Don’t forget, Social Security benefits may be taxable Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They don't include supplemental security income payments, which aren't taxable. The portion of benefits that are taxable depends on the taxpayer’s...
Individuals with significant tax debt should act promptly to avoid revocation of passports The Internal Revenue Service today urged taxpayers to resolve their significant tax debts to avoid putting their passports in jeopardy. They should contact the IRS now to avoid delays in their travel plans later. Under the Fixing America’s Surface Transportation (FAST) Act, the...
The Paycheck Protection Program rolled out with great fanfare to help save small businesses during the coronavirus pandemic. But something the IRS just did could decimate much of that benefit. Full credit to: BRUCE WILLEY, JD, CPA | American Tax & Business Planning May 8, 2020 The IRS just did something that stunned me. It pulled the rug...
Many small business owners may get behind on employment taxes or payroll taxes and think they will be able to cover whatever their balance is in the coming quarter, or by the end of the year. However, before that time comes they get a letter saying that not only is there an additional $10,000.00...
IRS collection statute expiration dates One of the most common questions that clients ask is “Isn’t there some kind of collections statute? I owed this balance way back in 1995, how can the IRS still be trying to collect it from me?”. I have heard many clients and potential clients say they know with certainty...
