IRS Help Inc, Here Are Your Articles for Wednesday, February 02, 2022
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  • Is This Your Situation: Panicking Because You Haven't Filed Your Taxes in Years

    You're worried because you haven't filed a tax return, or paid what's due, in years. And you're right to worry -- this is a bad thing. But all is not lost. Click through to learn how to get started making things right with the authorities.

    Saved on 09-13-2021 - Remove
  • Payroll Cards: Know the Full Story

    Despite being a viable option for unbanked employees, payroll cards have garnered a controversial reputation, largely due to concerns over fees and compliance. Click through for answers to frequently asked questions about payroll cards.

    Saved on 07-03-2020 - Remove
  • ACA Affordability Threshold to Rise in 2019

    One of the main requirements of the Affordable Care Act's employer mandate is that health coverage must be affordable, based on annual standards set by the IRS. Click through for the details on the 2019 increase for one of those standards.

    Saved on 08-13-2020 - Remove
  • The 401(k): Just the Beginning of Retirement Benefits

    Retirement plans are one of the most popular benefits companies can offer, and even small businesses can get in on the game. Click through for an introduction to retirement plans that are perfect for small businesses.

    Saved on 08-13-2020 - Remove
  • What's the Story on the Employee Retention Credit?

    The Treasury Department and the IRS have launched the Employee Retention Credit to keep employees on the payroll. Click through to get 50% of up to $10,000 if your business has been impacted by COVID-19.

    Saved on 08-24-2020 - Remove
  • Wage-and-Hour Rules During the Pandemic

    Pandemics often cause major economic disruptions, leading many businesses to fully or partially close. Regardless of the upheaval, employers must abide by wage-and-hour laws. Click through for wage-and-hour rules to consider during pandemics.

    Saved on 08-24-2020 - Remove
  • Know the Tax Rules for Employee Loans

    Companies may allow workers to take a draw against commissions or give them some other form of salary advance. It's perfectly legal, but employers need to know the rules. Click through for the tax implications of employee loans.

    Saved on 08-24-2020 - Remove
  • The Ongoing Problem: Abusive Tax Shelters

    As long as there have been taxes, shady promoters have tried to sell taxpayers on schemes to get out of paying their fair share. Click through to learn about abusive tax shelters, and how to recognize and avoid them.

    Saved on 08-24-2020 - Remove
  • What to Know About Employer ID Numbers

    The Employer Identification Number is also known as a Federal Tax Identification Number and is used to identify a business entity. Click through to understand the often important details surrounding the EIN.

    Saved on 07-04-2020 - Remove
  • How to Work With OSHA After an Accident

    During the normal course of business, an employee may get sick or hurt -- at which point, you may need to complete OSHA Form 300. Click through for frequently asked questions about this form.

    Saved on 03-18-2020 - Remove
  • Leave Your Estate to Your Grandchildren

    There may be reasons to skip your children and leave most or all of your estate to your grandchildren. This is possible, but there are pitfalls. Click through to learn about generation-skipping transfer tax.

    Saved on 03-16-2020 - Remove
  • Self-Employed Individuals & Small Businesses Should Heed This Advice

    The most difficult task for small business owners or self-employed individuals to do is to keep their personal affairs separate from their business affairs. Click through to learn more

    Saved on 11-16-2021 - Remove
  • Request for Penalty Abatement on Failure to Deposit Penalty

    Request for abatement on failure to pay penalty can be based on reasonable cause as cited in the IRS Penalty Handbook under IRM 20.1.1 and IRM 20.1.4.16.1 as it applies to the failure to deposit penalty. Click through to read more.

    Saved on 04-21-2021 - Remove
  • The IRS Looks Into Executive Compliance

    The IRS is taking a special look at the tax situation surrounding executive compensation. This may sound simple, but there are a lot of complexities you need to know about. Click through for an introduction to the key issues.

