The IRS Collection Process – Publications 594 and 1660

IRS Publication 594 (PDF), The IRS Collection Process IRS Publication 1660 (PDF), Collection Appeal Rights IRS Collection Actions include: * Filing a Notice of Federal Tax Lien. The federal tax lien is a legal claim to your property, including property

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Posted in Intent To Lien, IRS Collections

Is that Gift taxable? Is IRS Form 709 Required?

If you give someone money or property during your life, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but the IRS has put together the following eight tips to help

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The IRS Collection Process – Publications 594 and 1660

Publication 594 (PDF), The IRS Collection Process Publication 1660 (PDF), Collection Appeal Rights IRS Collection Actions include: Filing a Notice of Federal Tax Lien. The federal tax lien is a legal claim to your property, including property that you acquire after the lien

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Posted in IRS Collections

Injured Spouse – more facts

If you file a joint return and all or part of your refund is applied against your spouses’ past-due federal tax, state income tax, child or spousal support or federal nontax debt, such as a student loan, you may be

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Employee Business Expenses – IRS Form 2106

If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses. Generally, report expenses on IRS Form 2106 to figure the deduction for employee business expenses and attach it to Form 1040. Deductible expenses are

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Posted in Employee Business Expense

IRS Revenue Agent Site Inspection

Yikes!!! The IRS wants to pay you a visit.  You need to know that Reg. §301.7605-1(d)(3)(iii) states: “Regardless of where an examination takes place, the IRS may visit the taxpayer’s place of business or residence to establish facts that can only be established

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Deductibility of Charitable Contributions – IRS Form 8283

Regardless of the amount, to deduct a contribution of cash, check, or other monetary gift, you must maintain a bank record, payroll deduction records or a written communication from the organization containing the name of the organization, the date of

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Posted in Charitable Contribution

What Qualifies As Deductible Alimony Payments

The following items are deductible as alimony payments if part of a divorce decree, even if the payments are made directly to a bank or insurance company: Car Payments Health Insurance Premiums One half the interest on mortgage payments made

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Posted in Alimony

Marriage as Defined by the IRS

Thinking about one's marriage in IRS terms quickly can turn anybody into a stand up comedian.  In all seriousness though the times appear to be ripe for change in how the tax law defines marriage.  I write this because the

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Posted in Alimony, Marriage

Casualty and Theft Loss – IRS Form 4684

Your vehicle was hit by hail and the insurance company agreed to compensate you $4,600 AND allow you to keep the vehicle AND not issue you a salvage title.  In most situations this is non reportable.  However not always.  This

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Posted in Casualty Loss, Theft Loss
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