by Steven J Weil, PhD, EA, LCAM | Aug 8, 2023 | Blog, Business Tax, Personal Tax
1099-K Confusion on the Horizon The American Rescue Plan Act of 2021 lowered the filing threshold for payment processors and credit card companies from 200 transactions or $20,000 to just $600 for 2022 — but the IRS delayed the effective date until 2023. Because...
by Steven J Weil, PhD, EA, LCAM | Aug 1, 2023 | Blog, Business Tax, Personal Tax
Unannounced IRS Visits If someone knocks at your door claiming to be the IRS don’t believe them. The IRS has ended unannounced visits of revenue agents and other personnel to taxpayers’ homes and places of business. If you think this is to protect taxpayers, you...
by Steven J Weil, PhD, EA, LCAM | Jul 30, 2023 | Blog, Personal Tax
Delay the Tax With An Installment Sale When selling property like land, rentals or business property an installment sale may delay the tax and even lower the tax bracket on some of the sales proceeds. An installment sale is when the seller provides part, or all, of...
by Steven J Weil, PhD, EA, LCAM | Jul 1, 2023 | Blog, Personal Tax
Yes, you can end up in jail for hiding income from the IRS. U.S. citizens and residents are required to report all income received from all sources both inside and outside the U.S. Apart from income specifically excluded for tax under the IRS code, all income is...
by Steven J Weil, PhD, EA, LCAM | Jun 10, 2023 | Blog, Business Tax, Personal Tax
Lowering your taxes is a lot like eating an elephant, it’s done in lots of small bites. What you can do depends on how much income you have and the sources of that income. If you are an employee on a W2 and your employer offers a retirement plan like a 401K or a...
by Steven J Weil, PhD, EA, LCAM | Jun 2, 2023 | Blog, Business Tax, Personal Tax
In most cases the IRS has 3 years from the last day of the date your return was filed OR your return was due. However, this time limit, also known as the statute of limitations, can be extended under certain circumstances. The statute of limitations can be extended...