    Saved on 03-16-2020 - Remove
  • Living Wills: Everybody Should Have One

    It's hard to contemplate, but there may come a time in your life when you can't make decisions for yourself. That's what a living will is for. Click through to find out how these work and why you need one.

    Saved on 11-16-2021 - Remove
  • Is a 1031 Exchange Right for You?

    A properly structured Section 1031 exchange allows an investor to sell a property, reinvest the proceeds in a new property and defer the tax on the potential gain from the sale. Click through to see the impact of tax reform on 1031 exchanges.

    Saved on 07-04-2020 - Remove
  • Child and Dependent Care Credit

    You may be able to claim child and dependent care credit, which can put a lot of extra money into your pocket. But the rules can be complicated. Click through to help determine whether you might be eligible.

    Saved on 03-17-2020 - Remove
  • Forced sale of property owned by wife and tax-delinquent husband.

    The opinion came out of the 6th Circuit Court of Appeals affirming that the IRS can enforce a tax lien and sell real property owned by a wife and tax delinquent husband. Click to read more

    Saved on 03-08-2021 - Remove
  • Payroll Tax Liabilities: Know the Details

    A paycheck can be more complicated than it seems at first. And whether you have one employee or 1,000, you need to know how payroll taxes work. Click through for a brief review, so you can grasp the basics.

    Saved on 01-15-2022 - Remove
  • Paycheck Protection Program Gets One-Month Reprieve

    The Paycheck Protection Program was slated to end on June 30, but a last-minute bill in Congress extended it until Aug. 8. Click through to find out what this means, and if any other changes are on the horizon.

    Saved on 01-15-2022 - Remove
  • Getting a Handle on Financial Fraud

    From playing games with tax returns to fiddling with the company's books, fraud is a widespread and complicated problem. You need an expert to address fraud issues. Click through for an intro to fraud and how CPAs can help.

    Saved on 01-15-2022 - Remove
  • Reconstructing Records After a Disaster

    Often, the government grants special tax breaks after a disaster. But how can you prove you were affected? Click through for tips on reconstructing records and proving your eligibility, so you can get the relief you're entitled to.

    Saved on 01-15-2022 - Remove
  • Know the FMLA Notice Requirements

    To receive FMLA-protected leave, eligible employees must provide adequate notice to their employers. If they don't, the leave could be delayed or denied. Click through for details on FMLA notice requirements.

    Saved on 07-06-2020 - Remove
  • Is This Your Situation: Trying to Figure Out the New Tax Law

    Are you confused about the new tax law? You're not alone! It's about 70,000 words long, and experts are still uncertain about some provisions. But we can help you learn the basics. Click through for a quick summary.

    Saved on 07-10-2020 - Remove
  • 6 Key Facts About Excise Taxes

    Everyone knows about income taxes and sales taxes, but we tend to forget about excise taxes, because they're not obvious. Click through for an introduction to this important class of taxes, and see what's changed.

    Saved on 12-24-2021 - Remove
  • Gather All Your Papers for Taxes

    Don't find yourself frantically searching for information you need to file your tax return at the last minute. Click through to reduce filing difficulties and possibly your tax bill by knowing what documents to have at your fingertips.

    Saved on 12-24-2021 - Remove
  • Reverse Mortgage: Right for You?

    A reverse mortgage can be the perfect solution for seniors who want to stay in their homes, but there are some long-term drawbacks. Click through for a review of the pros and cons of this popular financial technique.

    Saved on 01-15-2022 - Remove
  • Why Do You Need a Business Valuation?

    What is a valuation, and why do you need one? Having an up-to-date business valuation on hand will guard against numerous eventualities. Click through to learn why a valuation is essential to business success.

    Saved on 03-19-2020 - Remove
  • Alternative Minimum Tax: Know the Deal

    Is the most dreaded acronym not the IRS anymore but AMT? Alternative minimum tax is a different way of calculating your tax liability. Click through to get rid of the AMT willies.

