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Is the IRS Prepared to Answer Questions About New Tax Law?

Taxpayers may encounter difficulty in getting their questions answered from the IRS this year as the new tax law passed in December 2017 is fully implemented. According to a post on the Wolters and Klewer Tax and Accounting Blog, the…

February 15, 2018

Proposed Legislation Would Allow Deduction for Property Taxes Prepaid in 2017

In a previous blog, we noted that the IRS signaled that it will likely disallow the deduction of prepaid state and local real property taxes in 2017 if the tax liability issue had not yet been assessed when it was…

February 15, 2018

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Misappropriated Money Treated as Income by U.S. Tax Court

If you improperly use money that is entrusted to you, should that money be treated as income to you?  The answer is yes, according to a recent case in the United States Tax Court.  In the case of Sun v….

February 14, 2018

If You Prepaid Your Real Estate Taxes in 2017, Are They Still Deductible on Your Tax Return for 2017?

The new tax law recently signed by President Trump limits annual itemized deductions for all non-business state and local taxes, including property taxes, to $10,000.00 after 2017. Because many people’s property taxes are greater than $10,000.00 per year, many individuals…

February 14, 2018

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Report: New Tax Law Could Mean Future Headaches

Most American workers may be pretty excited about the fact that the tax cuts passed by Congress in December 2017 will mean more money in their paychecks.  However, a new report from Fox Business states that the withholding amounts for…

February 07, 2018

Can I Avoid Paying Back Taxes by Declaring Bankruptcy?

There are several different types of bankruptcies, including a Chapter 13 (repayment plan for individuals), a Chapter 11 (repayment plan for businesses) or a Chapter 7 (liquidation). In a Chapter 13 or a Chapter 11, the taxes are typically paid…

November 21, 2017

Can I Go to Jail for not Paying my Taxes?

Absolutely yes you can go to jail for not paying your taxes! Failing to file a tax return is a misdemeanor punishable by imprisonment for up to one year in jail. Filing a tax return that you know is not…

November 21, 2017

What is a Final Notice of Intent to Levy?

When you owe money to the IRS, the IRS typically sends a series of four notices to you, each of which gets progressively nastier. The fourth notice, a Notice of Intent to Levy, is typically sent to you via certified…

November 21, 2017

havent-paid-my-taxes-in-years

What Should I Do If I Haven’t Paid My Taxes in Years?

I haven’t paid my taxes in several years. What should I do? Is the IRS asleep and has not contacted you? Is the IRS actively taking enforced collection action against you such as levying on your wages or bank accounts?…

November 21, 2017

IRS Halts Substitute for Return Program for Non-Filers

If you do not file a tax return, and if you are required to file a tax return, the IRS typically sends a series of letters asking you to file a tax return for the year in issue. If you…

November 06, 2017

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