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Tag Archive for IRS

Scope And Application Of The IRS Notice 2016-14 Effecting Form 3115 Filers

Peter Scalise

The Internal Revenue Service (hereinafter the “Service”) issued on March 24 of 2016 their Announcement 2016-14 addressing the transition period implementation dates in connection with the recently revised Form 3115 entitled “Application for Change in Accounting Method” which was most recently revised and released to the public in December of 2015. This presents a paradigm shift as while most tax forms and publications are updated annually, this was the first update to Form 3115 since December of 2009. Read more

US Pressured For Beneficial Ownership Rules

Ron Marini

We previously posted, Get Ready For The US Proposed Plan to Require Banks to Identify Owners of Shell Companies! where we discussed that the United States government is close to issuing a rule that will for the first time require banks and other financial institutions to find out the identities of people hidden behind shell companies.

The rule is meant to close a major loophole in the American Read more

Marriage or Divorce

Debra Thompson

Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill or reduce the size of any refund.

Newlyweds and the recently divorced should make sure that names on their tax Read more

More Time To File, More Time To Procrastinate

Barry Fowler

Yes, this year taxpayers have an extra 3 days to get their taxes filed or to file for an extension. And whenever a procrastinator is given more time, they will inevitably stay true to their nature and put off filing until the very last minute.

This behavior is so well known to professional tax preparers and firms that the Wall Street Journal recently published an entire Read more

Ten Ways to Avoid Problems at Tax Time

Debra Thompson

Looking for ways to avoid the last-minute rush for doing your taxes? The IRS offers these tips.

1.Don’t Procrastinate.Resist the temptation to put off your taxes until the last minute. Your haste to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your risk of making an error.

2.Organize Your Tax Records.Tax preparation time can be Read more

Need More Time to File Your Taxes?

Peter Flournoy

The April 18 tax deadline is coming up. If you need more time to file your taxes, you can get an automatic six-month extension from the IRS. Here are five things to know about filing an extension:

1.Use IRS Free File to file an extension. You can use IRS Free File to e-file your extension request for free. Free File is only available Read more

Are you Using the Correct Private Delivery Service?

John Stancil

Most taxpayers today do not mail their tax returns as the use of e-filing continues to increase. However, some still mail in paper returns, and there are occasions in which correspondence with the IRS must be done through the mail. Most taxpayers utilize the United States Postal Service in these cases. But there are Read more

Pay your taxes in cash at 7-11 – start of even better things to come?

nellennannette

One of the ways individuals and businesses can pay their federal taxes if they don’t want to do so or cannot do so via automatic bank withdrawal, credit card or check is to go to their local 7-Eleven-11 store and pay by cash.Per the IRS instructions, the fee is $3.99 and there are some actions that need to be taken online before going to 7-Eleven. That action includes entering your Social Security number. You then get a number to take to 7-Eleven to complete the transaction. The cash limit is $1,000.

Read more

IRS Revises Offer in Compromise Booklet and Application

Ronald Marini

The 2016 revision to Offer in Compromise Booklet Form 656-B will is available for download. The booklet contains necessary forms and instructions for submitting an Offer in Compromise. Use of earlier versions may result in a delay in the processing of Offer applications.

An offer in compromise allows you to settle your tax debt for less Read more

The IRS Now Has Six Years To Audit Your Taxes!

Ronald Marini

Forbes has an article Beware: IRS Now Has Six Years To Audit Your Taxes, Up From Three which discussed that no one wants to be audited, so knowing how long your tax return can be attacked is important.
The statute of limitations on taxes is a fundamental rule allowing taxpayers to eventually cut off their exposure. It can be pretty Read more

IRS Revises Offer in Compromise Booklet and Application

Ronald Marini

The 2016 revision to Offer in Compromise Booklet Form 656-B will is available for download. The booklet contains necessary forms and instructions for submitting an Offer in Compromise. Use of earlier versions may result in a delay in the processing of Offer applications.

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship. The IRS considers your unique set of facts and circumstances including: Read more

Tax Compliance Alert: The IRS Issues Transition Period Guidance for Recently Revised Form 3115

Peter Scalise

Introduction                                                                                                  

The Internal Revenue Service (hereinafter the “Service”) issued on March 24 of 2016 their Announcement 2016-14 addressing the transition period implementation dates in connection with the recently revised Form 3115 entitled “Application for Change in Accounting Method which was most recently revised and released to the public in December of 2015. This presents a paradigm shift as while most tax forms and publications are updated annually, this was the first update to Form 3115 since December of 2009. Read more

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