    Saved on 08-23-2020 - Remove
  • How Do You Handle Multistate Taxes?

    No matter where your company is headquartered, there's a good chance you conduct business across other state borders. How do taxes work in this situation? Click through to learn about multistate taxes and how to ensure that your business is compliant.

    Saved on 07-15-2020 - Remove
  • IRS Help Assists Client with 99.8% Savings on Tax Bill

    IRS Help received notification this week from the Internal Revenue Service of the acceptance of an Offer-in-Compromise for a client. Click through to know how we can help you

    Saved on 12-25-2021 - Remove
  • Historic Homes and the IRS

    If you're rehabilitating a historic home, you may be able to claim a rehabilitation tax credit. But the devil is in the details, and it's about more than just the house being old. Click through to learn about the conditions you need to meet.

    Saved on 12-25-2021 - Remove
  • Should You Introduce Profit-Sharing — and How?

    Profit-sharing is a group incentive plan for employees to share in profits. Click through to change your culture from "Let’s get it done" to "We’re all in this together."

    Saved on 12-25-2021 - Remove
  • What You Don't Know About Estate Planning

    Do you know what estate planning really is? Some people think it's only for the very wealthy, or that they don't have to worry about it until they're old—but those are misconceptions! Click through for the real facts on estate planning.

    Saved on 12-25-2021 - Remove
  • The Ins and Outs of Small-Business Insurance

    Can small-business insurance help you with your pandemic losses? Click through to find out.

    Saved on 12-25-2021 - Remove
  • How To Snag Your Part of the Attention Economy

    Looking to win the battle for consumer attention? Click through to find out how to captivate customers.

    Saved on 12-25-2021 - Remove
  • When To Use a QTIP Trust

    Do you want to provide for a surviving spouse yet maintain control of how your trust's assets are distributed once that spouse dies? The qualified terminable interest property trust may be the tool you need. Click through to learn what a QTIP trust lets you do.

    Saved on 12-25-2021 - Remove
  • What to Know About Incorporation and Taxation

    Are you considering incorporating or forming an LLC? What are the practical and financial implications for you and your heirs? Click through to learn the advantages of moving beyond a sole proprietorship.

    Saved on 12-25-2021 - Remove
  • What Is a Life Settlement and How Does It Work?

    A life insurance policy is considered property, and that means it can be sold. This can prove advantageous in difficult circumstances. Click through to discover what life settlements can do and what they can't do.

    Saved on 12-25-2021 - Remove
  • Know the Ins and Outs of Joint Tenancy

    It can be a great way to own property, helping owners avoid probate and spreading both risk and reward. But there are some pitfalls and it isn't for everyone. Click through for the key points of joint tenancy.

    Saved on 08-30-2020 - Remove
  • The Major Tax Changes: An Overview

    The recently approved tax bill contains massive changes, and financial professionals will be poring over the details for months. For now, everyone should know at least the basics. Click through for an overview of the changes.

    Saved on 08-30-2020 - Remove
  • Is This Your Situation: Stop Worrying about Your Spouse's Taxes

    One of the messiest taxation events that can occur happens when half of a couple creates tax or legal issues that spill over and impact the spouse. Fortunately, there is innocent-spouse relief. Click through to understand this complex concept.

    Saved on 08-30-2020 - Remove
  • What Dead Celebrities Can Teach Us About Estate Planning

    The news is always full of celebrities who die and leave their estates in a mess for heirs to fight over for years. Click through to learn how to make sure your heirs don't end up like that.

    Saved on 08-30-2020 - Remove
  • RRA 1998 Section 6304

    Section 6308 of the RRA of 1998 says the IRS may not communicate with a taxpayer that has representation they are now bound by the same restrictions as the Fair Debt Collection Practices Act.

    Saved on 08-30-2020 - Remove
  • Padding Deductions

    If you're trying to deduct the full cost of your flat screen TV as a necessary expense for say … your landscaping business, you may get a visit from the IRS. Click through to learn everything you need to know about tax scams and padding.

