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Tag Archive for IRS

Fighting Tax Identity Theft

Annette Nellen

Our tax filing systems are not perfect! How does the IRS or a state tax agency really know if the person filing a return is the true owner of the taxpayer identification number used? In IRS Publication 1345, on procedures for authorized e-file providers, the IRS states that if the preparer/e-filer does not know the client, they should get two forms of verification (ideally picture IDs that include the client’s name and address (page 11 of Pub 1345)). That should help. What else is needed?

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Time To File Your Taxes: Tax Season Has Begun!

Kat Jennings

The start of the 2017 tax season occurred this Monday on January 23rd. (Some argue tax season never ends.) By this we mean that Monday was the first day you can officially your income tax returns. Employers have until the 31st of this month to give you your W-2 and 1099 forms. If you made income on your investments in 2016, you may have to wait until mid-February to get all of your required forms.

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Act Now To Take Care Of Your Delinquent IRS Taxes

Barry Fowler

So, you lived through 2016 even though you find yourself in the unenviable position of either not having filed your taxes for several years or owing the IRS back taxes that you just don’t know how to pay, and the fees and penalties keep accruing. This article is for you.

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Rental Property Sales – A Simplified Look

John Stancil

When one has rental real estate, the sale of that property can have significant tax ramifications. Some of these are good, while others can create significant tax liabilities.

First, the good news. If there were losses that could not be deducted due to the passive activity rules, these losses may be deducted on Schedule E in the year of sale, assuming the property is sold in a taxable transaction.

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New Filing Dates For 2016 U.S. Tax Returns

Ron Marini

On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015,” which includes a number of important tax provisions, including revised due dates for partnership, S corporations and C corporation returns and revised extended due dates for some returns.

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You Need An Experienced Tax Attorney To Quash IRS Summons!

Ron Marini

A group of taxpayers associated with a limited partnership under audit by the Internal Revenue Service lost their battle against the agency’s summonses for financial information when the U.S. Supreme Court declined to hear their appeal of their Eleventh Circuit loss on Monday.

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Annual Report Released By The National Taxpayer Advocate

Kat Jennings

National Taxpayer Advocate Nina E. Olson released her 2016 Annual Report to Congress, recommending that the IRS revamp its “Future State” plan to adopt a taxpayer-centric focus and urging Congress to simplify the tax code. The report presents a series of proposals to improve tax administration, placing particular emphasis on changing the culture of the IRS. Olson explains that “to create an environment that encourages taxpayer trust and confidence, the IRS must change its culture from one that is enforcement-oriented to one that is service-oriented.”

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“You Haven’t Paid Taxes In How Long?!”

Barry Fowler

It’s a brand new year and you’ve decided to take a deep breath and finally address your unfiled and unpaid taxes.

Yes, it’s scary, but you know it’s not getting any better and your tax bill is getting bigger every day you ignore it.

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IRS Mileage Rate 2016 for Business, Charity, Medical

MileIQ

The IRS Mileage Rate 2016 is important for anybody looking for a driving-related deduction. Use this rate to determine how much your write-off can be for business-related drives, as well as charity driving and moving/medical trips.

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DoJ Reaches Final Resolutions Under Swiss Bank Program

William Byrnes

The Department of Justice announced today that it has reached final resolutions with banks that have met the requirements of the Swiss Bank Program. The Program provided a path for Swiss banks to resolve potential criminal liabilities in the United States, and to cooperate in the Department’s ongoing investigations of the use of foreign bank accounts to commit tax evasion. The Program also provided a path for those Swiss banks that were not engaged in wrongful acts but nonetheless wanted a resolution of their status. Banks already under criminal investigation related to their Swiss-banking activities and all individuals were expressly excluded from the Program.

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Safeguarding Form 4361

John Stancil

A minister who wishes to be exempt from social security/Medicare tax must file a Form 4361 with the IRS for approval. Before your application can be approved, the IRS must verify that you are aware of the grounds for exemption and that you want the exemption on that basis.

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IRS Commuting Rule: Mileage Rules & Commute Definition

MileIQ

If you drive your car for work, you can take a mileage deduction on your taxes. Yet, many people don’t know the IRS has some strict rules on what is deductible business driving. There’s no such thing as a “commuting to work tax deduction.” But there are circumstances where your drive from home could be tax deductible. Learn about the IRS commuting rule.

Start Tracking Your Business Mileage For Free With MileIQ

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