Did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Those expenses may help you get a credit on next year’s tax return. Read more »
Filed under: Tax Tips | Tagged: Tax Credits, Tax Tips | Leave a Comment »
The Internal Revenue Service (IRS) has broad powers available to collect taxes owed that are not paid. When demands for collection fail, the most commonly used power is a tax levy. A tax levy means the IRS can confiscate and sell property necessary to satisfy a tax debt. The IRS can levy your bank accounts, retirement accounts and any other assets you may own including your car, your boat and real estate. The IRS may even levy your wages or any other income you are receiving to protect the government’s collection interests. Read more »
Filed under: IRS Representation | Tagged: garnishment, IRS, irs levy, irs lien, levy | 1 Comment »
With limited exceptions, every American citizen and resident … with a direct or indirect ownership or control over a foreign financial account at any time during 2009 … could be subject to late filing penalty of $10,000 … or if the IRS recommends criminal prosecution … additional penalties up to $500,000 and 10 years in prison. There are few exceptions! Ouch! Read more »
Filed under: Tax Tips | Tagged: foreign bank account, foreign taxpayer | 1 Comment »
The Internal Revenue Service (IRS) has recently begun a 3-year National Research Program to randomly select and intensely audit approximately 6,000 companies to focus on employment tax issues to include review of independent contractor status, executive compensation, fringe benefits and other employment tax issues. This is a first attempt (in approximately 25 years) where the IRS National Research Program has targeted employment tax. The goal of the IRS is to identify areas of noncompliance across industry sizes and sectors including nonprofits and governmental entities, with an ultimate goal of revenue collection. Read more »
Filed under: IRS Representation | Tagged: Employee, employment tax, employment taxes, Independent Contractor, IRS Audit, IRS Examination, IRS Representation, National Research Program | 10 Comments »
The following post is in response to an inquiry (denoted in bold lettering below) from Kiplinger’s Retirement Report on IRS examinations (italicized below). Our special thanks to Kathryn Watson of Kiplingers for her attention. Read more »
Filed under: IRS Representation | Tagged: IRS Audit, IRS Examination, IRS Representation, Retirement | Leave a Comment »
Filed under: IRS Representation | Tagged: amnesty, florida, Florida Rule 2010-166, florida tax, Sales Tax, tax relief | Leave a Comment »
Just when you thought it couldn’t get any worse. Now you find out there are tax consequences related to your foreclosure or pending foreclosure on the property or properties you own.
Not so fast! In many cases there are debt relief provisions that may possibly exclude you from taxes associated with giving up, abandoning or the foreclosure on property you own. More than ever, its important that you understand your rights and underlying tax laws that may relate real estate losses you may have. The tax laws are fairly complex and will usually require professional help from a licensed CPA or experienced tax preparer.
Filed under: IRS Representation, Tax Tips | Tagged: Cancellation of Indebtedness, Debt Forgiveness, IRS | Leave a Comment »
Scary, isn’t it! Certainly in poor taste given that this comes from the tax collecting authorities in Pennsylvania. The ever increasing technological surveillance of taxing authorities is upon us. Given those circumstances and that your 2010 tax returns may not be considered for examination sometime in 2013, now is the time to reconsider what you reported and whether or not you want to have someone else take a second look! At the very least, who you will be using to prepare your tax returns next year and what you can do this year to help minimize your tax burden.
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Three new reporting requirements will significantly change the landscape as we know it for the identification and examination of federal tax reporting errors and omissions. Read more »
Filed under: IRS Representation, Tax Tips | Tagged: cpa firm, IRS, IRS Audit, tax reporting, Tax Tips | Leave a Comment »
The Internal Revenue Service hosted a special nationwide Open House on May 15th to help small businesses and individuals solve tax problems. Approximately 200 IRS offices, were available on site or by telephone to help taxpayers work through their problems and walk out with solutions. A previous IRS Open House was hosted on March 27. While the idea is novel and could possibly work for SOME taxpayers …consider the following Read more »
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