    Saved on 08-30-2020 - Remove
  • Benefit of a “SHORT TAX YEAR ELECTION” in Bankruptcy

    Individuals planning to file either Chapter 7 or Chapter 11 Bankruptcy may want to consider filing 2 Tax Returns in a 12 month period. This process is called the “short tax year election.” Click through to learn more

    Saved on 08-30-2020 - Remove
  • Facing the Emotional Side of Mergers

    Many articles and books have been written about how to do a merger, and many speakers have pontificated on the subject. Click through to see that the one missing ingredient is the range of emotions that accompany the transaction.

    Saved on 08-30-2020 - Remove
  • How to Put Together a Home Budget

    Get your financial life in control and organized. How? Create a budget. Click through to learn how to track your expenditures, identify spending habits and set goals for yourself.

    Saved on 08-30-2020 - Remove
  • Why Compensation Plans Are Your Key to Success

    You create a plan for marketing, a plan for sales, and a plan for technology. Make a plan for employee compensation as well. Click through to learn about this essential but sometimes forgotten business management task.

    Saved on 08-30-2020 - Remove
  • Tips on Working With Independent Contractors

    Did you know that there are right -- and wrong -- ways to work with independent contractors? Click through to learn the surprising facts about working with them, to maximize their value to your business.

    Saved on 08-30-2020 - Remove
  • Offers In Compromise

    The Offer in Compromise (or OIC) program, in the United States, is an Internal Revenue Service (IRS) program under 26 U.S.C. § 7122 which allows qualified individuals with an unpaid tax debt to negotiate a settled amount that is less than the total owed to clear the debt. Click through to read more.

    Saved on 08-30-2020 - Remove
  • Big Changes in Social Security and Retirement Plans for 2018

    Every year, the IRS and Social Security Administration tweak essential numbers for Social Security and retirement plans — and this year is no different. Click through for the need-to-know numbers for 2018.

    Saved on 08-30-2020 - Remove
  • How to Hold Real Estate in Your IRA

    Traditionally, IRAs contain funds or individual securities, but it's possible to put other kinds of investments into these accounts, including real estate. Click through for some insights into the rewards and dangers of this strategy.

    Saved on 08-30-2020 - Remove
  • Business Tax and Bad Debt

    Do you have a client or customer who won't pay? Even when all attempts to collect a bad debt have failed, the IRS may give you a break at filing time. Click through to see how to take that bad debt off your taxes.

    Saved on 08-30-2020 - Remove
  • Is This Your Situation: Are You Confused About Tapping into Your Retirement Funds?

    Knowing how to withdraw your retirement funds in a tax-savvy way can be a challenge. You may have multiple sources for these funds. Click through to identify which funds you should access first and learn how to avoid costly traps.

    Saved on 08-30-2020 - Remove
  • Life Insurance Trusts: Powerful Tax-Savings Vehicles

    If an estate is large enough, it can get hit by federal and state estate taxes. Fortunately, a life insurance trust can let you plan around these taxes. Click through for an introduction to this useful estate planning tool.

    Saved on 08-30-2020 - Remove
  • It's Time to Organize Your Estate

    No matter what age you are, it's not too early or too late to get a handle on your estate, to make sure it passes smoothly to your spouse, children, and any charities. Click through to learn how to get started.

    Saved on 08-30-2020 - Remove
  • IRS TAX TIP 2011-38, February 23, 2011

    The IRS receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the Internal Revenue Service. Click through to read more.

    Saved on 08-30-2020 - Remove
  • Tips on Managing the Ubiquitous Form 1099

    In today's economy, it may seem that there's a thin line between your employees and your contractors, but there's a world of difference to the IRS. One important distinction is the tax form used. Click through for the Form 1099 basics.

