Getting ready for Tax Year 2019  

More of Taxpayer First Act of 2019

First Version According to one critic,[who?], the first Taxpayer First Act of 2019, H.R. 1957 would make it illegal for the Internal Revenue Service (IRS) to create free tax preparation software in an effort to prop up businesses like TurboTax and H&R Block.[1][2] The bill has bipartisan support.[3] Its passage by the House of Representatives […]

Taxpayer First Act of 2019 – First of Two Revisions

Trump Signs New Law To Protect Innocent Small Business Owners From IRS Seizures   For the first time in nearly 20 years, Congress has reined in civil forfeiture, which lets the federal government permanently confiscate property without ever filing criminal charges. Following unanimous approval by Congress, President Donald Trump last week signed the Taxpayer First […]

New Tax On Lawsuit Settlements — Legal Fees Can’t Be Deducted

Many plaintiffs will face higher taxes on lawsuit settlements under the recently passed tax reform law. Some will be taxed on their gross recoveries, with no deduction for attorney fees even if their lawyer takes 40% off the top. In a $100,000 case, that means paying tax on $100,000, even if $40,000 goes to the […]

Private Collection Company

If a private collection company contacts you on behalf of #IRS, here’s how to find out if it’s legitimate. Trust me you will already know if you owe the IRS money.  Do not fall for anyone calling you as a scam.  If you get a call from someone saying you owe money and you have […]

Tax Cuts and Job Acts This link will take you to the new Tax Cuts and Job Acts Bill being signed by our president

Long History of the Enrolled Agent – Expanded Role of the Enrolled Agent

Long History of the Enrolled Agent It was at this 1973 convention that Vice President Lee Wurst shared the research he had uncovered on the long history of the enrolled agent. Enrolled agents were first recognized on July 7, 1884 by an Act of Congress signed into law by President Chester A. Arthur, which came […]

Let’s Talk Taxes – Home Office Deduction

Let’s Talk Taxes – Home Office Deduction You’ve decided to start a small business working out of your home. Life is great and you can’t beat the commute. Now, how will this affect your income taxes? Can you deduct expenses for use of your home? The answer is that it depends…on a lot of things. […]

Let’s Talk Tax – IRS Notice

  Let’s Talk Taxes Greetings from the IRS   You’ve just picked up your mail and … uh oh, there among the ads, bills and too numerous offerings for credit cards is that official looking letter from the Internal Revenue Service. A feeling of dread comes over you…but don’t panic or toss it, and please […]

Let’s Talk Tax – Non Filer

  Let’s Talk Taxes Solace for the Non-filer   Has it been awhile since you filed a tax return? Feeling guilty? Scared? Don’t know what to do? Do you even need to file? Many people become non-filers each year for a number of reasons. They lose the paperwork, they couldn’t pay, or they forgot about […]