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 […]

WHAT SLOWS DOWN A TAX RETURN PART TWO

What slows down a tax return part two. Another myth that some taxpayers seem to believe is that they need to wait for their 2020 tax return to get processed and finished prior to filing their 2021 tax return, or all refunds are delayed due to the number of 2020 tax returns still being processed […]

TAX RETURN EXTENSION SOME QUALIFY INSTANTLY

Tax return extension some qualify instantly. Although the deadline for filing a tax return extension has passed for the large majority of taxpayers filing a IRS tax return, some taxpayers qualify automatically to file depending upon a few set of circumstances. Disaster victims, taxpayers serving in combat zones, and those living abroad automatically have longer […]

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 […]

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 […]

IRS WAIVES PENALTIES FOR FARMERS FISHERMEN

IRS waives penalties for farmers fishermen. In IRS Revenue Notice 2022-13, the IRS issued a memorandum on granting a waiver of estimated tax penalties to qualifying farmers and fishermen, prompted by the inability of some of them to e-file the new Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations., by March 1st. The […]

HOW TO GET THE BIGGEST TAX REFUND

How to get the biggest tax refund. This is the time of the year many taxpayers are thinking about filing their taxes to get their tax refunds. Nearly 72 percent of taxpayers received a tax refund last year, and the average direct deposit tax refund was close to $3,000 last tax season. According to the […]

TAX DISPUTE ONE OF LARGEST BY IRS

Tax dispute one of largest by IRS. A little known decision by the Internal Revenue Service’s appeals unit may spell trouble for legendary investor Jim Simons, who’s embroiled in a multi-billion dollar tax dispute with the agency. Reviewing the audit of an investment manager in Connecticut, the IRS Office of Appeals rejected a tax-avoidance maneuver […]

TAX SEASON IS TAX SCAM TIME

Tax season is tax scam time. Tax scams abound year round, but people over 65 are targeted even more frequently during the tax season. Tax season is tax scam time. Why ? A certain amount of money is in play at this time as taxpayers are figuring out what they owe Uncle Sam and scammers […]