Tax News

Crabb Tax Services Newsletter (June 2019)

TOPICS IN THIS ISSUE: Optimizing Residential Real Estate Deductions Tax Court Approves IRS Denial of Installment Plan Request The Marriage Tax Penalty, Post-TCJA 3 Great New Tax Videos! IRS TAX TIP: Here’s What Taxpayers Should Know Before Visiting an IRS

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Recovering Fees From the IRS

Although some are unaware of the fact, taxpayers can recover fees and costs from the government if the IRS has taken an unreasonable position against them. The IRS may be responsible for fees due to unreasonable positions that it took during audit, on appeal, in connection with a refund claim or collection matter, or as related to a summons.

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Tax Court Approves IRS Denial of Installment Plan Request

The IRS has shown increasing willingness to work out installment agreements with individuals and business entities that could not meet their tax obligations. But that doesn’t mean you can shirk your current responsibilities. Accordingly, in a new case, Coastal Luxury Management,

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Optimizing Residential Real Estate Deductions

The tax deduction rules for residential landlords have changed dramatically in recent years, with the release of the final tangible property regulations in 2013 (T.D. 9636) and the creation of the qualified business income (QBI) deduction under Sec. 199A by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. Landlords are now much more likely than before to be able to deduct most of their current expenditures.

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IRS TAX TIP: Taxpayer Bill of Rights Provides Protections

All taxpayers have fundamental rights when working with the IRS. The agency outlines them on IRS.gov and in Publication 1. To help taxpayers understand their rights, here is a list of them with a brief description of each one:

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Three Great New Tax Videos!

It’s time to start thinking about tax planning. We’ve added three new videos this month so you can start getting information to help you with your 2019 taxes. As always, we are here to help you with your personal as well as business tax planning. If you’ve gotten in over your head, our Tax Relief services will take you from tax stress to peace of mind.

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Didn’t Pay Your Taxes? Here’s What the IRS Can Do to You

You don’t want to play chicken with the Internal Revenue Service. Tax season is over, and the vast majority of taxpayers have filed their returns and paid any outstanding taxes they owed. But for a significant number of people, paying

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How A $1,250 Student Loan Becomes Thousands More

Just under 500 lawsuits were filed in 2018 in federal courts across the country by private attorneys seeking money for the federal government.

The lawsuits are a mostly unknown part of an industry of private collectors working on behalf of the federal government to track down student loan payments. It’s a system that showcases how student loan debt is different from all other kinds of debt: It can’t be written off in bankruptcy and, because it’s owned by the federal government, long-term unpaid debt is never written off, but relentlessly tracked down.

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Free Tax Return Preparation for Qualifying Taxpayers

The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $55,000 or less, persons with disabilities and limited English speaking taxpayers who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals.

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