MCB Blog

The IRS recently issued a statement reminding taxpayers that self-employed individuals typically pay their federal income taxes through estimated tax payments. However, self-employed workers are not the only taxpayers who may need to make these payments. The...

The IRS has recently issued guidance on third-party authorizations. In short, who can get into your tax account? First, understand that there are different types of third-party authorizations with specific roles assigned. Additionally, taxpayers who want to have a...

An individual retirement account is a tax-advantaged account designed to help you save for retirement. The two most common types — traditional and Roth — differ mainly in when you pay income taxes. With a traditional IRA, your contributions may reduce your taxable...

Section 529 plans are sponsored by states or educational institutions. They were originally designed to cover college costs, but their use has expanded to include postsecondary education, K-12 tuition (up to $10,000 per year), apprenticeships and credentialing...

If you are behind on your taxes and cannot afford to pay the full amount owed, an offer in compromise may be an option. The IRS may accept an offer in several situations. It may determine that collecting the full tax liability is unlikely, even with additional...