2021 AND 2022 IRS LACKED ADEQUATE SERVICE

2021 and 2022 IRS lacked adequate service. According to a report issued by the National Taxpayer Advocate’s Office, in 2021 the IRS only answered 12 percent of all calls made to its offices by the public. The bad news is that in 2022 it is probably going to worse, once that report surfaces. The U.S. […]

SMALL BUSINESS TAXES CREATING STRUCTURE

Small business taxes creating structure. This is a multi part article designed to help small businesses, in an effort to prevent them from obtaining tax debt’s at the beginning of their business. The first thing you need to determine, when creating a business, is the structure of the business. This is important, in regard to […]

UNIVERSAL HEALTHCARE HAS BECOME POLITICAL

Universal healthcare has become political. With the number of people uninsured in the United States continuing to go up, and the cost of prescription drugs going up, the public outcry over the cost and quality of the United States healthcare system has intensified. As rural hospitals and emergency rooms continue to shut down, it has […]

SETTING COMMUNITIES UP FOR THE SECURE ACT

Setting communities up for the secure act. In December of 2019, the House of Representatives and the Senate passed the Secure Act, which was subsequently sent to President Trump for signature. The final bill was signed on December 20, 2019 which is the official enactment date. The Secure Act made many changes to how you […]

TAX DOCUMENTS YOU NEED TO FILE RIGHT

Tax documents you need to file right. When most people celebrate the new year, tax returns aren’t generally on their minds. But if you’re expecting to get a tax refund and itching to have that money in your pocket as soon as possible, there’s a good reason to want to have your return prepared quickly […]

TAX COURT FINDS AGAINST TAXPAYER

Tax court finds against taxpayer. To be a real estate professional, a taxpayer must meet the following two tests under IRC Section 469(c)(7)(b): More than half of the personal services performed in trades or businesses by the taxpayer during the calendar year are performed in real property trades or businesses in which the taxpayer materially […]

CLAIMING CASUALTY LOSS IS TRICKY

Claiming casualty loss is tricky. Hurricane Dorian a category 5 storm, has been called the strongest storm to ever threaten the east coast with maximum sustained winds of over 185 mph. According to the National Hurricane Center, “Although gradual weakening is forecast, Dorian is expected to remain a powerful hurricane during the next couple of […]

TWO MILLION TAX ID NUMBERS TO EXPIRE

Two million tax id numbers to expire. The Internal Revenue Service has issued a reminder to taxpayers with an expiring Individual taxpayer Identification Number (ITIN) to submit renewal applications. Failing to renew an ITIN by the end of the year may cause refund and processing delays in 2020. In a renewed emphasis on security, due […]

IRS DETAILS ON FOREIGN EARNINGS

IRS details on foreign earnings. The Internal Revenue Service provided additional information to help taxpayers meet their filing and payment requirements for the Section 965 transition tax on untaxed foreign earnings. The Tax Cuts and Jobs Act requires certain taxpayers that have untaxed foreign earnings and profits to pay a tax as if those earnings […]

NEW TAX PROFESSIONAL PRACTICE

New tax professional practice. The Internal Revenue Service and its Security Summit partners have achieved much success in combating identity theft (see “Tax Matters: IRS Touts Progress Against Taxpayer Identity Theft issues). However, an area identified by this group as still needing more safeguards is the dissemination of tax transcripts. As the internet becomes a […]