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East Coast Tax Consulting Blog

30Sep

IRS Tax Debt Relief Help

By |September 30th, 2018|Categories: Tax Problem Help, Tax Relief|

We know the story all too well: finances are tight so you either don’t file your tax return, or file the return but don’t pay the balance due.  But you tell yourself not to worry as next year things will get  better. 

12Sep

S Corporations Should Pay Reasonable Compensation To Shareholders

By |September 12th, 2018|Categories: Tax Deductions, Tax Planning|

Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, credits and distributions are allocated to its shareholders’ on a pro rata basis.

5Sep

When Should You File An Amended Tax Return?

By |September 5th, 2018|Categories: Statute of Limitations, Tax Returns|

The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended.

22Jul

What is the IRS Offer in Compromise Program?

By |July 22nd, 2018|Categories: Offer in Compromise, Tax Relief, Tax Resolution Strategy|

We all have a responsibility to pay our taxes each year. But what happens when the amount you owe has spiraled out of control?

7Jul

Documenting Automobile Mileage For An IRS Audit

By |July 7th, 2018|Categories: IRS Audit, IRS Notices|

Often in an IRS audit, the tax examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, what should you do?

13Jun

Still Haven’t Filed Your Taxes?

By |June 13th, 2018|Categories: Installment Agreement, Penalty Relief, Tax Debt, Tax Penalties|

If you have been procrastinating about filing your 2017 tax return or have unfiled tax returns for prior years,  you need to consider the consequences, such as penalties, interest, and aggressive IRS collection actions.

28Mar

New Tax Law Doubles Estate Tax Exemption

By |March 28th, 2018|Categories: Tax Planning, Tax Reform, Tax Relief|

Leading up to the passage of the Tax Cuts and Jobs Act, there was considerable discussion about repealing the estate and gift tax. That didn’t happen!  But Congress did double the value of an estate that is excluded from being taxed,

20Jan

How Long Does The IRS Have To Assess Tax?

By |January 20th, 2018|Categories: IRS Audit, Statute of Limitations|

Taxpayers often want to know how long the IRS has to audit and assess additional tax on their tax returns.  For taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them.

22Nov

Unpaid Payroll Tax Problems Resolved For Business Owner

By |November 22nd, 2017|Categories: Payroll Taxes, Tax Relief|

If you’re a small business owner you may have experienced unpaid payroll tax problems at one time or another. Once you fall behind in making your payroll tax deposits it can be difficult to catch-up.

14Nov

IRS Expanded Payment Plans Help Resolve Back Taxes

By |November 14th, 2017|Categories: Back Taxes, Installment Agreement, IRS Collections|

The IRS has the authority to enter into payment plans with taxpayers who owe back taxes. In a effort to streamline the processing of these agreements the IRS continues to test expanded criteria for taxpayers requesting installment agreements.

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