We hope that you are keeping yourselves and your loved ones safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. We wanted to update you on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020.
While the real estate market continues to boom and properties keep switching hands, more and more investors are looking for a way to reduce or eliminate their tax burdens.
Implementing changes now and putting recommendations into motion will make you a much happier person come next year.
An audit notification from the IRS scares many people. But knowing how the process works can reduce some of the stress involved
Looking for a way to settle your tax debt for less than the full amount? An Offer in Compromise may be an option if you meet the IRS program’s qualifications.
Can’t afford to pay your income taxes? You may be able to qualify for an installment plan with the Internal Revenue Service.
There are times when a client may have financial difficulty paying the full amount of income taxes due by the due date. In situations like this, the IRS may allow the client additional time to pay the owed amount. This agreement with the IRS for extended payback time is called an installment agreement.
Note: The IRS and DOR send tax Notices by mail only through the U.S. Postal Service. The taxing authorities never contact taxpayers via telephone, email, text message, or social media to ask for personal or financial information. If you receive an IRS or DOR solicitation in any format other than a letter sent through the mail, it may be an attempt to steal your personal or financial information. If you receive an email, forward the email (as is) to firstname.lastname@example.org then delete the email. If you receive a telephone call, record the person’s name, badge number, call back number, and caller id. Then call 1-800-366-4484 to determine if the caller is an IRS employee with a legitimate need to contact you. If not, forward the information to email@example.com. Be diligent………………
For nearly everyone, seeing an envelope from the IRS or DOR in your mail can cause a brief moment of panic. You may be afraid to look at the envelope, let alone open it. Perhaps you’re even tempted to postpone dealing with it and throw it in the pile of mail that you’ll get to later. You may even be so overwhelmed with nervousness that you write out a check and mail it without even investigating why you received the Notice in the first place. So, what should you do when you get a Notice from the IRS or DOR?
The Tax Cuts and Jobs Act signed into law December 22, 2017, by President Donald J. Trump is the largest tax code overhaul in 30 years. The reform itself is massive and contains many tax law changes, most of which are extremely complex and many which go into effect on January 1, 2018. This article explains some of the “most noteworthy” changes that affect the taxation of individuals. In addition to providing you with a summary of some of the changes, it also clearly defines the effective dates (many of which include an expiration or “sunset” provision).
Whether reacting to an IRS letter or being proactive in seeking tax planning help, it’s crucial that you find a tax CPA that has the right qualities. Beyond being tax experts, a good tax accountant can also provide IRS and DOR representation, personal financial planning, business valuation, litigation services, and tax assistance and planning.
If this is your first time using a tax CPA, take a moment to prepare for your visit because there are s