Who is a qualifying relative for tax credit purposes?

For someone to be a qualifying relative, four tests must be met: The person cannot be a qualifying child of another person. The person must either live with the taxpayer for the entire year or be a relative. The person’s

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Posted in Adoption, Child Tax, Children

Should YOU File a tax return?

You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. For example, a married couple both under age 65 generally is

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Posted in Tax Credit, Tax Guidance & Preparation

What are the Options for Tax Filing Status?

Your federal tax filing status is based on your marital and family situation. It is an important factor in determining whether you must file a return, your standard deduction and your correct amount of tax. Your marital status on the last

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Posted in Tax Filing Status

How to report violations of tax law

The IRS has outlined in Notice 2008-04, ways informants can report violations of the tax law and possibly claim a reward based on the amount of additional tax, penalties and interest that is owed. The IRS' Whistleblower Office will make

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Posted in Tax Fraud, Tax Relief, Tax Whistle Blower, Uncategorized

IRS and States to Share Employment Tax Examination Results

Officials from the Internal Revenue Service and more than two dozen state workforce agencies announced they have entered into agreements to share the results of employment tax examinations. The agreements, part of the Questionable Employment Tax Practice (QETP) initiative, provide

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Posted in Employment Tax, IRS Audit, IRS Enforcement, IRS Examination, IRS Transcript, Self Employ, Small Business, Social Security Tax, Sole Proprietor, Tax Guidance & Preparation

Beware – Fraudsters Claiming to Represent IRS

The IRS has fallen victim to identity theft where fraudsters are contacting taxpayers claiming to be the IRS. The written notices (emails + snail mail) appear very official looking. When you receive any post marked mail or notice what-so-ever that

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Posted in Tax Fraud

Offer in Compromise – Check Carefully

The Internal Revenue Service issued a consumer alert advising taxpayers to beware of promoters’ claims that tax debts can be settled for “pennies on the dollar” through the Offer in Compromise Program. Some promoters are inappropriately advising indebted taxpayers to

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Posted in Appeals & Audit Resolution, IRS Appeal, Offer In Compromise, Tax Guidance & Preparation, Tax Problems & Requests

Selling your home: Ownership Test vs. Use Test

Generally, you have made a profit if the selling price of your home is greater than the price you paid to purchase the home. That profit, considered a capital gain, is subject to income tax. However, under certain circumstances the

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Posted in 1031 Exchange, Capital Gain, Capital Loss, Cost Segregation, Like/Kind Exchange, Passive Activity, Rental Real Estate, Tax Guidance & Preparation

Tax Deductible Moving Expenses

Did you recently move to another city for a new job or because your old job is now at a new location? A tax break may be coming your way. How far you moved and the amount of time you

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Posted in Moving Expenses

Employment Tax Record Keeping

Records to be kept for at least 4 years should include: Your employer identification number. Amounts and dates of all wage, annuity, and pension payments. Amounts of tips reported. The fair market value of in-kind wages paid. Names, addresses, social

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Posted in Disallowed Expenses, Employee Business Expense, Employment Tax, Payroll Tax Problems, Self Employ, Small Business, Social Security Tax, Sole Proprietor, Tax Guidance & Preparation
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