Form 7004 | Entity Extension
Form 7004 | Entity Extension IRS Form 7004 is used to file for an automatic extension of time when filing business tax returns for a partnership, a multiple member LLC filing as a partnership, a corporation, or s-corporation. The IRS form 7004 will provide your businesses with the convenience of a 5-1/2-Month, 6-Month or […]
Defer Taxes with Installment Sales
Article Highlights: Capital Gains Rates Mitigating Surtax On Net Investment Income How It Works Existing Mortgages Tying Up Your Funds Tax Law Changes Selling a property one has owned for a long period of time will frequently result in a large capital gain, and reporting all the gain in one year will generally expose the […]
Did You Overlook Something on a Prior Tax Return?
Article Highlights: Repercussions of Incorrect Tax Returns Filing Amended Returns Statute of Limitations for Refunds Potential of Audit It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the […]
Form 1099-K | Payment Card and Third-Party Network Transactions
Form 1099-K | Payment Card and Third-Party Network Transactions Form 1099-K, Payment Card and Third-Party Network Transactions, is used to report transactions that are made via payment settlement entities. If you use a service to process credit or debit card transactions, that service is a payment settlement entity, and the amount of those types of transactions for […]
You May Be Able to Minimize the Tax on Your Social Security Benefits and the Cost of Your Medicare Benefits
Article Highlights: Income as a Factor Filing Status as a Factor 85% Maximum Taxable Base Amounts Deferring Income Maximizing IRA Distributions Gambling Gotcha Qualified Charitable Distributions Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on several issues including filing status and income. In addition, the amount that […]
Form 9465 | Installment Agreement Request
Form 9465 | Installment Agreement Request An installment agreement allows the taxpayer to breakdown their tax debt into manageable payment plan. Usually an installment agreement requires equal monthly payments based on the amount of taxes owed, the amount of money the IRS can collect at one time, and the amount of time they are allowed […]
Why SBA Lenders Should Use Form 8821 instead of Form 4506-C | Form 4506-T
Why SBA Lenders Should Use Form 8821 instead of Form 4506-C | Form 4506-T | Form 8821 The Form 4506-C Nightmare If you are still using Form 4506-C, you’re probably familiar with the painful weeks or longer wait times only to receive limited financial information or an outright rejection without any explanation. Lenders using […]
IRS Accepts Installment Agreement in St Lewis, MO
IRS Accepts Installment Agreement in St Lewis, MO IRS Installment Agreement – 08-08-2006 Taxpayer Situation: Taxpayer owed the IRS for tax years 2000-2005. The taxpayer was current with the filing of all his tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiationed an Internal Revenue Service Installment Agreement for a client in St. Lewis, MO. […]
Only 8 Days Left For 2014 Tax Deductions
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Video: Here is What Taxpayers Need to Know to Claim the Previously-Owned Clean Vehicle Tax Credits
The Inflation Reduction Act of 2022 made several changes to the tax credits provided for qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles to the tax credit.