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IRS Suspends Sending Collection Notices to Taxpayers with Outstanding Balances

By |August 22nd, 2020|Categories: IRS Collections, IRS Notices|

The IRS has temporarily stopped the mailing of three collection notices – the CP501, the CP503 and the CP504 – that go to taxpayers who owe back taxes.


Wealthy Taxpayers May Want to Consider Tax Planning Strategies for Possible Tax Increases

By |July 24th, 2020|Categories: Tax Planning, Tax Reform|

The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while government spending has soared.


Do You Have Delinquent Tax Returns? Don’t Let IRS File One for You, It Won’t Be What You Expect

By |June 17th, 2020|Categories: Tax Problem Help, Tax Returns|

There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status.


PPP Loan Forgiveness Made Easier

By |June 14th, 2020|Categories: COVID-19, PPP Loan Forgiveness|

If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan proceeds to maximize loan forgiveness.


Due Date Postponement for IRS Filing, Payment, and Other Actions as a Result of COVID-19

By |April 15th, 2020|Categories: IRS Collections, Tax Penalties, Tax Relief, Tax Returns, Taxes|

On April 9, 2020, the IRS issued Notice 2020-23 which has added to the due date postponement of filing and payment obligations to include those due on or after April 1, 2020 and before July 15, 2020. This notice expands on Notices 2020-18 and 2020-20.


Employers Required To Provide Sick and Family Leave (COVID-19)

By |March 25th, 2020|Categories: Boca Raton, Employee Benefits, Payroll Taxes|

The COVID-19 epidemic has created situations where employees are not able to work because they tested positive for the virus or have been quarantined as a result of a governmental order. It has also caused parents to miss work because their children’s school has closed due to the outbreak and there is no one to watch the kids.


Inherited IRA Required Minimum Distribution (RMD) Rules

By |March 18th, 2020|Categories: Retirement Plans, Tax Planning|

For some time, there have been lawmakers who have expressed their displeasure with the so-called stretch IRAs.These IRAs have permitted certain beneficiaries, such as a young child or a grandchild, to use the Inherited IRA RMD rules to extend the payout period for decades.


Owe The IRS Money You Can’t Pay?

By |March 4th, 2020|Categories: IRS Collections, Tax Problem Help, Tax Resolution Strategy|

Sometimes it happens by accident. You didn’t withhold enough from your paycheck during the year and find you owe the IRS money when it’s time to file your tax return.Or maybe you came into some money, spent it, and didn’t realize that you needed to pay taxes on your windfall.


IRS to Increase Visits to High-Income Taxpayers for Failure to File a Tax Return

By |February 26th, 2020|Categories: Boca Raton, IRS Collections, Tax Returns|

As part of an effort to ensure compliance and fairness, the Internal Revenue Service recently announced that it will increase efforts to visit high-income taxpayers for failure to file a tax return for one or more prior years.


Don’t Miss Your Opportunity for a Collection Due Process Hearing

By |February 21st, 2020|Categories: Back Taxes, IRS Appeals, Tax Problem Help|

As a result of the 1998 IRS Restructuring & Reform Act taxpayers were given Collection Due Process Hearing rights which they must be advised of before enforced collection action can occur.

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