Articles

Do you owe money to the IRS?

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Do you owe money to the IRS? Are you worried about ruining your credit? Is the extra government money running out soon? Are you receiving letters from the IRS regarding this debt? There are many agencies out there willing to work with you. Some will only work with a specific dollar amount of debt. Some […]

News

IRS issues detailed reminder regarding reporting large cash transactions

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IR 2021-47, 2/26/2021; Fact Sheet 2021-3 In a News Release and Fact Sheet, IRS has reminded businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, and has encouraged e-filing of the form. Background. Generally, any person in a trade or business who receives more than $10,000 […]

News

House Ways and Means leadership alarmed by new identity theft scheme

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The chairman and ranking member of the House Ways and Means Committee on Feb. 22 wrote to IRS Commissioner Charles Rettig about reports that taxpayers are receiving information returns for unemployment benefits that they did not apply for or receive. Rep. Richard Neal (D-MA), the chairman, and Rep. Kevin Brady (R-TX), the ranking member, cited […]

News

Employee retention credit guidance includes rules for PPP borrowers

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Notice 2021-20, 2021-11; IR 2021-48, 3/1/2021 Not. 2021-20 IR-2021-48 In a Notice and accompanying News Release, IRS has issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for calendar quarters […]

News

House passes COVID-19 relief package

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American Rescue Plan Act of 2021, as approved by the House Budget Committee House amendments to American Rescue Plan Act The House of Representatives has passed, by a vote of 219-212, the American Rescue Plan Act of 2021, a bill to enact President Biden’s COVID-19 relief package. The bill includes another round of economic impact […]

Articles

Employee vs. Independent Contractor

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Article by David Heier For years, the United States Treasury has relied upon employers to be their unpaid tax collectors. Most people do not realize that when someone is an employee of a business, the business owner is responsible for collecting the federal, social security, Medicare, state and local income taxes from the employee. The […]

Articles

Tuition Savings for PA Residents

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PENNSYLVANIA RESIDENTS January 2015 Do you have children or grandchildren in college, or planning on going to college? Are you disgusted with the amount you are paying for tuition and fees? Are you a resident of Pennsylvania? Would you like to get an instantaneous discount of over 3% on your tuition without any risk? If […]

News

News Alert IRS Scam

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Be Aware of IRS Phone Call Scams I wanted to update you all on a scam going on as we speak. Apparently, there are some unscrupulous people, most likely from outside the United States, that are calling taxpayers in the United States. Most calls are coming to home telephone numbers with a message to call […]

Case Studies

What to do when the IRS won’t accept an OIC

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Case Study Situation: A contractor from Cherry Hill, NJ got into trouble with delinquent tax returns and business returns. The taxpayer is single and owns a home which has equity. The Taxpayer tried to get a home equity loan to resolve his tax debt but due to his deteriorating credit and significantly lower income, he […]