I recently got a frantic call from a client. The client owed back taxes to the IRS, and the IRS was attempting to levy his bank accounts. As the client had little money in his own accounts, that was not really a problem. The real problem was this: my client’s...
We Focus on Your Tax Problems, So You Can Focus On Your Business
What to do if you receive an IRS tax audit notice
If you are like most Americans, you may dread filling out and filing your taxes every year. This is a complicated process and hundreds or thousands of tax laws change every year. Unfortunately, at some point, you may receive a tax audit notice. This is what you should...
Optional Safe Harbor Method of Accounting For Real Estate Developers
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.
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...
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.
Important Victory for Ohio Taxpayers
The Ohio Supreme Court directed the Ohio Treasurer and Tax Commissioner on May 3, 2022 to respond to a lawsuit that would require the state of Ohio to state to start keeping records on how much state income tax has been withheld from each taxpayer.
Warning: Your Tax Home May Not Be In the City Where You Live
The term “tax home” does not have its usual and customary meaning when interpreting issues of federal income tax law. Generally, your tax home is the entire city or general area where your main place of business or work is located, regardless of where you maintain your personal residence.
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...