A taxpayer who is in the business of providing family day care in their home may deduct the ordinary and necessary expenses of their business. The two primary deductions include the business use of their home and the cost of providing meals and snacks to children in their care. The following is a rundown on deductible business expenses for home day care providers. Read More
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To get a levy released, you’ll need to contact the IRS and give them an acceptable reason for releasing the levy. Generally, you can request a levy release if you’ve worked out a payment arrangement, are experiencing an economic hardship due to the levy, or the IRS failed to follow the correct procedures.
Releasing Continuous Levies
Levies can be continuous or one-time events. Bank account levies are one-time only. Wage garnishments and levies of certain federal payments, including Social Security retirement benefits, are continuous.
In order to find a tax professional to answer your questions, we spotlight interview our tax experts. This week, we interviewed tax expert John Stancil headquartered in Lakeland, Florida.
John has been practicing for over thirty-five years and is a top tax expert and tax writer. He also serves on our AskTaxQuestion.com panel of tax experts. Given his diverse client base with individuals, small business and non-profits, John is also an expert on foreign earned income, small business healthcare tax credits, and church and clergy tax issues.
At a recent hearing before the Subcommittee on Oversight of the Committee on Ways and Means, I was asked a seemingly simple question about what types of guidance taxpayers can rely on. Unfortunately, the answer is not simple at all.
Generally speaking, there are three buckets of tax guidance: Read More
Accountants and Bookkeepers commonly fall into the trap of dropping their fees at the negotiation table. At Practice Ignition, we want you to avoid this. Instead, we recommend harnessing fixed fee billing to set up a baseline set of services with key add-ons available to your clients. Read More
Do I still have to file and pay U.S. taxes if I live abroad?
This is the most common tax question that U.S. expats ask. Unfortunately, the U.S. tax system is based on citizenship rather than residence, so it doesn’t discriminate where in the world you live.
As a result, expats have to file and pay U.S. taxes on their worldwide income if they earn over $10,000 (or just $400 of self-employment income).
What is the tax treatment of reserves?
A common reserve to record on financial statements is an allowance for customer receivables that are considered to be bad debts. For tax purposes there are many additional types of reserves that may be claimed in calculating taxable income.
Today, more and more companies’ and individuals’ tax matters cross borders. These multi-jurisdictional transactions and structures are typically governed by tax treaties. Although there are three basic model treaties (the OECDs, the US’ and the UNs), each uses many of the same concepts.
What reports should you be reviewing regularly to identify irregularities?
Whether you work in the company daily or manage from afar, there are key reports you should be reviewing regularly to stay informed and detect possible fraud.
How does preparing bank reconciliations help to detect and prevent possible fraud?
A bank reconciliation explains the difference between the balance in the bank account per the accounting records and the balance actually in the bank at any given time. The bank reconciliation should be prepared and reviewed monthly to analyze the differences and help detect errors or fraud. This internal control will also help deter fraud.
On March 23, 2017, the IRS Large Business and International (LB&I) division announced the initial identification and selection of 13 “campaigns” to combat perceived tax compliance issues, with more campaigns to be identified and launched in coming months.
What duties should be segregated to help prevent fraud?Segregation of duties means that key duties are divided among two or more people so that no one person has control of company assets.