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 […]
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 […]
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 […]
In a News Release, IRS has said that it has received a wave of questionable amended returns and claims for tax benefits in the billions of dollars with respect to the now-repealed Domestic Production Activities Deduction (DPAD).The IRS will continue to audit and litigate these claims. Background. Effective for tax years beginning after December 31, 2017, the […]
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 […]
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 […]
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 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 […]