Tax Warrior Chronicles

IRS Issues Tax Relief to Hurricane Harvey Victims and Warns of Charity Scams

Posted on Wed, Aug 30, 2017

By: Eric R. Elmore

 

The IRS announced Hurricane Harvey victims in parts of Texas have until January 31, 2018, to file certain individual and business tax returns and make certain tax payments.  This includes an additional filing extension for taxpayers with valid extensions that run out on October 16, and businesses with extensions that run out on September 15.  It also warned of possible charity scams related to the storm. If you or anyone you know was effected by the storm, is volunteering with relief efforts, or if you plan on making a charitable contribution to support the victims of this natural disaster, please read today’s Tax Warrior Chronicles post.

 

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Liens, Levies and Collections; Oh My!

Posted on Tue, Jun 20, 2017

By: Cecilia Fernades

 

There are differences between tax liens and tax levies, and the way they are carried out.  Neither is good. But, if you or your business is in tax arrears, you should know what type of collection efforts may be used by the IRS. In today’s post, we will help you understand the differences and how to manage them.

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The Tax Ins and Outs of Short-Term Rentals

Posted on Mon, May 22, 2017

By: Adele Kilgus, CPA

 

Summer is quickly approaching, which means weekend getaways for fun in the sun. If you are looking for extra income to fund your relaxation time, you might rent your home to summer travelers while you are out of town. Airbnb, HomeAway, and other similar services make the process of short-term renting much simpler by handling all booking and collecting of payments. However, even with the added simplicity, there are still some important tax implications to consider. With proper planning, you can maximize your extra income and minimize any extra tax liability.

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Rules of the 60-Day Rollover Period for Qualified Plans and IRAs

Posted on Thu, Mar 30, 2017

By: Kejsi Merkuri and Robert Polans, CPA, MT, PFS, ChFC

 

Are you planning to roll over your qualified plan or IRA to achieve higher returns, broader investment opportunities, or to reside at a better financial institution? Be careful! There are several things to know before entering the 60-day rollover period to avoid costly tax and penalty situations. 

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Winter Storm Buys Time for Businesses to Request Extensions

Posted on Wed, Mar 15, 2017

Today, the IRS granted many businesses affected by this week’s severe winter storm additional time to request a six-month extension to file their 2016 federal income tax returns. Yesterday’s snow and ice storm “Stella” wreaked havoc on the northern part of the east coast, and victims and tax professionals affected can breathe a little easier with the business filing deadline.

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And the Winner Is: The IRS…Seriously

Posted on Mon, Feb 27, 2017

By: Eric R. Elmore

 

The closing moments of Sunday’s broadcast of the 89th Academy Awards brought more drama than the honored performances. It was a reminder we all make mistakes, like “forgetting” to report some “gifts” as income to Uncle Sam. The elaborate “gifts” given to Academy presenters and performers add up to tens of thousands of dollars, and when those gift baskets, boxes, and envelopes are opened, the IRS is always the real winner!

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IRS Rules Post-Retirement Payments Are Subject to Self-Employment Tax

Posted on Tue, Feb 21, 2017

By: Tiffany Diaz, CPA

 

In a perfect world, retirees would receive post-retirement payments from former employers tax-free. However, a recent IRS letter ruling puts a damper on that notion. In this short blog, we give an overview of the details and the only exception to the rule regarding post-retirement payments.

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Paying IRS in Pennies is NOT a Good Idea!

Posted on Mon, Jan 30, 2017

By: Sherri Sorbello, CPA

 

Earlier this month, an angry Virginia man made headlines by paying his $2,987.14 Department of Motor Vehicles bill in pennies…nearly 300,000. We all know someone who has the same contempt for paying federal taxes. But, don’t even think about paying in pennies.  Not only will it anger the person who counts them, but there can be a penalty for paying your federal taxes in cash—even if paid on time and in full. As a Tax Warrior, I am driven to help our readers understand the facts around this policy.

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NJ Tax Refunds Delayed Due to Anti-Fraud Measures

Posted on Tue, Jul 07, 2015

The IRS is experiencing issues with customer service and collections due to a lack of resources, which for many tax payers has resulted in delayed tax refunds.  It seems that the State of New Jersey is experiencing similar problems.  If you are awaiting a NJ tax refund, you may have recently received a notice from NJ.

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IRS to Issue Estate Tax Closing Letters Only Upon Request

Posted on Mon, Jun 22, 2015

The IRS has announced that, for estate tax returns filed on or after June 1, 2015, estate tax closing letters will be issued only upon request by the taxpayer. It has also clarified whether it will, under various circumstances, issue a closing letter with respect to estate tax returns filed before June 1, 2015.

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