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New IRS Voluntary Disclosure Program Lets Employers Pay Back Employee Retention Credits at A Discounted Rate

by kayewilli | Jan 11, 2024 | Business Taxes, IRS

The IRS has launched a new Voluntary Disclosure Program aimed to help businesses that want to pay back the money they received after filing erroneous Employee Retention Credit (ERC) claims. Employers will only be required to repay 80% of the credit they received, but they must must disclse information about any advisors or tax preparers who advised or assisted them with their claim.

IRS Delays Revised 1099-K Reporting Another Year – Planned $5,000 Threshold for 2024

by kayewilli | Nov 21, 2023 | IRS, Tax Law

The IRS announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. A threshold of $5,000 for tax year 2024 is being planned as part of a phase-in. The IRS will make updates to the Form 1040 and related schedules for 2024 that would make the reporting process easier for taxpayers.

Have Your Cake and Eat it Too! Use SGOs to Direct Your Ohio Tax Dollars to Education

by kayewilli | Nov 14, 2023 | Tax Law

Ohio taxpayers filing form IT-1040 can receive a dollar-for-dollar reduction in their Ohio tax liability via a non-refundable tax credit for contributions to eligible Ohio scholarship granting organizations (SGOs). The tax credit is the lowest of 1) $750 ($1,500 if filing jointly); 2) the total amount donated to the SGO during the tax year; or 3) your Ohio income tax liability before refundable credits

IRS ANNOUNCES TEMPORARY MORATORIUM ON NEW ERC CREDIT CLAIMS – RAMPS UP AUDITS ON CREDITS ALREADY CLAIMED

by kayewilli | Oct 6, 2023 | Audit Defense, Business Taxes, IRS, Tax Law

Due to widespread abuse and fraudulant claims, the IRS has announced a moratorium on processing new ERC claims, and is aggresively auditing businesses that have claimed the ERC. Your business should to take steps to prepare for the possibility of an audit if you have claimed these tax credits.

TRUST vs. WILL ?

by kayewilli | Aug 11, 2023 | Estate Planning & Probate, Estates & Probate

A trust gives you control: a will does not. With a basic will, you can direct who will receive your estate after you die. But that’s all. A trust offers you much greater control than a basic will. With a trust, you not only control who gets your money, but when they will receive it and how it will be used.

Optional Safe Harbor Method of Accounting For Real Estate Developers

by kayewilli | Mar 7, 2023 | Business Taxes, IRS, Tax Law

The IRS has iupdated the optional safe harbor method for calculating the basis of individual units in a real property development project to determine the gain or loss from sale of those units.

“Tax Processing Unit” Scam

by kayewilli | Feb 6, 2023 | Firm News, IRS, Tax Resolution, Taxpayer Defense

Tax scammers can create some official-looking letters, so be sceptical and verify the authenticity of your notice before responding.

The Straight Skinny on Tax Resolution Companies – Caveat Emptor (Buyer Beware)

by kayewilli | Oct 10, 2022 | IRS, Tax Law, Taxpayer Defense

We talk to many clients who come to us after working with another tax resolution firm, only to find - after paying a lot of money - that the firm that took their money didn’t really do much, if anything, to resolve their tax problem. Often the firm that took their...

IRS Issues Mid-Year Increase in Mileage Rates

by kayewilli | Jun 10, 2022 | Business Taxes, IRS

On July 1, 2022 the IRS business mileage rate is increasing from 58.5 to 62.5 cents per mile, and the medical and moving mileage rate is increasing from 18 to 22 cents per mile.

Can the IRS Seize my Social Security Benefits?

by kayewilli | May 16, 2022 | IRS, Tax Law

The IRS can garnish your Social Security benefits and other federal payments to satisfy your tax debt. Because the IRS also takes the position that you have a fixed determinable right to receive future Social Security benefits, the levy will continue until the tax debt is satisfied, and the levy will NOT expire when the collection statute of limitation expires.

« Older Entries

New IRS Voluntary Disclosure Program Lets Employers Pay Back Employee Retention Credits at A Discounted Rate

IRS Delays Revised 1099-K Reporting Another Year – Planned $5,000 Threshold for 2024

Have Your Cake and Eat it Too! Use SGOs to Direct Your Ohio Tax Dollars to Education

IRS ANNOUNCES TEMPORARY MORATORIUM ON NEW ERC CREDIT CLAIMS – RAMPS UP AUDITS ON CREDITS ALREADY CLAIMED

TRUST vs. WILL ?

Optional Safe Harbor Method of Accounting For Real Estate Developers

“Tax Processing Unit” Scam

The Straight Skinny on Tax Resolution Companies – Caveat Emptor (Buyer Beware)

IRS Issues Mid-Year Increase in Mileage Rates

Can the IRS Seize my Social Security Benefits?

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