    Saved on 08-30-2020 - Remove
  • Tax Exempt Organizations

    Did you know that the IRS now offers 24/7 access to online courses for charitable organizations? Click through to read more.

    Saved on 08-30-2020 - Remove
  • What to Know About Private Tax Debt Collection

    The IRS is hiring private debt collectors for the hard cases -- those who haven't responded to other attempts to collect back taxes. Click through to find out what this means for you and how to protect yourself.

    Saved on 08-30-2020 - Remove
  • Long-Term Care Insurance: Something You Need?

    Long-term care can range from assistance with simple activities to skilled care provided by nurses and therapists. Is it right for you? Click through for more details and to discover the variety of coverage options.

    Saved on 08-30-2020 - Remove
  • Do You Have to File an Information Return?

    If you made or received a payment in a calendar year as a small business or self-employed individual, you most likely are required to file an information return to the IRS. Click through to learn what this means.

    Saved on 08-30-2020 - Remove
  • Medical and Dental Expenses: What Can You Deduct?

    Yes, the tax code gives you some deductions for medical and dental expenses, but the rules can get complicated. Click through for an intro to this key deduction, to help figure out where the IRS draws the line.

    Saved on 08-30-2020 - Remove
  • What Information Is Included on a Pay Stub?

    Even if you're not required to give your employees a pay stub, it's widely recommended that you do so to help with record-keeping and keep employees in the picture. Click through to see which items should go on this document.

    Saved on 08-30-2020 - Remove
  • Socially Responsible Investing: The Wave of the Future?

    When it comes to investing, should you care about anything beyond the returns generated? Many investors believe that their money should not only grow, but do good in the world. Click through for an introduction to SRI.

    Saved on 08-30-2020 - Remove
  • What Is the Marriage Penalty?

    The marriage penalty refers to fact that two people may pay more in taxes as a married couple than they would have as two single filers. Does this penalty really exist? Click through for details on how the Tax Cuts and Jobs Act affects couples and taxes.

    Saved on 08-30-2020 - Remove
  • ASFR Program Suspension

    Matthew Weir, the Assistant Inspector General of the office of the Treasury Inspector General for Tax Administration ITIGTA) had announced IRS has suspended its Automated Substitute for Return (ASFR) program. Click through to read more.

    Saved on 08-30-2020 - Remove
  • Converting a Regular 401(k) to a Roth 401(k)

    Many workers don't know that their employers offer a Roth 401(k) option. How can you take advantage of this and what are the benefits? Click through to learn how this type of account works, and whether it might be right for you.

    Saved on 08-30-2020 - Remove
  • Is This Your Situation: You're Having Problems with the IRS

    There is not a single person on the planet who looks forward to dealing with the IRS. If you're dealing with specific problems, your dread could be compounded. Click through to take a closer look at the steps you should take when you've been contacted by the IRS.

    Saved on 08-31-2020 - Remove
  • Tax Advantages of Investing in Real Estate

    One of the biggest real estate tax advantages for investors is deductions, generally geared to rental properties. Click through to get more details on what can be a long-term investment.

    Saved on 08-31-2020 - Remove
  • Getting a Break From a Spouse's Tax Error

    If you sign a joint return, the IRS may be able to collect any outstanding tax relating to that return from you -- even if your spouse was the one who reported incorrectly. Click through to discover the ways you can escape paying your spouse's tax.

    Saved on 08-31-2020 - Remove
  • Don't Try to Be Funny with the IRS

    It's OK to disagree with the IRS. In fact, there's even a formal appeals process. But don't try to pull a fast one. Click through to find out what the IRS considers a frivolous argument, which can lead to severe penalties.

    Saved on 08-31-2020 - Remove
  • Should You Put Your House in a Trust?

    Placing your home in a trust has advantages, like avoiding probate court, but there are a lot of details to get through. Click through to help figure out if this is the right move for you and what it involves.

