I’m going to talk about what to do when you get an IRS letter in the mail. This can be a really scary experience, but don’t worry, I’m going to walk you through everything and make it easy for you. Don’t panic! If you receive a letter from the IRS, there are still steps you…
You have heard the horror stories about mail sent to the IRS that remains unanswered for months. Reportedly, the IRS has mountains of unanswered mail pieces in storage trailers, waiting for IRS employees to process them. Because the understaffed IRS is having so much trouble processing all the documents it receives, you need to protect…
You don’t have to be a victim anymore.This morning I got this message you see above. This taxpayer had $5618.49 withdrawn from his bank account.How is he supposed to live on $45 in his account?The thing is the IRS and the State of California don’t care if you can survive. They just want you to…
Due to the COVID-19 pandemic, the IRS has gradually postponed necessary tax filing and payment deadlines. Now, the IRS has issued new guidance postponing almost all tax-related actions over the next few months. This latest postponement is much more extensive than anything granted previously. We’ll explain whether you qualify for relief, what the IRS postponed,…
Here are five year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends. 1. Put Your Children on Your Payroll Did your children under age 18 help you in your business this…
Now that we’ve made it past April 15th, accountants and business owners all over the country are breathing a collective sigh of relief. One thing we run into every year, though, that trips up new entrepreneurs, is handling and accounting for IRS From 940. It’s likely that many of the stereotypes we associate with income…
Happy New Year! Every year, about this time, me and the team field call after call that starts with something like “…I forgot to ask you…” Fear not! We’ve been taking notes and we wanted to give you a few answers to the most common questions that we’ve heard this year, along with some observations…
WASHINGTON, D.C. (NOVEMBER 10, 2014) BY JEFF STIMPSON The IRS is reminding tax professionals and taxpayers that procedures kick in this January to limit to three the number of refunds electronically deposited into a single financial account or onto a pre-paid debit card. The fourth and subsequent refunds automatically will convert to a paper refund check…
Every year, millions of americans look forward to their tax refunds to go on vacation, pay some bills, make large purchases for the home, however, this year that will all be put on hold according to the IRS. It looks like Tax refunds could be delay until early fall! ——— By Bernie Becker – 10/07/14…
