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Posts Tagged ‘Internal Revenue Service’
5 Lessons Learned From Tax Season
Another Tax Season has come and gone. Here are the 5 Lessons Learned from this Tax Season.
1) Don’t Pass Tax Legislation on December 31
Congress passed the American Taxpayer Relief Act on December 31, 2012. It’s clear that no one voting on it read it, much less understood it. The timing of this legislation was not good. Due to the late passage of this bill the IRS was … Continue reading »
How to Get an IRS Tax Penalty Waived
The Internal Revenue Service (“IRS”) has many tax penalties for taxpayers that fail to meet certain requirements.
Some of these penalties are:
* Failure to File
* Failure to File on Time
* Failure to Pay
* Penalty on Underpayment of Estimated Tax
Why Should The Penalty Be Waived?
It’s possible an IRS penalty can be waived. Possible being the key word. Just … Continue reading »
How to Save $267,892 of Income Tax, Penalties and Interest
A new client came to us late last summer.
She dropped off a notice from the Internal Revenue Service (“IRS”). It indicated her and her husband owed $267,892 of back taxes, penalties and interest. I don’t know about you, but that’s a lot of money to me.
As we reviewed the paperwork she provided, it quickly became apparent she did not declare the sale of … Continue reading »
4 Easy Ways to Start Your 2013 Tax Planning and Save Money
The New Year’s celebrations are over.
The New Year’s Resolutions are starting. We’ll see how long they last.
Many people feel income taxes are going up. I’m confident they are for the higher income earners.
5 Easy Steps to File Your 1099′s….Guaranteed
It’s time for business owners to file their 1099′s.
Here are 5 Easy Steps to do this:
1) Determine who you will be Required to File a 1099 For
Form 1099 is due to any independent contractor who is unincorporated and you pay $600 or more to in a year. Additionally all payments for legal services must be issued a 1099 regardless of whether the … Continue reading »
