Taxpayers who are victims of a disaster might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement. IRS Tax Tip 2017-54, October 4, 2017 Here are 12
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California’s Governor Brown has signed a bill (AB 525) which extends the life-span of the Board of Equalization’s (BOE) Offer in Compromise program for an additional 5 years. Offer in Compromise is a state program that allows small businesses to
Read more →Whether you need to file a tax return or not depends on your gross income, filing status and age. Generally, you’re not required to file a return if you’re under the filing threshold which is the combination of your standard
Read more →Simple math suggests it’s likely better to get rid of debt before saving for retirement or adding to your emergency fund. In general, if the interest you pay is higher than the interest you earn, you’re losing money. By Amy
Read more →The unmarked vehicles arrived in the morning. More than 20 armed agents poured out. Hours later, Mii’s Bridal & Tuxedo was out of business after serving customers for decades. Its entire inventory of wedding gowns and dresses as well as
Read more →Dealing with the IRS can be overwhelming, making life feel like it’s falling apart. Uncertainty about the future may be mounting as you try desperately to find a way to pay a debt that you have little or no funds
Read more →If a joint tax return is filed by a married couple, and the taxes are not paid or the IRS comes in and audits – asserting that additional taxes are due – a spouse may be entitled to be excused
Read more →CPAs, Enrolled Agents and attorneys are part of a privileged group that can represent taxpayers at all levels before the IRS, yet many choose not to extend their practice when collections issues arise. For those that do, there are some
Read more →The FBI is looking into suspicious federal returns filed using Turbo Tax software, as a number of states work to contain a wave of criminal filings. The scams are delaying refunds around the country. CBS News business analyst Jill Schlesinger
Read more →Couples who elect to file a joint tax return enjoy many advantages. But when you do file jointly, know that both spouses are “jointly and severally liable” for the taxes owed. This means if one spouse is a tax cheat,
Read more →If you are one of the millions of taxpayers who owe back taxes to the IRS there are certain actions you can take to protect yourself from garnishment.
Read more →The beginning of the school year is a good time for a reminder of the tax benefits for education. These benefits can help offset qualifying education costs. Here is information about two tax credits available to those who pay higher
Read more →Where individuals and businesses owe IRS taxes, the IRS has a settlement program where it can legally accept less than what is owed. Known as an “Offer in Compromise,” Congress has given the IRS the authority to “compromise” and reduce
Read more →We didn’t know how to dig ourselves out of our tax debt, but we managed to do it, and we learned some valuable lessons along the way. If you’re overwhelmed by the amount you owe, here are some tips to help you rebound from a surprise tax bill.
Read more →If you or someone you know is being affected by Hurricane Harvey, please send this information NOW…it could save them a lot of hardship! – Chris Crabb WASHINGTON —The Internal Revenue Service today announced that 401(k)s and similar employer-sponsored retirement
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