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Another Tax Season has come and gone. Here are the 5 Lessons Learned from this Tax Season.
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 »
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
It’s possible an IRS penalty can be waived. Possible being the key word. Just … Continue reading »
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 »
Recently there has been a lot of noise about the top 1%. They certainly have taken a beating.
This was highlighted by the Occupy Wall Street Movement last year.
It has received significant attention during the Election.
There are several different ways to define the top 1%. In the interest of simplicity, we are saying its income over $400,000 per year.
This question is asked frequently during tax season.
I suspect it will be asked even more this tax season.
There will likely be even more delays this year than in past years. Congress passed The American Taxpayer Relief Act of 2012 on the last day of 2012. President Obama signed this legislation on January 2, 2013. This has delayed the IRS, which … Continue reading »