Do Not Ignore Letters from the IRS!
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Hello High Earners and Future High Earners, First I wanted to provide a couple of reminders:
About those letters.... When you receive a letter in the mail from the IRS, there's no need to panic. However, you should not ignore it either. Movie star Terrence Howard was in the news lately because he is reported to owe the IRS approximately $1 million in back taxes. The original amount was $578,000 but factor in penalties and interest, he's at about $1 million for failing to pay between 2010 and 2019. Terrence thinks it's immoral to tax descendants of the enslaved. Whether you agree or disagree, there is no tax law stating such. No matter what he thinks, he is evading taxes. Tax evasion is the intentional non-payment or under-payment of taxes through false representations. It is a criminal offense. Examples of tax evasion include:
Tax avoidance is using the tax code to legally minimize the amount of income taxes owed. Some letters you can call the IRS to resolve yourself. If you can't, contact a professional to ensure you resolve the issue in a timely manner. There are over 70,000 pages in the tax code that includes regulations and official tax guidelines. You need a tax strategist to help you apply the code to pay the least amount in taxes. If you are a H.E.N.R.Y (High Earner, Not Rich Yet), or have a tax bill over $50,000 looking to increase your net worth through tax savings, we are accepting new clients. Schedule your consultation today to secure your spot for our exclusive services.
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Welcome to the KNK Tax & Accounting Blog
by Karitsa Kerns - Enrolled Agent and Tax Advisor
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