1099 and Small Business Owners Beware! The IRS has been complaining of cut backs and being short staffed for years. For the first time in years, they “found” some money in the budget. Due to workers ageing out of the system and other departures, John Koskinen, IRS Commissioner, states they now have the funds in […]
Online Poker Players: Beware! Most taxpayers that are into gambling action are aware of gambling wins and losses and how they are reported on a tax return. What you may not be aware of is a new case that may set precedence to require you to report funds in foreign gaming accounts.
Admit it, the word AUDIT is very scary. No one wants to receive a letter that says: Hey! we are not so sure about what you claimed on your return, we’d like to “take another look.” Now the burden of proof is on YOU! Did you keep great records? If so, will they stand up […]
IRS Urged to Improve Direct Debit Installment Agreements to Avoid Taxpayer Defaults Many times I get a call from taxpayers who were previously installed into a payment arrangement with the IRS. They call for help because their payment plan defaulted. This causes many different problems for taxpayers. One the IRS may not reinstate the plan […]
Taxpayer Bill of Rights Every taxpayer has a set of basic rights that they should be aware of when dealing with the IRS for any matter. Below are a few brief descriptions of the rights and what they mean. #1 The right to be informed The right to be informed means several things. The tax […]
What Is an IRS Installment Agreement? The IRS works with taxpayers to develop installment agreements that allow them to pay their delinquent balance over time and get back into compliance with both the IRS and the State of Maryland. If you enter into one of these installment agreements, you can choose how much you pay […]
The article was originally published in The Daily Record. Consumer groups pushing federal and state lawmakers for certification and education By: Bloomberg Ben Steverman February 16, 2016 For several years, researchers have been sending people into tax preparation offices to test the quality of the work. The results have been scary: * A tax preparer […]
The first time penalty abatement or FTA was introduced almost 15 years ago. Despite its long time in existence, it is almost never taken advantage of by most qualified taxpayers.
It is nothing to be ashamed of, millions americans fail to file taxes every year. Most of my clients have not filed taxes in over ten years or more. But what can happen if you don’t pay taxes? The answer is a lot can happen. The IRS can legally seize your home, business, assets, future […]
I always thought I could deduct that! A growing number of calls are coming into my office daily for audit representation. Taxpayers want to get the best return possible, however many have received incorrect advice. Sadly many times I have to be the bearer of bad news and tell taxpayers that these expenses will not […]
