News
Imagine you’re 80 years old, retired, and suddenly facing the terrifying reality that the IRS is coming for your home. That’s exactly what happened to one of our clients. In his 80s and living off retirement savings, he suddenly found himself buried in $1.6 million of IRS debt. The government was ready to take everything, […]
On September 26, the IRS announced a new supplemental claim process designed to assist payroll companies, third-party payers, and their clients in rectifying incorrect claims for the Employee Retention Credit (ERC). This initiative comes on the heels of the IRS reopening its ERC voluntary disclosure program, which allows businesses that mistakenly claimed the tax credit […]
We are genuinely in a scary time, with many businesses upended by the Covid-19 pandemic. Businesses saddled with IRS and state tax problems face a host of new, complex questions. For 30 years as a CPA, tax resolution, and business turnaround specialist, I have focused exclusively on helping businesses resolve IRS and state tax problems […]
Because of the ongoing financial turmoil, the IRS is cutting some slack to a great many individuals and businesses. They now have until July 15 to pay any federal income taxes they owe. The delay is available to individuals who owe $1 million or less and corporations that owe $10 million or less. The IRS […]
The Taxpayer First Act of 2019 is redesigning how the IRS works with taxpayers, even though it may take a while for many of the provisions to take effect. Some experts have highlighted the following aspects of the bill as especially important: An independent appeals process. Taxpayers and small businesses will be able to challenge […]
As far as federal income taxes go, it’s usually “until death do us part” for joint filers, but a recent Tax Court case ruled otherwise. There are times when the tax law provides a way out for one spouse or the other, as in Brooks, TC Memo 2019-5, 3/18/19, where a husband petitioned the Tax Court […]
The Internal Revenue Service today reiterated its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes. To avoid delays in travel plans, taxpayers need to take prompt action to resolve their tax issues. In January of last year, the IRS began implementing […]
WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent […]
The IRS has used private debt collectors in the past and the programs have failed miserably. Its most recent attempt is not faring much better and the system is wrought with the possibilities of abuse. At least IRS efforts to use private debt collectors, aren’t losing money, according to a new report by the Treasury […]
With new tax laws effective for 2018 you should review your income tax withholding and, when appropriate, make adjustments. Notably, the new Tax Cuts and Jobs Act (TCJA) lowers tax rates for individuals, effective for 2018 through 2025, so you may presume you are over withholding if you haven’t updated your W-4s this year. But […]
