Internal Revenue Code (IRC) Section 6321 "Federal Tax Liens on Real Estate" Explained
A federal tax lien on real estate is a legal claim that the government can place on a property to secure payment of unpaid taxes. This lien is imposed by the Internal Revenue Service (IRS) under the…
Internal Revenue Code (IRC) Section 61 "Debt Forgiveness" Explained
Cancellation of debt, also known as debt forgiveness, occurs when a lender agrees to forgive or cancel all or a portion of a borrower's outstanding debt. Under the Internal Revenue Code (IRC) Section…
Internal Revenue Code (IRC) Section 6654 "Estimated Taxes" Explained
Estimated taxes are payments made to the Internal Revenue Service (IRS) by individuals and businesses who must pay their taxes in installments throughout the year, rather than in one lump sum when…
IRS Automobile Tax Deductions Explained
Automobile tax deductions are a way for taxpayers to reduce their tax liability by claiming certain expenses related to the use of their vehicles for business, charitable, or medical purposes. These…
How to Choose the Right Tax Accountant for Your Small Business
For small business owners in Alaska, selecting the right tax accountant is crucial. It's not just about filing taxes; it's about understanding local regulations, maximizing deductions, and making…
IRS 1040 Schedule 2 Form "Additional Taxes" Explained
IRS Form 1040, also known as the "U.S. Individual Income Tax Return," is a document that individuals use to report their income and file their federal income tax return with the Internal Revenue…
IRS Form 911 "Request for Taxpayer Advocate Service Assistance" Explained
IRS Form 911, also known as the "Request for Taxpayer Advocate Service Assistance" is a form that taxpayers can use to request assistance from the Taxpayer Advocate Service (TAS). TAS is an…
IRS Form 8857 "Request for Innocent Spouse Relief" Explained
IRS Form 8857, also known as the "Request for Innocent Spouse Relief," is a form taxpayers use to request relief from joint and several liability for taxes, interest, and penalties related to a joint…
IRS Form 9423 "Collection Appeal Request" Explained
IRS Form 9423, also known as the Collection Appeal Request, is a form taxpayers use to appeal a collection action taken by the Internal Revenue Service (IRS). This form is used when a taxpayer…
IRS Form 433-A "Collection Information Statement for Wage Earners and Self-Employed Individuals" Explained
IRS Form 433-A, also known as the Collection Information Statement for Wage Earners and Self-Employed Individuals, is a form that the Internal Revenue Service (IRS) requires taxpayers to complete to…