Tag: IRS
Stricter guidelines for IRS offer in compromise program
The IRS has traditionally allowed taxpayers some extra time to file all their required returns during the application process for an offer in compromise. However, a recent change requires taxpayers to file all their required returns before applying for this...
IRS acknowledges per-taxpayer interpretation of mortgage interest deduction limits
The IRS has announced that it will follow the decision in Voss v. Commissioner, which specifies that two unmarried individuals purchasing a residence together can each deduct interest on a mortgage up to $1 million and home equity debt up...
Erroneous IRS notice for late payment of a 941 liability
Some of our clients have received an erroneous IRS notice assessing a penalty for the tax period ended June 30, 2016. The notification will indicate “Failure to make a proper federal tax deposit penalty” or “Your Federal Tax Deposit wasn’t...
IRS unveils PayNearMe program
If you’re an individual taxpayers without a checking account or credit card, you can now pay your federal tax bill in cash at participating retail stores. The IRS recently unveiled PayNearMe, a program where taxpayers can pay up to $1,000...
IRS warns of latest scam variation involving bogus “Federal Student Tax”
The Internal Revenue Service today issued a warning to taxpayers about bogus phone calls from IRS impersonators demanding payment for a non-existent tax, the “Federal Student Tax.” Even though the tax deadline has come and gone, scammers continue to use...
Deadline Looms for Foreign Bank Account Holders
The Internal Revenue Service is reminding all taxpayers with a filing requirement for a foreign bank account report to report their foreign assets by the June 30 deadline. FBAR filings have risen dramatically in recent years as the Foreign Account...
URGENT: IRS letter to confirm your identity is authentic
Taxpayers are suspicious of any "official-looking" IRS communications these days due to the prevalence of tax-related phishing and scam attempts, but if you get a letter from the IRS this tax season asking you to verify you identity, it's probably...
The Simplification of Accounting
To quote Russell G. Golden, FASB Chairman in his column addressing the real need to simplify Generally Accepted Accounting Principles…… “If you can't explain it to a six year old, you don't understand it yourself.” The FASB is listening to...
Tips for Safeguarding Tax Records Against Natural Disaster
Here in Michigan we are midway through tornado season, but disaster can strike no matter the time of year, so the IRS is reminding individuals and businesses to safeguard their records. Taxpayers should keep a set of backup records in...
SR Client Question: How can I check the status of my refund?
It's a question we get often this time of year--"Where's my refund check?!" Fortunetly, both the IRS and the State of Michigan have made it easy to check the status of your check online: IRS 1. Go to www.irs.gov 2. ...