WHEN AND HOW TO PAY ESTIMATED TAXES

When and how to pay estimated taxes. Payments are divided into four payment periods. Yet, some taxpayers may find it easier to pay their estimated taxes weekly, bi-weekly or even monthly. Alternative payment periods are allowed if enough tax is paid by the end of each payment quarter. The easiest way to make your estimated […]

TAX RETURN MYTHS PART TWO

Tax return myths part two. Several myths apparently exist regarding tax returns and what you can do to speed up the process of getting your tax refund. These are false and in fact some involve people calling the IRS, which only wastes the IRS time and clogs up the process for those with legitimate problems. […]

SUPERFUND TAXPAYERS GRANTED PENALTY RELIEF

Superfund taxpayers granted penalty relief. The IRS provided temporary relief from a penalty for failure to deposit Superfund excise taxes and affirmed the availability of a safe harbor for deposits. The relief in Notice 2022-15 released friday applies to semimonthly deposits due in the third and fourth calendar quarters of 2022 and the first quarter […]

SIX MONTH EXTENSION TO FILE TAXES

Six month extension to file taxes. Most citizens want to get a tax refund as fast as possible, so they file prior to the filing deadline, which in 2022 is on April 18th. Yet those who have incomplete records, who owe some in taxes, or have other outstanding years to deal with, sometimes find they […]

GOLD COINS AT HOME TAX COURT CASE PART TWO

Gold coins at home tax court case part two. This is the second part of the McNulty case where gold coins in a IRA where kept at home, and the tax implications of that. McNulty’s joint returns with her husband for the two years were prepared by a CPA, but they did not consult the […]

IRS COMMISSIONER WARNS OF PROSECUTION

IRS commissioner warns of prosecution. After the release of the names of some of the wealthiest Americans, showing they paid little, or virtually no income tax, the IRS Commissioner promised an investigation into the source of the leak, and prosecution of the offender. The report, first obtained by Pro Publica, outlined that the wealthiest Americans […]

RICH TAX RECORDS LEAKED

Rich tax records leaked. Given all the data leaks that are happening all over the world, it seemed like it was sonly a matter of time before the tax records of the richest Americans would become public. The IRS is now investigating a leak of private tax records of some of the richest Americans. The […]

OVER A MILLION PAYMENTS MADE

Over a million payments made. The Internal Revenue Service stated that under the American Rescue Plan, over one million payments have been made, for a total of nearly 164 million payments. This was due to the Covid-19 pandemic and the economic fallout from a massive health crisis that started in January of 2020. In the […]

IRS DELAYS FILING DEADLINE ONE MONTH

IRS delays filing deadline one month. The IRS said it’s pushing the tax filing deadline from April 15th, to May 17th. After hearing from multiple Senators and many tax professionals about the strain of the filing season, due to the COVID pandemic. The IRS has been under pressure, due to the overhaul of the oldest […]

TRUST FUND PENALTY IS PENALTY NOT TAX

Trust fund penalty is penalty not tax. In our ongoing coverage of pertinent Tax Court cases, we cover David J. Chadwick v. Commissioner of Internal Revenue. The Tax Court has determined that a Trust Fund Recovery Penalty is a “Penalty” not a “Tax” as the IRS had argued. Thus, the TFRP is subject to the […]