial situation. Whether it pertains to mortgage interest, tuition payments, or student loans, a clear understanding of Form 1098 can significantly impact how these entities are addressed during tax filing. This article discusses what Form 1098…
An Offer in Compromise (OIC) is a tax settlement tool provided by the IRS to eligible taxpayers, allowing them to resolve their tax liabilities for less than the full amount owed. This program is designed to assist individuals facing financial hardship by enabling them to settle their debts for less than full repayment and offering…
The IRS Taxpayer Assistance Centers (TACs) are IRS offices that provide essential taxpayer services to address a variety of tax-related questions and concerns. They assist with filing tax returns, obtaining Taxpayer Identification Numbers (TINs), and offer tax assistance for understanding tax liabilities and refunds. This article outlines the taxpayer services offered by TACs, explains how…
Navigating the complexities of tax matters, including tax obligations and IRS guidelines, can be daunting, particularly for professionals representing clients. The IRS Practitioner Priority Service (PPS) is an IRS service designed to streamline this process by offering dedicated support for tax practitioners and enhancing taxpayer assistance. This article will explore what the PPS is, who…
Navigating the complexities of tax season can be overwhelming, which is where the Taxpayer Advocate Service (TAS) becomes essential. This vital resource, part of the broader taxpayer assistance initiative, is designed to assist taxpayers who are facing IRS issues, ensuring that their voices are heard and their rights are protected. In this exploration, we will…
A filing extension is a provision that enables taxpayers to postpone the deadline for submitting their tax returns to the IRS, providing them with additional time to file without facing immediate tax penalties. Filing extensions are particularly important for individuals and businesses, including those who are self-employed, encountering extenuating circumstances that may prevent timely submission…
Navigating taxes can often feel overwhelming; however, the IRS has simplified the process with its Online Account feature. This useful tool makes it easier to manage your tax information, including tax documents and tax records, and helps you stay informed about your finances. In this article, we will explore what an IRS Online Account is,…
An IRS examination, also known as a tax audit, is a formal process carried out by the Internal Revenue Service (IRS) to ensure compliance with tax regulations and verify the accuracy of a taxpayer’s financial records and tax return filings. This process involves assessing income tax returns and may require substantial documentation. These examinations may…
The IRS appeals process is a systematic procedure that enables taxpayers to contest tax disputes stemming from IRS assessments, procedures, or decisions. It provides a means for taxpayers to seek resolution through administrative channels, ensuring that taxpayer rights are upheld in accordance with tax regulations and laws. This process may involve both formal appeal and…