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

‘SAVER’S CREDIT’ for Retirement Savings Contribution

One way for low and moderate income Americans to save on taxes is by saving for retirement. If you make voluntary contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be able to take a

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Posted in Tax Credit

Offset Education Costs with Tax Credits and Deductions

It is Back-to-School time. Whether you are paying for a college education or a teacher buying items for your classroom, education credits and deductions can help lower your tax bill. The Hope Credit, Lifetime Learning Credit or the Tuition and

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Posted in Education Expense, Tax Credit

How Long Should Records be Kept

The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period

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Posted in Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Business or Hobby? Tax Implications

Rowing, X-C skiing, Biking, Running, Mountain Climbing, Guitar Playing, Fishing, Gardening, Golf, Sewing, Woodworking, Horsemanship, Scrap Booking, Stamp and Coin Collecting, etc. The IRS isn’t trying to spoil your fun but if your favorite activity makes a profit every year

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Posted in Business Expense, Hobby

Do you owe money to the IRS?

The vast majority of Americans get a tax refund from the IRS each spring, but what do you do if you are one of those who have received a tax bill? What do you do if you owe money to

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Posted in Appeals & Audit Resolution, Installment Agreement, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Non-filed Tax Returns, Partial Payment Installment Agreement, Paying Taxes, Statutory Notice of Deficiency, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Taxpayer Advocate
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