IRS Form 8822 | Change of Address
IRS Form 8822 | Change of Address After moving into a new home, you may want to use Form 8822 to notify the Internal Revenue Service of your change of address. The IRS may send you notices, refunds paid with a paper check and other correspondence relating to your personal, gift and estate taxes. […]
State Accepts Payment Plan in Irvington, NJ
State Accepts Payment Plan in Irvington, NJ State Payment Plan – 11-17-2005 Taxpayer Situation: Taxpayer owed the New Jersey Department of Treasury for tax years 1997-2003. The taxpayer had outstanding returns for 2001 through 2004. Resolution Outcome: Legacy Tax & Resolution Services successfully prepared and filed outstanding returns and negotiated with the New Jersey Department of Treasury, […]
Reconstructing Individual Tax Records
Article Highlights Advance Preparedness Cloud Storage Copies of Returns or Return Transcripts Records of Personal Residence and Real Property Vehicles Personal Property Business Records Hurricanes, fires, floods, tornadoes and other unanticipated events can all destroy tax records and require taxpayers to reconstruct financial records lost during such a tragedy or disaster. Individuals will need these […]
IRS Accepts Installment Agreement in Portsmouth, NH
IRS Accepts Installment Agreement in Portsmouth, NH IRS Installment Agreement – 06-13-2005 Taxpayer Situation: Taxpayers owed the IRS for tax years 1992-2004. The taxpayer had outstanding returns for 1998 through 2004. Resolution Outcome: Legacy Tax & Resolution Services successfully prepared and filed outstanding returns and negotiated with the Internal Revenue Service an Installment Agreement for a client […]
IRS Form 2553 | Election by a Small Business Corp
IRS Form 2553 | Election by a Small Business Corp IRS Form 2553, Election by a Small Business Corporation, is filed by a corporation or other eligible entity to make an election to be an S corporation under section 1362(a). A corporation are treated as C corporations unless the proper steps are taken to […]
Considering a New or Pre-Owned Electric Vehicle? Read This First to See If You Will Benefit From a Tax Credit
Article Highlights New 2023 Clean Vehicle Rules Income Qualifications MAGI Limits New Clean Vehicle Credits U.S. Department of Energy Index of Qualifying Vehicles Previously Owned Clean Vehicle Credit IRS Index of Qualifying Previously Owned Clean Vehicles Definition of a Qualifying Previously Owned Clean Vehicle Qualifying Previously Owned Clean Vehicle Sale Dealer Report What Tax Benefit […]
IRS Released Levy in Las Vegas, NV
IRS Released Levy in Las Vegas, NV IRS Levy Release – 01-14-2005 Taxpayer Situation: Taxpayer owed the IRS for tax years 1999, 2001, and 2003. The taxpayer was current with the filing of all his tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated a Levy Release with the Internal Revenue Service for a client […]
Tax Consequences of Crowdfunding
Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. Several sites host money-raising projects for fees generally ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. The money raised may or may not be taxable depending on what […]
IRS Form 8822-B | Business Change of Address
IRS Form 8822-B | Business Change of Address Beginning January 1, 2014, any entity with an EIN (Employer Identification Number), such as a corporation, LLC, tax exempt organization, or retirement plan sponsor, must file Form 8822-B Change of Address or Responsible Party – Business to report the latest change to its responsible party. The newly required form […]
IRS Accepts Offer in Compromise in Omaha, NE
IRS Accepts Offer in Compromise in Omaha, NE IRS Offer in Compromise – 08-05-2005 Taxpayer Situation: Taxpayers owed the IRS for tax years 1996-2004, totaling $95,952. The taxpayers were current with the filing of all their tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Offer in Compromise with the Internal Revenue Service for […]