Tax Advice for Starting, Operating or Closing a Small Business Courtesy of the Internal Revenue Service To many citizens, running a successful business is part of the American dream. But while they may be experts in their chosen field, few small business owners are tax experts. From starting a new business to operating or even […]
Category Archives: IRS News
Shades of 1984 and McCarthyism! This new rule is going further than simply holding employers responsible for ensuring that the workers they hire are all legal. That is as it should be. Everyone should take responsibility for their own actions and choices. However, it includes a snitch-factor – encouraging employees to turn others in – […]
Did you make a cash contribution to your favorite charity? Have you recently spent a weekend cleaning stuff out of your garage or basement and then donated the items to a local charity? Charitable contributions can be tax deductible, but you must have the proper records to support your deduction. Due to the Pension Protection […]
Tax Calendar for Small Businesses on IRS.gov Are you running a small business? Would you like a calendar packed with valuable business tax information? The IRS is offering a free calendar to help you keep track of tax deadlines and important dates throughout the year. You might be surprised to learn that the IRS publishes […]
After bugging IRS all week, I finally got a definitive explanation of which EROs (Electronic Return Originators) – Authorized IRS e-file Providers – need to register their websites with IRS. IRS sent out an announcement on Wednesday extending the (August 9th) registration deadline until September 10, 2007. https://www.irs.gov/taxpros/article/0,,id=172967,00.html Here’s the scoop. If you simply have […]
IRS Seeks Comments on Updates to Corporate and Partnership Tax Forms WASHINGTON — The Internal Revenue Service has released for comment and discussion draft revisions to Form 1065, U.S. Return of Partnership Income, and Form 1120, U.S. Corporation Income Tax Return. The IRS plans to have the forms and related schedules ready for use for […]
[TaxMama Note: $245 billion (71%) of the Tax Gap results from individuals who under-report their income, over-report expenses, don’t pay tax, or file tax returns, IRS estimates that non-filers account for about $25 billion of the Tax Gap. And that over $100 billion is caused by small businesses. I tell you this just so you […]
Tax practitioners can e-file individual income tax returns in 2008 only if the returns are signed electronically using either the taxpayer’s Self-Select PIN, or a Practitioner PIN. Form 8453, U.S. Individual Income Tax Declaration for an IRS e-file Return, will no longer be used for paper signatures, but will be redesigned to transmit supporting documents […]
Need to Change Your Federal Tax Withholding? IRS Has an On-Line Calculator That Can Help Did you have too little or too much federal tax withheld from your pay in 2006 – owing money or getting a large refund when you filed your tax return? Have you recently experienced a lifestyle change such as marriage, […]
National Taxpayer Advocate Releases Report to Congress; Identifies Priority Challenges and Issues for Upcoming Year WASHINGTON — National Taxpayer Advocate Nina E. Olson today delivered a report to Congress that identifies the priority issues the Office of the Taxpayer Advocate will address in the coming fiscal year. Among the key areas of focus will be […]
by Doug Thorburn, EA, CFP Single taxpayers with Social Security benefits subject to the phase-in rules experience exorbitant tax brackets at moderate incomes. Married filers suffer quietly at generally lower rates, but that doesn’t mean they are better off. The reason is the “base amounts” for married filers begin at such relatively low income levels […]
By David & Mary Mellem, EAs Mr. & Mrs. Moore purchased real estate (vacation home) in 1988. This property was located approximately 3 hours from their principal residence. About 1996 they changed their principal residence to another city in the opposite direction from the vacation home. Due to the longer travel to get to the […]