On Friday, March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which creates loan programs to assist small businesses during COVID-19-related mandated closures. One such loan can be obtained via the Paycheck Protection Program (PPP). The Paycheck Protection Program is based on the SBA’s already existing 7(a) loan…
Read MoreWhen will payments be made? IRS currently projects that payments will be made beginning in the second half of April 2019. Who is eligible for the economic impact payment? Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment…
Read MoreMust I pay on my existing IRS Installment Agreement during the Coronavirus pandemic? • Yes. While the IRS suspended payments due between April 1 and July 15, 2020 on existing installment agreements, the suspension has lapsed. Payments must now be made to keep existing installment agreements in good standing. In most cases, taxpayers can simply…
Read MoreWill the IRS levy me or file a lien during the Coronavirus pandemic? The IRS should not levy you during this period, and it probably will not file a lien against you, although it could under some circumstances. The IRS announced on March 25, 2020 that it is introducing a series of temporary policies and…
Read MoreWill the IRS continue an audit against me or begin a new audit against me during the Coronavirus pandemic? Under most circumstances, the IRS will not begin any new audits during this period, but will continue to remotely work on already ongoing audits. The IRS announced on March 25, 2020 that it is introducing a…
Read MoreKnow Your Rights About IRS Innocent Spouse Relief Did your ex-spouse leave you with back taxes? Has your current spouse failed to pay the taxes due on a joint tax return? You can be relieved of the obligation to pay your spouse’s taxes through the Innocent Spouse program. Click here to schedule an appointment. According…
Read MoreOur staff has twenty years of experience and a proven track record of providing tax relief to individuals and business owners. Legal ethics prevent us from saying we are the best tax attorneys to file your offer in compromise. We can tell you that over the past 20 years the tax attorneys and enrolled agents…
Read MoreOriginal Article by Howard McEwen | ENQUIRER CONTRIBUTOR (updated January 20, 2020) CINCINNATI – This tax season, winning gamblers are learning that they might be able to beat the odds at the sportsbook or the casino, but the IRS is still holding all the cards. Jennifer Gatherwright and Jessica Craven, attorneys with Gatherwright, Freeman and…
Read MoreAnyone who has undergone an IRS audit can tell you how painful the IRS makes the examination process. If the taxes and interest due after an audit are not bad enough, increasingly, the IRS has been piling on additional 20% penalties. What are these penalties and how are taxpayers fighting back? Internal Revenue Code §…
Read MoreOriginal Article by Jennifer Gatherwright | KENTUCKY BENCH AND BAR CONTRIBUTOR Albert Einstein once said that the hardest thing in the world to understand was the income tax. No doubt this is an opinion still shared by many. Although the GOP’s 2018 Tax Cuts & Jobs Act promised to make taxes simple enough to fit…
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