Tag: IRS

Q & A and Tips on Accounting, Taxes and Personal Finance.
Leveraging IRS Gift Rules to Your Advantage

Leveraging IRS Gift Rules to Your Advantage

As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. THE RULES… You may give up to $15,000 to any individual (donee) in 2019 and avoid any […]

September 3, 2019 | By More
What is happening to Lien Notices

What is happening to Lien Notices

The IRS loses on liens to your credit score Recently I was informed of Liens and Debts credit reporting changes in the three credit reporting bureaus. The following is my research to help you, the taxpayer, know what is changing and how it will impact on you. Here in the United States, we have may […]

June 27, 2017 | By More
IRS Scam Alert

IRS Scam Alert

Private Agencies Now Collecting for IRS…Your Scam Alert Should be on High In a recent announcement, the IRS notified all taxpayers that outside collection of past-due tax bills is now beginning in mid-April 2017. This is a direct result of Congressional action in late 2015 requiring the IRS to turn over to outside companies billions […]

May 4, 2017 | By More
Using Independent Contractors? Why your business should use caution.

Using Independent Contractors? Why your business should use caution.

It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. The IRS states that generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay […]

February 25, 2016 | By More
IRS Phone Scams – The IRS will never call you

IRS Phone Scams – The IRS will never call you

The IRS reminds people that they can know pretty easily when a supposed IRS caller is a fake. Here are five things the scammers often do but the IRS will not do. Any one of these five things is a tell-tale sign of a scam. The IRS will never: Call to demand immediate payment, nor […]

February 10, 2016 | By More
IRS Notices – Do’s and Don’ts

IRS Notices – Do’s and Don’ts

Receiving a letter from the IRS can make your blood run cold. A smart response strategy can lessen the stress, but where to begin? David Leichter CPA of Pikesville Maryland discusses his experience with delinquent taxpayers, and offers some “do’s” and “don’ts” for dealing with the IRS. David: I’ve been working as an accountant for […]

February 9, 2016 | By More
How long to retain records for tax purposes?

How long to retain records for tax purposes?

You’re determined to finally clean out that overflowing file cabinet chock full of records and documents saved for tax return support.  Has enough time passed?  Can your shedder finally get a good workout?  Harry E. Hunter, President of Hunter Consulting discusses document retention and how long to retain records for tax purposes. Harry:  One of the most […]

August 11, 2014 | By More
IRS payment plan | Dealing with the IRS directly

IRS payment plan | Dealing with the IRS directly

What happens when you just can’t afford to pay your tax bill?  Is an IRS payment plan an option?  What’s the best way to deal with the IRS directly? The “do-it-yourself” payment plan can work for the right candidate, but knowledge and composure are key.  We asked several professionals to weigh in on IRS payment […]

July 15, 2014 | By More