IRS Accepts Currently Not Collectible Status in Santa Fe, NM
IRS Accepts Currently Not Collectible Status in Santa Fe, NM IRS Currently Not Collectible Status – 05-09-2016 Taxpayer Situation: Taxpayers had outstanding tax liabilities for the years 2008 – 2013 in the amount of $146,225. Taxpayers were current with the filing of all their tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Internal […]
IRS Accepts Revised Audit Outcome in Hobbs, NM
IRS Accepts Revised Audit Outcome in Hobbs, NM IRS Revised Audit Outcome – 04-18-2016 Taxpayer Situation: The taxpayer was audited for 2011-2013 and used his existing tax preparer to represent him in the audit. Unfortunately, the tax preparer had no audit representation experience, and the IRS auditor went on a scavenger hunt. The taxpayer was […]
IRS Released Bank Levy in Las Cruces, NM
IRS Released Bank Levy in Las Cruces, NM IRS Bank Levy Release and Installment Agreement – 02-17-2016 Taxpayer Situation: The taxpayer owed the IRS for tax years 2010-2014, and the IRS had issued a bank levy. He was desperate because he only had 21 days before the bank sent the funds to the IRS he desperately […]
IRS Accepts Installment Agreement in Clovis, NM
IRS Accepts Installment Agreement in Clovis, NM IRS Installment Agreement – 12-19-2021 Taxpayer Situation: Taxpayer owed the IRS for tax years 2014, 2015, and 2016. The taxpayer was current with the filing of all his tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Internal Revenue Service Installment Agreement for a client in Clovis, […]
IRS Unveils Online Tool to Register for Monthly Child Tax Credit Payments
Article Highlights: Increased Child Tax Credit High Income Phaseout Advanced Payments Non-filer Credit Registration IRS Letters Scam Awareness As we noted in prior articles, Congress has made substantial changes to the child tax credit (CTC) for 2021. The CTC has been increased to as much as $3,000 per child ages 6 through 17 at the […]
Video tips: Different Tax Treatments for House Flippers
Planning on flipping houses? Make sure to learn about the tax treatments of dealers, investors, and homeowners. Check out this helpful video for a quick summary of what you should know.
The Treasury Green Book of Biden Proposed Tax Changes
Article Highlights Long-Term Capital Gains Rates Top Individual Tax Rate Pass-Through Income Subject to 3.8% NIIT or SECA Tax Limit Nonrecognition of Like-Kind Exchanges Transfer of Appreciated Property by Gift or Death Family-Owned and -Operated Businesses 15-Year Fixed-Rate Payment Plan Excess Business Loss Limitation Carried Interest Enhanced Financial Account Reporting The U.S. Treasury has released […]
Day Care Providers Enjoy Special Tax Benefits
Article Highlights: Business Use of Home Prorated Use Owned Home Rented Home Exclusive Use Meal Allowance Other Deductions A taxpayer who is in the business of providing family day care in their home may deduct the ordinary and necessary expenses of their business. The two primary deductions include the business use of their home and […]
Video tip: How Long Should You Keep Old Tax Records?
This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Watch this video for an overview.
Tax Rules for Home Flippers
Article Highlights: Definition of Flipping Government Will Share in the Profits Tax Treatment Depends on Being a Dealer, Investor or Homeowner Distinguishing a Dealer from an Investor With mortgage interest rates low, flipping real estate appears to be on the rise. This activity is even the theme of several popular reality TV shows. House flipping […]