Individuals would be due up to $1,200 and couples would receive up to $2,400 — plus $500 per child. But the payments would start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount would then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 would not … Read More
IRS unveils new People First Initiative; temporarily adjusts, suspends key compliance programs
IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance programs IR-2020-59, March 25, 2020 WASHINGTON – To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing … Read More
The IRS Can Take Your Passport for Unpaid Taxes
The Internal Revenue Service (“IRS”) has a new collection tool for taxpayers with serious delinquent tax deficiencies and it was created under § 7345 of the Internal Revenue Code. The tax section authorizes the IRS to certify to the State Department individuals who have serious delinquent tax debt. Receipt of the certification allows the State Department to deny or revoke … Read More
Are You a Small Business Owner With Back Taxes?
The stress of owing the IRS money can be crippling. The IRS can place a lien on your property or even levy your bank account. For whatever reason, you’ve gotten into a tough situation but how do get out? Here are a few options the IRS offers to help. 1. Offer in Compromise (OIC): With an OIC, you offer the … Read More
Tax Cut and Jobs Act – Guidance needed as Sec. 199A appears “poorly defined”
House Ways and Means Committee ranking member Richard Neal, D-Mass., has asked the Treasury and the IRS for guidance on the tax code’s new passthrough deduction. In a May 1 letter, Neal asked Treasury Secretary Steven Mnuchin and Acting IRS Commissioner David Kautter, for clarifying guidance on Code Sec. 199A. Passthrough Deduction The new Code Sec. 199A, enacted under the Tax Cuts … Read More
Beware of IRS Scammers!
The Internal Revenue Service and its partners in the tax industry and state tax authorities warned Tuesday about a new twist on the phone scam that criminals have been using for years to steal money from taxpayers, with the fraudsters now using phone numbers that mimic IRS Taxpayer Assistance Centers while demanding payment on nonexistent tax bills. The IRS and … Read More
Tax Reform Guidance Will Take Years, Says IRS Chief
Acting IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS’s highest priorities, but issuing guidance will likely take years. “Preliminary efforts to implement this new law are already underway,” Kautter said during a House Appropriations Financial Services Subcommittee hearing. The Tax Cuts and Jobs Act (TCJA) was enacted last December. Kautter testified before … Read More
VIDEO – 5 Great Tax “Secrets”
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