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Friday, March 19th, 2010

Posted in Federal tax | No Responses »

IRS Hiring Hundreds of New Agents

Thursday, May 28th, 2009

The IRS is hiring hundreds of Internal Revenue Agents! What does this mean for taxpayers? Does this signal the beginning of a new era of heavy enforcement activity? Considering the fact that April tax revenue collected by the US government fell by more than 30%. It only stands to reason that the government will start some more heavy handed collection and enforcement and these new agents will be taking the field to do just that. If you have been putting off taking care of a tax issue, you should consider getting it settled as soon as possible.

The IRS has begun a major hiring effort to fill hundreds of critical jobs nationwide. Most of these Click to continue »

Posted in Federal tax | 2 Responses »

Canceled Debt – A Tax Nightmare?

Friday, May 1st, 2009

In today’s troubled economy it is more and more common for common folks to negotiate mortgages and end up with better terms. In some extreme situations the bank may actually cancel some, or rarely, all of the principal balance of an outstanding loan. If you find yourself int his position be sure you know what the tax consequences are!

The general rule is; cancellation of debt income is taxable as ordinary income. Internal Revenue Code section 61 provides that gross income means all income regardless of the source from which it is derived. Section 61(a)(12) specifically includes “income from discharge of indebtedness” as an item of gross income.

Cancellation of debt (COD) income can arise in a number of areas, such as: Click to continue »

Posted in Federal tax | 7 Responses »

What If You Can’t Pay On Time?

Thursday, April 9th, 2009

With the April 15th filing deadline quickly approaching some people are undoubtedly reaching a state of panic.  You have finished your return and there is balance due to the IRS.  Worse, you do not have the money.  Now what?!  Do you hold onto the return and not file?  No.  This is the worst thing you could do.  By doing this you not only incur interest and penalty for not paying on time, but also get some late filing penalties added to the mix.  No, go ahead and file.  Include payment for as much as you can and include a note explaing how you plan to pay the balance.  There are also alternative payment options to consider.  Based on your circumstances, you may be granted a short additional time to pay Click to continue »

Posted in Federal tax | No Responses »

New 5 Year Loss Carryback To Help Struggling Small Biz

Thursday, March 26th, 2009

If you run a small business and you had a loss in 2008 you can now carry that loss back for up to five years rather than the normal two year period. This could be huge. If you have unfiled returns for any of those periods this could be your get out of jail free card. Click to continue »

Posted in Federal tax | 1 Response »

Wage and Bank Account Levies

Saturday, March 21st, 2009

You’ve received notice that the IRS has placed a levy against your wages or bank accounts. What does this mean? What can you do? Click to continue »

Posted in Federal tax | 2 Responses »

First Things First – File those refund claims now!

Thursday, March 5th, 2009

Let’s cover the big news first. If you do not owe anything on an unfiled return there is almost never a penalty. If you are due a refund you can still claim it up to 3 years late! Click to continue »

Posted in Federal tax | No Responses »