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.
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.
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.
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.
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.
Sometimes life just gets in the way. You feel too busy or have experienced a life-changing event such as a divorce, illness, job loss, or death in your family that sidetracked you from timely filing your tax return.
Have you received an IRS audit letter or notice and don’t know what you should do next? Sometimes the response you need to provide might be simple, while other times it can be extremely complex.
You purchased several rental properties during the year and are looking for ways to reduce the income generated by the buildings. A cost segregation study may provide the tax benefits you want.
A federal tax levy is the seizure of a taxpayer’s property used by the IRS to resolve a back tax debt. However, before the IRS is permitted to levy a taxpayer’s assets the taxpayer must be sent written notice and the right to a Collection Due Process hearing.
Have you been like so many other taxpayers and procrastinated about setting up a retirement plan for your small business? Here’s why you shouldn’t wait any longer. You are paying income taxes that could easily be avoided.