MAKING ESTIMATED TAX PAYMENTS ONLINE

Making estimated tax payments online. The IRS in Bulletin IR-2022-101, stated that multiple advantages exist for taxpayers who file estimated tax payments online. Its faster, easier, and it is safe. During this past National Small Business Week, from May 1st thru the 7th, the IRS highlighted the tax benefits and resources tied to the theme […]

TAX RELATED IDENTITY THEFT PART TWO

Tax related identity theft part two. Tax related identity theft happens when someone will take a person’s stolen Social Security number to do one of a few things. They may file a fraudulent tax return, with a phony address, hoping to get a refund check, in which case they may also try to steal your […]

IRS ON IDENTITY THEFT PROTECTION

IRS on identity theft protection. At the IRS Website, IRS.GOV, you may find helpful information on how to address Identity Theft and what to do to protect yourself. Tax related identity theft occurs when someone uses a taxpayer’s stolen Social Security Number to file a tax return claiming a fraudulent refund. In the vast majority […]

PROTECT IDENTITY PIN FROM THE IRS

Protect identity PIN from the IRS. IN bulletin IR-2022-78, the IRS reminded taxpayers, especially those who were victims of identity theft–of an important step they should take to protect themselves from tax fraud. Some identity thieves us taxpayers information to file fraudulent tax returns. By requesting identity Protection PIN’s from the “Get an IP PIN” […]

WHAT WILL SLOW DOWN A TAX RETURN

What will slow down a tax return. Taxpayers often call us to ask about why the tax return they sent in has not been processed, and it could have been 3-4-5-6 months ago. That is more complicated during the age of Covid, as the pandemic has caused significant delays and problems for the normal functioning […]

STEPS TO STOP TAX RETURN ERRORS

Steps to stop tax return errors. The IRS announced in bulletin IR-2022-62 that taxpayers should be aware of common mistakes that can delay issuing tax refunds. This filing season, the IRS is seeing signs of a number of common errors, including some taxpayers claiming incorrect amounts of the Recovery Rebate Credit and Child Tax Credit. […]

REQUIRED MINIMUM DISTRIBUTIONS

Required minimum distributions. The IRS recently issued regulations regarding required minimum distributions under the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE ACT), which made several changes to retirement regulations and the proposed regulations are updates to reflect the amendments. The SECURE Act eliminated the “stretch IRS” for just about everyone who […]

WHITE HOUSE TO TAX BILLIONAIRES

White House to tax billionaires. When Candidate Joe Biden ran for office, one of the things he said was that billionaires were not paying a fair share of IRS taxes. He cited statistics and rallied support for the idea behind the large majority of Americans. After dealing with the Covid pandemic initially, the administration finally […]

HOW TO AVOID 401(k) WITHDRAWAL TAXES

How to avoid 401(k) withdrawal taxes. With the Covid pandemic and need for more government money to help the U.S. economy along, Congress has been looking for alternative sources of income. Taxing retirement plans more than they had been before was discussed by the Congress as an alternate way of doing just that. The 401(k) […]

PANAMA PAPERS AND UNITED STATES

Panama Papers and United States. The Panama Papers leak was a particularly revelatory story about Russians use of the offshore system. Once story reported that a Russian cellist, who had been friends with Putin since childhood, was secretly linked to offshore accounts holding up to $2 billion. Putin called the leak a “provocation”, insinuating that […]