    Saved on 01-17-2022 - Remove
  • Is This Your Situation: Do You Need Help Grasping Commercial Real Estate Taxes?

    If you're involved in commercial real estate, it's essential you understand a wide variety of tax issues. Click through for an introduction to commercial real estate tax provisions, and how they may affect you.

    Saved on 09-09-2020 - Remove
  • Extension of 60 day Rollover requirement

    The IRS waives the 60-day rollover requirement if all of the following apply. Click through to learn more

    Saved on 12-27-2021 - Remove
  • Economic Hardship is present, but returns are not all filed

    Tax Court recently held that if, during a CDP levy hearing, the taxpayer established that the proposed levy will create an economic hardship. Click through to learn more

    Saved on 12-27-2021 - Remove
  • Innocent Spouse Cases

    The innocent spouse defense can be one of the most challenging defenses that you can use these days.  Click through to learn more about it.

    Saved on 12-27-2021 - Remove
  • How To Create a Year-Round Tax Plan for Businesses

    Tax planning should take place year-round to allow you to take advantage of money-saving strategies. Click through to learn how to keep an eye on the future and ensure regulatory compliance.

    Saved on 12-28-2021 - Remove
  • Tips and Taxes

    If you work for tips, the income is still taxable, but the tax rules can be complex. Fortunately, the IRS has some guidance. Click here to learn how to correctly report tip income.

    Saved on 12-28-2021 - Remove
  • Market Research: The Key to Business Decisions

    In business, it is crucial to obtain good data before making major decisions. Click through for some tips on how to employ market research to better identify marketing strategies.

    Saved on 12-28-2021 - Remove
  • FLSA Mistakes To Avoid

    Most employers must adhere to the Fair Labor Standards Act. But the FLSA can be complex — and mistakes are common and costly. Click through for a quick list of common FLSA errors you should avoid.

    Saved on 12-28-2021 - Remove
  • Digital Records and Privacy

    Your estate plan should address the management and distribution of digital assets, a situation that can quickly become complicated. Click through for an overview on how to make sure this oft-forgotten part of your legacy is protected.

    Saved on 12-28-2021 - Remove
  • Retirement Plan Startup Costs Tax Credit

    You may be able to claim a tax credit of up to $5,000 when you set up a SEP IRA, a SIMPLE IRA or a 401(k) plan. Click through to see how the tax credit reduces the amount of taxes you owe.

    Saved on 12-28-2021 - Remove
  • It's Time To Check Your Withholding

    You may have been advised to check your tax withholdings at least once a year. But in 2021, considering all the pandemic-related changes, it’s a good idea to check more frequently. Click through for some IRS withholding advice to forestall any surprises at tax season.

    Saved on 12-28-2021 - Remove
  • Social Security Administration Corrects Its Taxable Amount

    In a rare move, the SSA has adjusted its already released 2018 ceiling figure. Some individuals may see minor changes in their pay, and companies will have to revise their numbers starting in 2018. Click through for the full story.

    Saved on 12-30-2021 - Remove
  • Bracket Changes and More From the IRS

    Washington is abuzz with talk of tax reform, although there's no certainty what, if anything, will happen. But the IRS is proceeding, for now, as if 2018 will be business as usual. Click through for bracket and deduction changes.

    Saved on 03-29-2021 - Remove
  • Wishing You Happy Holidays and a Season Filled with Peace and Joy

    Wishing you a season of peace and joy! May you enjoy warm memories with loved ones, and may the spirit of the holiday season fill your hearts. Click through for a special greeting.

    Saved on 03-29-2021 - Remove
  • Why Wait to Claim Social Security?

    Many people are finally reaching the age of 62 where they can now lay claim to some of the payroll taxes they have shelled out during their working life. Click through to read more.

    Saved on 03-29-2021 - Remove
IRS Help Inc
IRS Help Inc
1-800-IRS-HELP
jmoneill@irshelp.com
2952 Seneca St
West Seneca, NY 14224
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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