The first step in resolving an outstanding tax liability should be to verify that the amount of the tax debt being reported by the IRS or State Tax Agency is correct. Because tax law is so complex, important tax deductions or tax credits are often missed when returns are completed by individuals who lack the… Continue reading →
Amend Returns
Refunds Down, Direct Deposit Up
The IRS recently released statistics showing that while more taxpayers have filed earlier this year, the tax return refund amount they are getting back will be less on average and most likely received through direct deposit. According to the IRS, 75.3 million Americans have already been sent their refunds as of March 30, 2012, compared… Continue reading →
IRS Itemized Deductions and Volunteer Work at Schools
Interesting questions come up everyday at our tax firm. On the mind of many parents particularly those with part time or full time self-employment, relates to how their volunteer work for their child’s school might affect them from a tax standpoint. Now that is October, children have settled into their classrooms and many schools have… Continue reading →
IRS to Fingerprint Tax Preparers and Require PTIN to be Renewed Yearly.
We have many clients who come to us with huge tax debts that have resulted from errors or miscalculations on prior year returns. Sometimes these tax filing errors flag an audit or create what might start off as a small tax liability but after years of penalties and interest becomes a much bigger problem. Of… Continue reading →
