IRS Accepts Audit Reconsideration for Unreported Mutual Fund Sales Transactions in Corrales, NM
IRS Accepts Audit Reconsideration for Unreported Mutual Fund Sales Transactions in Corrales, NM IRS Revised Audit Outcome – 03-07-2014 Taxpayer Situation: The taxpayer received a CP 2000 for unreported mutual fund sales transactions in 2012 and did not respond. The taxpayer believed that since they were all mutual fund sales and not common stocks, she […]
Consequences of Filing Married Separately
Article Highlights: Changing Filing Status Liability Community Property States Social Security Benefits Capital Loss Limitations Sec 179 Business Expensing Election Rental Loss Limitation Traditional IRA Contributions Roth IRA Contributions Education Credits Series EE or I Bonds Higher Education Interest Standard Deduction Medicare Premiums Allocating Home Mortgage Interest Alternative Minimum Tax (AMT) 2021 Tax Rate Tables […]
State Accepts Payment Plan in Navajo, NM
State Accepts Payment Plan in Navajo, NM State Payment Plan – 02-22-2014 Taxpayer Situation: Taxpayers owed the State of New Mexico Taxation and Revenue Department for the tax year 2010. The taxpayer had outstanding tax returns for 2008 through 2011. The taxpayer tried to work with the State of New Mexico Taxation and Revenue Department and […]
State Accepts Offer in Compromise in Albuquerque, NM
State Accepts Offer in Compromise in Albuquerque, NM IRS Offer in Compromise – 01-02-2014 Taxpayer Situation: Taxpayers owed the State of New Mexico Taxation and Revenue Department for tax years 2004-2012, totaling $66,155. Taxpayers were current with the filing of all their tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Offer in Compromise […]
How Biden’s Proposed American Families Plan Might Affect You
Article Highlights: Education Benefits Education, Teachers and Educators Child Tax Credit Child & Dependent Care Tax Credit Earned Income Tax Credit for Childless Workers Paid Family Leave Health Insurance Corporate Tax Rate Individual Marginal Tax Rates Capital Gains Tax Basis Step-up Carried Interest Like-kind Exchange for Real Estate Excess Business Losses Medicare Tax Tax Preparer […]
State Accepts Revised Audit Outcome in Carlsbad, NM
State Accepts Revised Audit Outcome in Carlsbad, NM State Revised Audit Outcome – 12-18-2018 Taxpayer Situation: The taxpayer was audited by the State of New Mexico Taxation and Revenue Department for 2013-2015 and used his existing tax preparer to represent him in the audit. Unfortunately, the tax preparer had no audit representation experience, and the state auditor […]
Did You File Before Congress Passed the Unemployment Tax Exclusion? Here is How the IRS is Handling the Situation
Article Highlights: American Rescue Plan Act Unemployment Income Exclusion Early Filers IRS Automatic Adjustment Refund Schedule Method of Payment Refund Offsets Potential Need for Amended Return Adjustment Notice Normally, unemployment insurance benefits are fully taxable for federal purposes. However, earlier this year, about the middle of the tax filing season, Congress, as part of the […]
State Accepts Release of Lien to Allow Refinancing to Pay State Debt in Gallup, NM
State Accepts Release of Lien to Allow Refinancing to Pay State Debt in Gallup, NM State Release of Lien – 11-19-2018 Taxpayer Situation: Taxpayers owed the State of New Mexico Taxation and Revenue Department for the tax year 2017. The taxpayer was current on all returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated a State of New […]
IRS Accepts Audit Reconsideration for Unreported Mutual Fund Sales Transactions in Ruidoso, NM
IRS Accepts Audit Reconsideration for Unreported Mutual Fund Sales Transactions in Ruidoso, NM IRS Revised Audit Outcome – 09-16-2018 Taxpayer Situation: The taxpayer received a CP 2000 for unreported mutual fund sales transactions in 2017 and did not respond. The taxpayer believed that since they were all mutual fund sales and not common stocks, she […]
IRS Accepts Installment Agreement in Roswell, NM
IRS Accepts Installment Agreement in Roswell, NM IRS Installment Agreement – 07-13-2018 Taxpayer Situation: Taxpayers owed the IRS for tax years 2005-2013. The taxpayer had outstanding returns for 2009 through 2012. Resolution Outcome: Legacy Tax & Resolution Services successfully prepared and filed outstanding returns and negotiated an Installment Agreement with the Internal Revenue Service for a client […]