IRS Tax Help

US Expat Tax Help – Professional IRS help for Americans living overseas

January 8, 2021 | Mike Habib, EA

Preparation – Planning – Representation – Special situation advisory

Americans living abroad, expatriates, are not immune from having to pay US Federal Income Tax and even some states do as well. Unfortunately, there are some people who mistakenly think that as soon as they leave the United States that they are no longer responsible for paying taxes. They soon discover that is not the case when they receive a letter from the IRS stating that they are delinquent on filing their taxes. These are times that having US Expat tax help, by CPA, EA, or tax attorney, would really come in handy.

Call us at 1-562-204-6700 or toll free 1-877-78-TAXES.

CAA, 2021 CHANGES TO PAYCHECK PROTECTION PROGRAM SECOND DRAW

January 4, 2021 | Mike Habib, EA

Dear Client:

At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to deduct ordinary and necessary expenses paid from the proceeds of PPP loans.

IRS Revenue Agent and IRS Revenue Officer – Different roles & responsibilities

July 10, 2020 | Mike Habib, EA

Although an IRS revenue agent – RA and IRS revenue officer – RO may sound like the same title, there are actually differences between them that you should know. While most individuals may never have to face an IRS audit for example, understanding how the different agents and officers operate can be quite important just in case you are facing the IRS.

Get IRS tax help by calling us at 1-877-788-2937.

CARES ACT’S DEFERRAL OF, CHANGES TO, LIMITS ON EXCESS BUSINESS LOSSES

April 14, 2020 | Mike Habib, EA

Dear Client:

Right now your highest priority continues to be the health of those you love and yourself.

But you may have read a letter that I recently sent that summarized the Coronavirus Aid, Relief, and Economic Security (CARES) Act tax provisions.

That letter included a brief discussion of the CARES Act’s deferral of and changes to the limit on excess business losses. Here is more about the deferral and changes.

Corona Virus COVID-19 IRS Tax Relief – Back Taxes Help

March 25, 2020 | Mike Habib, EA

For individual and business taxpayers facing hardship, back taxes, payment plans, installment agreements, offer in compromise, tax filings, tax levies, garnishments, liens, compliance and other IRS tax matters.

IR-2020-59 on 03.25.2020

IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance programs

IRS Tax Audit Representation: reliable help 1-877-788-2937

November 1, 2019 | Mike Habib, EA

If you or your company are being audited by the Internal Revenue Service, this is when proper IRS tax audit representation can help. Unfortunately, too many people believe that such representation is either unnecessary or having their CPA is good enough. And while having a trained tax preparer, an accountant, or even a CPA is beneficial, that all changes when the IRS decides to conduct an audit. There is an inherited conflict of interest between you the taxpayer and your CPA, the auditor – IRS Agent, can ask questions like who took this particular position on the tax return, will the CPA protect themselves or put you in a disadvantaged, awkward position. Hiring a representation firm is the way to go about IRS audit representation help.

Get a free evaluation today 1-877-78-TAXES [1-877-788-2937].

Of course, before you choose to get the proper audit representation from a tax firm, it is helpful to know why your tax returns were selected for an audit. Keep in mind that the IRS is required to randomly select from all tax returns a certain percentage that will be audited, even if there is nothing wrong with the return itself. Forms 1040, 1041, 1065, 1120, 1120S, Schedules A, B, C, D, E, F and other worksheets.

However, most IRS audits are conducted because there is something that does not add up, something that stands out which requires further investigation. This is when having the right IRS tax audit representation can really help.

Payroll Tax Problems : Employment 941/940 tax representation

October 1, 2019 | Mike Habib, EA

If you are facing payroll tax problems, then you have a serious issue on your hands. This is especially true for small business owners and entrepreneurs who may not have the knowledge, experience, or skill set to understand how tax issues with their unpaid 940/941payroll and employment got out of hand. Now that the IRS may be involved, you will need to get the right tax firm to represent your interests during this trying time.

Avoid IRS enforcement actions such as tax liens, and bank levies.

Get a free evaluation today 1-877-78-TAXES [1-877-788-2937].

A good starting point is understanding how unpaid payroll tax problems can begin. If you have yet to face issues with employment tax, trust fund 6672, then you can avoid them if you follow the right steps.

IRS PLR Discusses Real Estate company not qualifying for 501(C)(3) status

August 9, 2019 | Mike Habib, EA

In a Private Letter Ruling, IRS has determined that an organization does not qualify for Code Sec. 501(c)(3) exempt status because, among other things, the organization’s articles of incorporation don’t limit its purposes to one or more exempt purposes and expressly empower it to engage in business activities under state law.

IRC Code Sec. 501(c)(3) provides an exemption from federal income tax to organizations organized and operated exclusively for charitable or educational purposes, provided no part of the net earnings inures to the benefit of any private shareholder or individual.

IRS Reg. §1.501(c)(3)-1(a)(1) provides that in order to be exempt as an organization, the organization must be both organized and operated exclusively for one or more purposes specified in such section. If an organization fails to meet either the organizational test or the operational test, it is not exempt.

Client tax update second quarter 2019

July 12, 2019 | Mike Habib, EA

The following is a summary of important tax developments that have occurred in April, May, and June of 2019 that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable. Learn more about our IRS tax help.

Final regulations shoot down states’ SALT limitation workaround. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) limits an individual taxpayer’s annual SALT (state and local tax) deductions to a maximum of $10,000, with no carryover for taxes paid in excess of that amount. (The SALT deduction limit doesn’t apply to property taxes paid by a trade or business or in connection with the production of income.) As a result, many taxpayers won’t get a full federal income tax deduction for their payments of state and local taxes. Following the TCJA’s passage, some high-tax states implemented workarounds to mitigate the effect of the SALT deduction limit for their residents. One method used was to set up charitable funds to which taxpayers can contribute and receive a tax credit in exchange. The IRS has issued final regulations, which generally apply to contributions after Aug. 27, 2018, that effectively kill this workaround. The regulations provide that a taxpayer who makes payments to, or transfers property to, an entity eligible to receive tax deductible contributions must reduce his or her charitable deduction by the amount of any state or local tax credit the taxpayer receives or expects to receive.

The IRS also issued a safe harbor that allows an individual who itemizes deductions to treat, in certain circumstances, payments that are or will be disallowed as charitable contribution deductions under the final regulations, as state or local taxes for federal income tax purposes. Eligible taxpayers can use this safe harbor to determine their SALT deduction on their tax-year 2018 return. Those who have already filed may be able to claim a greater SALT deduction by filing an amended return, Form 1040-X, if they have not already claimed the $10,000 maximum amount.

IRS Tаx Help with Offer In Compromise

April 5, 2019 | Mike Habib, EA

While Americаn taxpayers аre troubled with IRS tаx debt in the middle of аn economic downturn, the IRS mаy seem like the bаd guy; since the IRS is knocking door to door to collect bаck tаxes. The IRS isn’t in the wrong to аsk taxpayers to pаy their bаck tаxes. So there аre two viewpoints. One side is clаiming the other side аnd the other is prompted to collect whаt they аre owed. Unpaid back taxes versus offer in compromise resolution is a dilemma.

Get a brief case evaluation by calling us at 877-788-2937.