The Bipartisan Budget Act of 2015, also known as the BBA, is the centralized partnership audit regime that is intended to apply to partnership entities unless the partnership elects out of the regime. This was found necessary in dealing with the unique nature of partnerships, where the partners file returns individually, and yet the partnership […]
Abatement of IRS Tax Assessments
The word “abate” means to lessen, reduce, or remove. Abatement of an assessment also carries the same meaning. That is, an IRS assessment may be lessened, reduced, or removed under certain circumstances, including a showing that the assessment is: Excessive; Assessed after the expiration of the statute of limitations; Erroneous or illegal It is important […]
The Potential Outcomes of a Notice of Assessment? (Besides Paying The IRS)
It seems easy to surmise that a notice of assessment of a taxpayer’s liability is intended to inform the taxpayer that he is required to pay his tax liability. The end game for any assessment is, of course, the collection of taxes. Sometimes, however, the notice of assessment may not actually end in the taxpayer […]
What Are the Potential Outcomes When You File A CDP Hearing Request?
After submitting a Collection Due Process hearing (CDP hearing) request, you might be wondering what happens next. To alleviate the stress and anxiety of guessing, you should know what can happen after you file a CDP hearing request. In brief, the Appeals employee might decide that you do not owe the liability, you can pay it using […]