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How to Survive an IRS Audit from Hell

Posted in Tax News on February 29, 2012

Recently we helped a client survive an Internal Revenue Service (“IRS”) Audit. Ultimately, we got a very good outcome. The taxpayer owed $219. That’s as close to “No Change” as you can get!

Tagged with: Audit, Auditor, Books and Records, CPA, Form 2848, Form 4564, Home Office, IDR, Income Tax, Income Tax Audit, Information Document Request, Internal Revenue Servicue, IRS, IRS Audit, National Research Program, NPR Audit, Power of Attorney, Small Business, Taxpayers

2012 Tax Benefits Increase Due to Inflation Adjustments

Posted in Tax News on February 22, 2012

Every year the IRS must adjust the dollar amounts of a variety of provisions which affect every taxpayer, to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013 include the following:

Tagged with: 401(k) Plan, 457(6) plan, Charitable Contribution, child tax credit, CPA, Dependents, Donations, Employee, estate tax, Exemption, Gift Tax, Income Tax, Inflation, Internal Revenue Service, IRS, Itemized Deductions, Mortgage Interest, Personal Exemption, Social Security, Social Security Administration, Standard Deduction, Taxpayer, thrift saving plan, wage base

3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

Posted in Tax News on February 8, 2012

1) You have a “Specified Foreign Financial Asset” which exceeds the filing requirements Financial Assets that are subject to this form are: A Financial Account maintained by a foreign institution and the following assets not held in an account with…

Tagged with: extension, FBAR, Financial Asset, foregin institution, foreign account, foreign asset, Form 1040, Form 4868, form 8938, Form TD F 90-22.1, Income Tax, income tax extension, Income Tax Penalty, Internal Revenue Service, IRS, irs penalties, Married Couple, Married Filing Jointly, October 15th, Offshore Accounts, Penalty, Stock, Tax Penalty, Taxpayer, Treasury Department

Payroll Tax Cut Temporarily Extended into 2012

Posted in Tax News on January 11, 2012

Congress recently passed and the President signed the Temporary Payroll Tax Cut Continuation Act of 2011.This act temporarily extends the two percentage point payroll tax cut for employees by continuing the reduction of their Social Security tax withholding rate from…

Tagged with: Compensation, Congress, Employee, Employer, Income Tax, Income Taxes, Internal Revenue Service, IRS, Payroll Tax, Payroll Taxes, President, President Obama, Social Security Tax, Tax Withholding, Wages, Withholding

Tax Credits for “Going Green”

Posted in Tax News on December 15, 2011

Homeowners still have time this year to make energy-saving and green-energy home improvements and qualify for either of two home energy credits.

Tagged with: Energy Efficient, Energy Property Credit, Form 5695, Going Green, Homeowner, Improvements, Income Tax, Itemized Deductions, Principal Residence, Residence, Schedule A, Tax Credits, Taxpayer

Glastonbury, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885

Blog Archives

How to Survive an IRS Audit from Hell

3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

Tax Credits for “Going Green”

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Glastonbury, CT 860.646.2465 Niantic, CT 860.739.5459 Storrs, CT 860.429.7885

Blog Archives

How to Survive an IRS Audit from Hell

2012 Tax Benefits Increase Due to Inflation Adjustments

3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

Payroll Tax Cut Temporarily Extended into 2012

Tax Credits for “Going Green”

Search

Links

Latest News

Categories

Get Free Tax Tips

Glastonbury, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885