Didn’t Get Your Economic Impact Payment? You Can Claim It on Your 2020 Return.
Article Highlights: Economic Impact Payments High-Income Taxpayer Phaseout Using the 2018 and 2019 Returns Who Qualified for a Rebate? Deceased Individuals Tax Return Non-filers Reconciliation on the 2020 Return One of the more tax-troubling issues this year has been the distribution of what Congress referred to as the recovery rebates. You may know these payments […]
Help Is on the Way – Emergency Coronavirus Relief Agreement Reached
Article Highlights: Emergency Coronavirus Relief Act of 2020 Stimulus Payments Unemployment Assistance CDC Eviction Moratorium Paycheck Protection Program Loans Earned Income Tax Credit & Child Tax Credit School Funding Child Care Transportation After months of political bickering, Congress has reached an agreement on an emergency coronavirus relief bill and the President has said he would […]
Finally, The COVID Relief Package Is Law
Article Highlights Additional 2020 Recovery Rebates Paycheck Protection Program (PPP) Loans & Small Business Support Clarification of Tax Treatment of Covered Loan Forgiveness Expenses Business Meals Educator Expense Unemployment Assistance Earned Income Tax Credit (EITC) & Child Tax Credit (CTC) Cash Charitable Contributions for Non-Itemizers Cash Charitable Contributions for Itemizers Flexible Spending Arrangements Carryover Reduction […]
State Accepts Reduced Sales Tax Liability in Espanola, NM
State Accepts Reduced Sales Tax Liability in Espanola, NM State Reduced Sales Tax Liability – 09-17-2007 Taxpayer Situation: The taxpayer had outstanding sales tax liabilities for 2001- 2005 in the amount of $54,569. Taxpayers had made payments to the state but had failed to file sales tax reports. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated […]
State Accepts Offer in Compromise in Hobbs, NM
State Accepts Offer in Compromise in Hobbs, NM IRS Offer in Compromise – 07-06-2007 Taxpayer Situation: Taxpayers owed the New Mexico Taxation and Revenue Department for tax years 1997-2005, 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 with the […]
IRS Accepts Installment Agreement in Moriarty, NM
IRS Accepts Installment Agreement in Moriarty, NM IRS Installment Agreement – 12-28-2009 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 negotiated an Internal Revenue Service payment agreement for a client in Moriarty, NM. Legacy Tax […]
State Accepts Payment Plan in Las Cruces, NM
State Accepts Payment Plan in Las Cruces, NM State Payment Plan – 12-05-2009 Taxpayer Situation: Taxpayer owed the New Mexico Taxation and Revenue Department for tax years 2002-2006. The taxpayer had outstanding returns for 2005 through 2007. Resolution Outcome: Legacy Tax & Resolution Services successfully prepared and filed outstanding returns and negotiated with the New Mexico Taxation […]
State Accepts Payment Plan in Alto, NM
State Accepts Payment Plan in Alto, NM State Payment Plan – 11-23-2009 Taxpayer Situation: Taxpayer owed the State of New Mexico Taxation and Revenue Department for tax years 1999-2006. The taxpayer had outstanding returns for 2000 through 2007. Resolution Outcome: Legacy Tax & Resolution Services successfully prepared and filed outstanding returns and negotiated with the State of New Mexico Taxation […]
Tax Time is Around the Corner! Are You Ready?
Article Highlights: Time to Gather Your Information New for 2020 Choosing Your Alternatives Tips for Pulling Your Information Together Tax time is just around the corner, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation for your tax appointment—whether in person, by videoconference or telephone. […]
What Are the Tax Advantages of Home Ownership?
Article Highlights: Historically Low Interest Rates Purchase Costs Points Mortgage Payments Refinancing Property Taxes Inflation Gain Exclusion Renting Versus Owning Worksheet to Analyze Costs Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. As of November 2020, the nationwide average […]