Archive for the ‘Internal Revenue Service’ Category

Key Business Changes in The Small Business Jobs Act

by P. Lewis Robinson
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Oct
4

The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for businesses. Here’s a brief overview of the tax changes in the Small Business Jobs Act.

Enhanced small business expensing (Section 179 expensing). To help small businesses quickly recover the cost of capital outlays, small business taxpayers can elect to write off these expenditures in the year they are made instead of recovering them through depreciation. Under the old rules, taxpayers could generally expense up to $250,000 of qualifying property—generally, machinery, equipment and software—placed in service in during the tax year. This annual limit was reduced by the amount by which the cost of property placed in service exceeded $800,000. Under the Small Business Jobs Act, for tax years beginning in 2010 and 2011, the $250,000 limit is increased to $500,000 and the investment limit to $2,000,000. The Small Business Jobs Act also makes certain real property eligible for expensing. Thus, for property placed in service in any tax year beginning in 2010 or 2011, the $500,000 amount can include up to $250,000 of qualified leasehold improvement, restaurant and retail improvement property. (more…)

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Eight Things to Know If You Receive an IRS Notice

by P. Lewis Robinson
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Sep
2

Did you receive a notice from the IRS this year? Every year the IRS sends millions of letters and notices to taxpayers but that doesn’t mean you need to worry. Here are eight things every taxpayer should know about IRS notices – just in case one shows up in your mailbox.

  1. Don’t panic. Many of these letters can be dealt with simply and painlessly.
  2. There are number of reasons the IRS sends notices to taxpayers. The notice may request payment of taxes, notify you of a change to your account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return. (more…)
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Don’t Panic! Eight Things to Know If You Receive an IRS Notice

by P. Lewis Robinson
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May
6

The Internal Revenue Service sends millions of letters and notices to taxpayers every year. Here are eight things taxpayers should know about IRS notices – just in case one shows up in your mailbox.

  1. Don’t panic. Many of these letters can be dealt with simply and painlessly. (more…)
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IRS Continues to Increase Oversight of Tax Return Preparers to Improve Compliance, Taxpayer Service

by P. Lewis Robinson
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Apr
22

WASHINGTON — As the April 15 tax deadline approaches, the Internal Revenue Service today announced initial results from its stepped-up effort involving enforcement and education to combat unscrupulous tax return preparers and protect the nation’s taxpayers.

The IRS said it has conducted more than 5,000 field visits to tax return preparers this fiscal year. In addition, the IRS has worked with the Department of Justice to pursue questionable return preparers, an effort that has led to 56 indictments, 25 convictions and 21 civil injunctions since Jan. 1, 2010. (more…)

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Ten Things the IRS Wants You to Know About Identity Theft

by P. Lewis Robinson
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Mar
24

Criminals use many methods to steal personal information from taxpayers. They can use your information to steal your identity and file a tax return in order to receive a refund. Here are 10 things the IRS wants you to know about identity theft so you can avoid becoming the victim of a scam artist.

  1. Identity thieves get your personal information by many different means, including stealing a wallet or purse or accessing information you provide to an unsecured Internet site. They even look for personal information in your trash. They also pose as someone who needs information through a phone call or e-mail. (more…)
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IRS Outlines Additional Steps to Assist Unemployed Taxpayers and Others

by P. Lewis Robinson
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Mar
11

WASHINGTON — The Internal Revenue Service today announced several additional steps it is taking this tax season to help people having difficulties meeting their tax obligations because of unemployment or other financial problems.

The steps –– an expansion of efforts that began more than a year ago –– include (more…)

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Top Ten Reasons to Visit IRS.gov

by P. Lewis Robinson
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Jan
14

If you have a tax question or need a tax form – there’s no need to leave the comfort of your home. All you need is a computer and Internet access because IRS.gov has a wealth of information.

Here are the top 10 reasons to visit IRS.gov.

  1. Unlimited access – get answers 24 hours a day seven days a week. If you find yourself working on your tax return over the weekend, there’s no need to wait to get a form or an answer to a question – visit the IRS Web site anytime. IRS.gov is accessible all day, every day. 
  2. Find out all about electronic filing. Virtually everyone can prepare a return and file it for free. You can e-file from the comfort of your home 24 hours a day, seven days a week. E-file is fast and safe. Last year, 2 out of 3 taxpayers used e-file.  Additionally, about 70 percent of taxpayers are eligible for the Traditional Free File.  Find out more about Free File at IRS.gov. 
  3. Check the status of your tax refund. Whether you chose direct deposit or asked IRS to mail you a check, you can check the status of your refund through Where’s my Refund? at IRS.gov.  (more…)
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IRS has released its updated Publication 17 (Your Federal Income Tax) for use in preparing 2009 returns

by P. Lewis Robinson
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Dec
7

The 300-page-plus work reflects the many tax changes that affect the 2009 return, including the changes made to the first time homebuyer tax credit (FTHTC) by the Worker, Homeownership, and Business Assistance Act of 2009 (the Act, P.L. 111-92). IR 2009-112

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8/24/09 – Monthly Payment Plan With the IRS

by P. Lewis Robinson
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Aug
25
If you’ve fallen behind on your taxes or owe a large amount for the most recent tax year, you may consider setting up an installment agreement. However, you will continue to accrue penalties and interest until the entire balance is paid off.  You will also have to pay a nominal fee for engaging in a payment plan and will be required to fill out various forms. The following is a list of the four types of installment agreements offered by the IRS:
 
Guaranteed Installment Agreements
  • Balance Due = $10,000 or less
  • You haven’t filed late or paid late in the past 5 years
  • All tax returns have been filed
  • Repayment period is less than 36 months
  • You’ve had no other installment agreement in the past 5 years
  • You agree to file on time and pay on time in the future
Streamlined Installment Agreements
  • Balance Due = $25,000 or less
  • Repayment period is less than 60 months
Partial Payment Agreement
  • Payments are based on what you can afford after considering essential living expenses
  • May cover a longer repayment period
  • Additional paperwork is required
Non-Streamlined Installment Agreements
  • Balance Due = $25,000 or more
  • You need longer than 5 years to pay the balance
  • You do not meet the requirements for the Streamlined or Guaranteed payment plans
  • Additional paperwork is required
Please contact our office if you have any questions regarding IRS installment agreements.
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