by Steven J Weil, PhD, EA, LCAM | Aug 9, 2022 | Blog, Business Tax, Personal Tax
Congress is funding an additional 87,000 IRS agents. These new agents will need to cut their teeth on simple cases, where for the most part taxpayers are not big enough or rich enough to fight back. This means those receiving tax credits, operating small businesses,...
by Steven J Weil, PhD, EA, LCAM | Jul 4, 2022 | Blog, Personal Tax
DID YOU KNOW: If you do short term rentals of 30 days or more per year for any two consecutive years in a row you could lose your homestead exemption. This could mean paying tax on a much higher assessed value. It has recently come to our attention that at least some...
by Steven J Weil, PhD, EA, LCAM | Jun 15, 2022 | Blog, Personal Tax
The IRS is back – at least when it comes to the sending of millions of letters to taxpayers whom it believes underpaid their taxes. The letter takes the form of a CP14 and it is important not to ignore these notices. Just because you get a notice does not mean that...
by Steven J Weil, PhD, EA, LCAM | May 23, 2022 | Blog, Business Tax, Personal Tax
According to an audit report (2022-40-036) published on 5/4/22 by the Treasury Inspector General for Tax Administration (TIGTA), a service-wide strategy is needed to address challenges that limit growth in business tax return electronic filing. The report states,...
by Steven J Weil, PhD, EA, LCAM | Mar 12, 2022 | Blog, Business Tax, Personal Tax
IR 2022-45, 3/1/2022 In an information release, the IRS has remined taxpayers of their reporting and potential tax obligations from working in the gig economy. Gig economy earnings are taxable. Generally, income earned from the gig economy is taxable and must be...
by Steven J Weil, PhD, EA, LCAM | Jan 31, 2022 | Blog, Personal Tax
Under the heading Not Quite Ready for Tax Season the IRS is urging people to use the information in their online taxpayer accounts for the most up-to-date figures on the amount of the advance Child Tax Credit to include on their tax returns — instead of the...
