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Category Archives: Taxation
IRS resources help taxpayers determine if an offer in compromise is the right way to resolve tax debt
Individual taxpayers and business owners can use the IRS’s Offer in Compromise Booklet or the new how-to video series to learn how an offer in compromise works and decide if it could help them resolve their tax debt. Taxpayer’s can … Continue reading
Posted in Taxation
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The tax responsibilities that come with shutting down a business
There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax … Continue reading
Posted in Business, General, Taxation
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Treasury: Top 1 Percent Responsible for $163 Billion in Unpaid Taxes
The U.S. Treasury Department estimated that the U.S. loses roughly $163 billion each year in taxes owed and unpaid by the richest Americans. In a post calling for stronger enforcement of tax laws, the department calculated that the top 1 … Continue reading
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North Carolina tax preparer sent to prison for fraud conspiracy
Court documents and statements made in court show that from 2012 to 2017, Andrea Pasley and two others conspired to prepare fraudulent tax returns. They claimed false education credits or dependents or manipulated their clients’ income to qualify for larger … Continue reading
Posted in Fraud, General, Taxation
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Non-traditional families may qualify for advance child tax credit payments
Families come in all shapes and sizes – and some families may not realize they could receive advance payments of the 2021 child tax credit in the last months of this year. The IRS urges grandparents, foster parents or people … Continue reading
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Expanded tax benefits help individuals and businesses give to charity in 2021
Recent legislation includes several provisions to help individuals and businesses who give to charity. The new law generally extends four temporary tax changes through the end of 2021. Here’s an overview of these changes. Deduction for individuals who don’t itemizeUsually … Continue reading
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St. Louis remote workers fight for earnings tax refund
A St. Louis city attorney argued in court that payers of the city earnings tax who worked from home last year would each need to file individual lawsuits against the city if they want refunds. A lawyer for St. Louis … Continue reading
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Here’s how a taxpayer’s custody situation may affect their advance child tax credit payments
Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit that taxpayers expect to claim on … Continue reading
Posted in General, Taxation
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Small business owners should see if they qualify for the home office deduction
Many Americans have been working from home due to the pandemic, and certain people will qualify to claim the home office deduction. Here are some things to help taxpayers understand the home office deduction and whether they can claim it: … Continue reading
All taxpayers have the right to challenge the IRS’s position and be heard
Taxpayers have the right to: • Raise objections.• Provide additional documentation in response to formal or proposed IRS actions.• Expect the IRS to consider their timely objections.• Have the IRS consider any supporting documentation promptly and fairly.• Receive a response … Continue reading
Posted in General, Taxation
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