Ready to File your Return and You OWE MONEY!

Taxpayers could unexpectedly owe taxes at the end of the year. If Taxpayers are self-employed, or have other income wherein taxes have not been withheld, they should make quarterly estimated tax payments. Another reason for a Taxpayer owing taxes at the

What You Need to Know About IRS Outstanding Inactive Tax Receivables

October 2016

Legislation enacted in 12/15 (FAST ACT – Fixing America’s Surface Transportation Act)) required IRS to utilize private debt collection agencies to collect inactive federal tax debts. Starting SPRING 2017, IRS will use private debt collectors to pursue overdue federal tax

  • JD Supra

Did You Know That Payroll Taxes Non-Compliance Can Get You Into TROUBLE?

September 2016

S Corps are corporate entities through which the income and or losses of the entity pass through to its owner’s personal income tax return. It is estimated that 100% of the shares of approximately 70% of small businesses incorporated as

  • JD Supra

Do You Know About the 4 Scenarios in the IRS Collection Process?

August 2016

Do You Know About the 4 Scenarios in the IRS Collection Process

  • JD Supra

Are you Eligible for an IRS Offer in Compromise?

August 2016

IRS has a program called Offer in Compromise (OIC) which allows eligible Taxpayers to settle a tax debt with IRS for less than the full amount owed.  Not all Taxpayers are eligible.    The OIC is not available to partnerships, corporations,

  • JD Supra

Taxpayers Have 10 Bills of Rights

June 2016

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. The Taxpayer Bill of Rights (also known as TABOR) groups the existing rights in the tax code into ten fundamental

  • Foodman CPAs & Advisors

“Spider Webs”, “Panama Papers” and IRS

June 2016

IRS has asked involved U.S. taxpayers to come forward before IRS reads and dissects the “Panama Papers”. IRS will “plan how to use the huge trove of leaked documents to catch criminals — and urged Americans to come clean now

  • JD Supra

Don’t Let The I.R.S. Define Your Conduct As Willful, or Else…

June 2016

Something that most of us don’t realize is that Internal Revenue Service has stated that the taxpayer is responsible to learn IRS requirements within the historic U.S. framework of a voluntary reporting system. The IRS commissioner stated: “Our tax system

  • JD Supra

“Who doesn’t have it, does it and who has it, misuses it”

May 2016

From the Silent Generation (1928-1945), to the Baby Boomers (1946-1964), to the Generation X (1965-1980) to the Millennials (1981 to 1997) – the question remains: Is creating Long-Term family wealth possible? The answer is yes. Although, it isn’t necessarily an

  • Foodman CPAs & Advisors

Do you know how to survive an I.R.S. audit? Find out here…

April 2016

First and foremost: An I.R.S. Audit is not an accusation of WRONGDOING. It is what is known as an impartial review to assess return filing accuracy. I.R.S. selects returns to audit to determine if income, expenses, and/or credits are being

  • Yucatan Times

What is NEW for Tax Season 2015?

29 March, 2016

Publication 17 has been published annually by the IRS since the 1940s and has been available on the IRS web site since 1996. The 286-page guide also provides links to help taxpayers quickly get answers to their questions. This free

  • Lexology