Architects & Engineering (A & E) activities is about solving a technical problem related to customer orders, or changes in product application. A & E firms routinely conduct qualifying research under contract with their clients. Neither the contract nor payments received for services under the contract will necessarily disqualify the activity from qualifying for
The IRS uses many methods to collect back taxes from delinquent taxpayers. Among them is a levy, which is a legal seizure of property to satisfy a tax debt. Just about any type of property can be subject to levy including wages, money in the bank or other financial accounts, vehicles, real estate, and
As a result of the COVID-19 crisis, many federal and New York State tax deadlines were extended. In addition, those who had pending audits or tax collection matters or were paying off back taxes got a temporary break. However, many of these tax relief measures are set to end on July 15, 2020. What
A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The IRS People First Initiative has suspended many IRS collection actions including liens; however, taxpayers still need to be concerned. Federal tax liens are subject to different rules than other types of
Many individuals and businesses are facing significant financial problems arising from the coronavirus. The Federal and New York State governments have responded with several changes to provide tax relief. Here are the key provisions taxpayers need to know: Federal Taxes 1. Filing and Paying Taxes. Taxpayers may defer filing and paying their federal taxes
As the coronavirus spreads, individuals and businesses are increasingly facing financial problems on top of the potential health concerns. In response to this, both the federal and New York State government have provided some tax relief. Here are a few developments: Federal Taxes The Treasury Department and the Internal Revenue Service have announced that
If you can’t afford to pay off your tax debt, you may qualify for an “Offer in Compromise (OIC).” An IRS Offer in Compromise (OIC) is an agreement between the taxpayer and the IRS to settle the taxpayer’s liabilities for less than the full amount owed. An OIC may be a good option if
There is no shortage of celebrities convicted of tax evasion. Just this month, Chrisley Knows Best stars Todd and Julie Chrisley were indicted on multiple counts of conspiracy, bank fraud, wire fraud, and tax evasion. The Chrisleys’ accountant was also indicted on tax-related offenses. Separately, Chase Chrisley was hit with a federal tax lien. The IRS contends Chase owes almost $17,0000 in taxes
An IRS levy is a legal seizure of property to satisfy a tax debt. It is one method of collection the IRS uses to collect back taxes. Just about any type of property can be subject to levy including wages, money in bank or other financial accounts, vehicles, real estate, and other personal property. The
Every year the IRS releases its Data Book with useful statistics about the IRS’ activities, money spent and collected, taxpayer attitudes, and other data. For taxpayers, there was good and bad news depending on your perspective. In Fiscal Year 2018 (FY 2018), IRS staffing and audits were down, but hiring is looking to start up
Often taxpayers who owe back taxes to the IRS cannot afford to pay their debt all at once. That’s where an IRS Installment Agreement (IA) may help. IAs allow a taxpayer to pay off his/her full liability to the IRS via monthly payments. In 2018, the IRS approved almost 3 million IAs, of which
It’s time to talk IRAs. IRAs are an integral part of most people’s retirement plans, but as an advisor, I encounter many on the other side of my desk who could use a few tips when it comes to understanding their IRAs. To begin, let’s start with the basics. There are two types of IRAs, a regular
Can you get rid of an IRS penalty? There are many reasons why the IRS may assess a penalty against a delinquent taxpayer. However, IRS penalties may be challenged at any stage of the penalty assessment process and be granted in limited cases. This can save taxpayers significant money if they act promptly. Qualifying
Tax season is here which means more tax-related scams. The IRS recently published a warning to consumers about a new one involving “ghost” tax preparers. By law, anyone who is paid to prepare or assist in preparing federal tax returns must have a valid 2019 Preparer Tax Identification Number or PTIN. Paid preparers must sign
Receiving an IRS collection notice is very stressful, but taxpayers do have rights to challenge the IRS. In a previous post, we discussed the right to request a Collection Due Process (CDP) Hearing. This remedy can be very useful in many circumstances, but there are other options. Equivalent Hearing Where the taxpayer fails to
