Tag: irs
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IRS Letter 196C confirms your enrollment in a Direct Debit Installment Agreement, a rare chance to repay your IRS debt safely, as long as you never miss a payment or fall behind on new taxes. One misstep can cost you gravely: default means mounting penalties, seizure of wages or bank accounts, IRS liens, and even…
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WARNING: IRS FORM 8529 – The Notice That Can Freeze Your Bank in a Heartbeat
An IRS FOM 8529 TAXPAYER COPY OF NOTICE TO LEVY (CAP) is not just a warning, it’s a declaration that the IRS is days from freezing your bank account, garnishing wages, and draining your finances. This blog post makes it clear: without urgent action, you could wake up to a zero balance and financial chaos.…
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Crypto Crackdown Is Here: The IRS Is Watching Your Wallet: Are You Ready?
The IRS has unleashed sweeping new regulations on digital assets that could devastate unsuspecting taxpayers. Beginning in 2025, Form 1099-DA will report all crypto and NFT transactions—meaning the IRS will know every move you make. Whether you bought, sold, traded, or moved coins between wallets, your actions could now trigger a tax event. The risk?…
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Understanding IRS Form 668-A and How Steve Perry, EA Can Help Protect Your Assets
IRS Form 668-A, known as the Notice of Levy, allows the IRS to seize a taxpayer’s wages or bank accounts due to unpaid tax debt. This action is serious, signaling that previous warnings have been ignored and enforcement has begun. A levy can cause significant financial disruption, especially if funds are frozen or wages are…
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Understanding IRS Form 668-Y: How Steve Perry, EA Can Help You Navigate Federal Tax Liens
IRS Form 668-Y, Notice of Federal Tax Lien, alerts taxpayers that the IRS has legally claimed their property due to unpaid tax debt. This public notice can harm credit, restrict financial flexibility, and jeopardize property ownership or transactions. Ignoring it can lead to wage garnishment or asset seizure. Steve Perry, EA, of Books Taxes &…
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What the One Big Beautiful Bill Means for Your Taxes and How Steve Perry, EA Can Help
The One Big Beautiful Bill signed by President Trump in July 2025 brings significant tax changes for individual taxpayers. It permanently extends the reduced income tax rates from the 2017 Tax Cuts and Jobs Act and increases the standard deduction for both single and joint filers. Families benefit from a higher child tax credit, while…
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IRS Notice CP508C: What It Means and How Steve Perry, EA can Help
IRS Notice CP508C means your tax debt has been certified as seriously delinquent and reported to the State Department, placing your passport at risk. This can affect international travel, employment, and licensing. Steve Perry, EA at Books Taxes & More helps taxpayers resolve these issues quickly through installment agreements, Offers in Compromise, or financial hardship…
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Why Every S-Corporation Owner Needs a Reasonable Compensation Basis
S-corporation owners are required to pay themselves a reasonable salary for the work they perform. The IRS scrutinizes these salaries, and failure to properly document reasonable compensation can trigger audits and penalties. Many business owners struggle to determine what is considered reasonable. Steve Perry, EA at Books Taxes & More creates comprehensive, audit-proof reasonable compensation…
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What Taxpayers Should Know About the IRS CP71 Notice and How an Enrolled Agent Can Help
– The IRS CP71 Notice, titled “Annual Reminder of Balance Due,” alerts taxpayers annually about unpaid taxes including penalties and interest, without immediate collection action but with potential future enforcement. – Ignoring the CP71 can lead to escalated IRS collection actions such as liens or levies. – Steve Perry, an Enrolled Agent (EA) at Books,…
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Understanding IRS CP40:What it means and How an Enrolled Agent Can Help
– The IRS CP40 Notice indicates a taxpayer’s unpaid tax debt has been assigned to a private debt collection agency authorized by the IRS to handle lower-priority cases before the collection statute expires. – Private agencies cannot use IRS tools like liens, levies, or garnishments, and the notice means the IRS prioritizes other cases. -…
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