Financial News, Tips & More!
How the Government Shutdown Affects Taxpayers
The government shutdown has had a serious impact on taxpayers. All Revenue Officers are furloughed, the Automated Collection Site, the Taxpayer Advocate Service and even the Tax Court are closed. To make matters worse, the automated part of the IRS is still running. Clients...
Tax Liens vs. Tax Levy
There are many people who live their lives day to day without ever hearing or caring what the difference is between a tax lien and a tax levy, but these people should be advised that when it comes to taxes, knowledge is power. The difference between the two terms, when used by...
How are Federal Tax Laws Created?
When we hear the word “taxes” there are often a variety of feelings attached and none of them are that pleasant. It is good to really understand the “why” behind taxes and how tax laws are passed so we can alleviate some of that pain. The House of Representatives Just like a...
Unpaid Taxes Equals Suspended License
Taxpayers in New York State may be stuck in more ways than one following an announcement by the governor of New York, Gov. Andrew Cuomo. What is the announcement? All taxpayers who owe more than $10,000 in backed taxes to the State of New York will have their drivers licenses...
New More Onerous IRS Living Standards
In October, 2007, the IRS revised its allowable expense standards to make them onerous. These standards where then revised again in February of 2010, which made adjustments annually in February for cost of living and inflation. Instead of establishing national standards...
Protecting Independent Contractors
The IRS and state taxing agencies want everyone on W-2s to allow Big Brother can better control it citizenry. Independent contractors (ICs) have a measurable benefit to business owners include workforce flexibility, limits of liability, reduced federal and state taxes, and...
What is a Split Refund?
Many people look forward to their tax refunds for a number of reasons. Maybe they have some bills to take care of. Perhaps they’re looking to boost their retirement plan with a bit of extra money. In many cases, they’re looking to do both. Traditionally speaking, the taxpayer...
Large Dollar SFRs and OICs
SFRs are substitute for returns prepared by the IRS. The issue has not been litigated in the ninth circuit, but IRS is successfully challenging the discharge in California and Nevada. TPs, taxpayers, only options are CNC - currently not collectable, IA – installment agreement...
4 Tax Breaks You Might Not Know
It is estimated that over two million Americans overpay on their taxes every year simply because they do not know some of the tax deductions they are eligible for. There are over two hundred possible deduction clauses in the United States Tax code, but with all the other...
Brief History of Independence Day
When we think about Independence Day, our minds recall the blackness of night broken up with bursts of red, white, and blue. We celebrate our independence with music, parties, and fireworks, dreaming about what it must have been like for Sir Francis Scott Key to watch bombs...