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.
We Focus on Your Tax Problems, So You Can Focus On Your Business
“Tax Processing Unit” Scam
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)
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
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?
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.
Watch For (And Keep!) Your Advance Child Tax Credit Letter From The IRS
The IRS started sending Letter 6419, “2021 Advance Child Tax Credit Payments”, in late December 2021. Taxpayers should refer to these letters when preparing their tax return,. They should also compare the payment total in their IRS letter with their bank statements to see if they agree.
IRS Audit Technique Guides Are Valuable Business Resources
The IRS publishes Audit Technique Guides on their website that provide valuable insight on how the IRS conducts retail industry audits. The guides are also helpful for business owners and tax professionals in developing financial best practices for their businesses.
Asserting Reasonable Cause Defenses for IRS Penalty Forgiveness
Many clients contact our office when they receive a notice informing them that the IRS has assessed additional tax, penalties, and interest to their tax return from one, two, or even three years ago. Sometimes there is a dispute as to whether the additional tax is...
IRS and the State of Ohio Extend Filing and Payment Deadline for Individuals to May 17
Federal and Ohio income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021
Beware Of “Quiet” Changes In The Federal Tax Law
During his presidential campaign, Joe Biden proposed repealing the step-up in basis for capital gains. Income tax law has always provided that the value of inherited assets, like a family business, is “stepped up” to its fair market value when the owner dies. So, if...