UPCOMING DEADLINE FOR FILING 2021 TAX RETURNS September 26, 2022 John A. Cocklereece, Jr. Travis Woolen Tax Controversy Law The IRS recently sent a reminder of the upcoming filing deadline for those that filed an extension. The IRS also offered some tips for avoiding common filing mistakes. Below is a summary of their suggestions:
THE BASICS OF STARTING A NEW BUSINESS FROM A TAX PERSPECTIVE September 14, 2022 John A. Cocklereece, Jr. Travis Woolen Tax Controversy Law There are many challenges in starting a new business. One important one is making sure you are handling your tax filing and paying obligations correctly. The process can seem daunting, but IRS.gov has resources to help new business owners. Here are a few things new entrepreneurs need to do relating to taxes when starting their business, courtesy of the IRS.
IRS REPORTING REQUIREMENTS FOR INDEPENDENT CONTRACTORS August 10, 2022 John A. Cocklereece, Jr. Travis Woolen Tax Controversy Law In a recent announcement, the IRS reminded businesses about their compensation reporting requirements for independent contractors and other nonemployee workers. When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, business taxpayers who pay nonemployee compensation of $600 or more per year are required to report these payments to the IRS.
IRS OPERATIONS UPDATE August 3, 2022 John A. Cocklereece, Jr. Travis Woolen Tax Controversy Law The IRS recently issued various notices updating the status of certain IRS functions, many of which have been "paused" or slowed down due to COVID or other factors. Some of the more interesting ones are:
GOOD REMINDERS ABOUT INDIVIDUAL RETIREMENT ACCOUNTS ["IRAs"] July 17, 2022 John A. Cocklereece, Jr. Travis Woolen Tax Controversy Law The IRS recently published some good summary information about the different types of, and different rules applicable to, IRAs. IRAs are perhaps one of the most common retirement planning vehicles, so it is good to be reminded of the basic ins and outs. IRAs provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund, or stockbroker.
PROCEED WITH CAUTION - COMPANIES THAT PROMISE TO ELIMINATE YOUR TAX DEBT July 7, 2022 John A. Cocklereece, Jr. Tax Controversy Law I frequently see advertisements on TV from companies that offer to eliminate your tax debt. As a recent post from the IRS cautions, do your homework and check references before making a commitment and paying any money. See some of the IRS's advice below:
THE IRS'S DIRTY DOZEN TAX SCAMS June 29, 2022 John A. Cocklereece, Jr. Tax Controversy Law Compiled annually, the Dirty Dozen lists a variety of common scams that taxpayers can encounter anytime. The IRS warns taxpayers, tax professionals and financial institutions to beware of these scams. Here’s a selection from the top tax scams of 2022. Potentially abusive arrangements
FILING A FINAL TAX RETURN FOR SOMEONE WHO HAS PASSED AWAY June 23, 2022 John A. Cocklereece, Jr. Tax Controversy Law The IRS recently sent a notice that gave some good advice for anyone filing a tax return for someone who is deceased. Here are their tips: When someone dies, their surviving spouse or representative files the deceased person’s final tax return. On the final tax return, the surviving spouse or representative will note that the person has died. The IRS doesn’t need any other notification of the death.
NEXT ESTIMATED TAX PAYMENT DUE 6/15 June 13, 2022 John A. Cocklereece, Jr. Tax Controversy Law A recent IRS email reminds taxpayers about what they need to know about making 2022 estimated tax payments. It included some quick reminders about what estimated taxes are, when they are due, and how they work:
Can the IRS Take Money from Your Bank Account? August 13, 2021 Ryan M. Gaylord John A. Cocklereece, Jr. Tax Controversy Law The Internal Revenue Code authorizes the IRS to impose levies to collect delinquent tax payments. So under certain circumstances, the IRS may be able to freeze and then seize money in your bank account.
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