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IRS OFFERS PENALTY RELIEF

The Internal Revenue Service has issued a notice that provides some tax relief for taxpayers that received an over payment of premium tax credits for buying health insurance through Obamacare. Notice 2015-09 offers limited relief for taxpayers Who have a balance due on their 2014 income tax return because of the trade off in balancing the tax … [Read more...]

POTENTIAL FINES AT TAX TIME

Uncle Sam could take a bigger bite at tax time for those tax payers Who received too much government help in 2014 with their Obama care premiums. We are approaching the first tax deadline involving the Affordable Care Act. Most Americans who get their health insurance covered through their employer will see very few changes in filing their … [Read more...]

IRS FREEZES CREDIT ACCOUNTS

The IRS sometimes freezes taxpayer’s accounts through a special coding system that they use in their computers. Taxpayer accounts which are in “credit status” are coded as being in a freeze condition. This is sometimes referred to as a frozen credit account. This frozen credit status sometimes occurs where payments by a taxpayer exceed the … [Read more...]

IRS RULES ON GIFT GIVING FOR YEAR END

The Internal Revenue Service has issued a reminder to individuals that there are many important tax law provisions which have recently gone into effect regarding gifting; here are some of the highlights: 1. Charitable contributions If you donate household items to charity it must be in good used condition or better in order to be tax … [Read more...]

TAX FRAUD IN TEXAS

Jaqcueline and Gladstone Morrison operated a tax prep business known as Jaqueline Morrison Associates in Arlington, Texas and Fort Worth, Texas. A federal court found them guilty of 18 counts of conspiracy to commit tax offenses and the wire fraud. The married couple filed false income tax returns. They essentially created false losses on Schedule … [Read more...]

OIC GAINING GROUND

I have repeatedly been asked by tax professionals (tax lawyers, accountants, and tax preparers) if Offer in Compromise is for real. In fact many of them tell me they have heard it is impossible to get a deal from the IRS. For those of you just tuning in an Offer in Compromise is by far and away the best way to reduce your outstanding tax debt with … [Read more...]

IRS adjusts tax rates and deduction levels for 2015

The internal Revenue Service just issued an announcement regarding their annual inflation adjustments for 2015. This announcement affects many tax provisions but specifically the tax rate schedules and deductions. The adjustments that affect most people are as follows: 1. The tax rate of 39.6% now affects single filers whose income exceeds … [Read more...]

TAX FRAUD

Tax preparer Hazel McGary, 46 year old Louisiana resident, also known as Hazel Alexander and Hazel Kimbel has been sentenced to 87 months in prison for filing false returns and an additional crime related to tax fraud. Hazel has also been ordered to serve 2 years of supervised release once she is release from prison and pay back $148,673 in … [Read more...]

OBAMACARE MAY AFFECT YOUR TAXES

The national conference of CPA practitioners is warning that the Affordable Care Act, also known as Obamacare, may have a negative impact upon millions of taxpayers this winter. The biggest problem is that many taxpayers are completely unaware that their refund may be reduced or even eliminated due to various issues brought about because of the … [Read more...]

CONGRESS LETS TAX BREAKS EXPIRE

It happens every year. Congress lets popular tax breaks expire. This year, Congress is letting a package of 55 popular tax breaks expire at the end of the year. Congress lets these tax breaks fall by the wayside almost every year, Creating uncertainty for millions of taxpayers. Eventually they will renew them and make them retro active. Trade … [Read more...]