by Leif Jensen | Jan 4, 2022 | Taxes |
In certain circumstances, the IRS allows for abatement of penalties. Utilizing Form 843, Claim for Refund and Request for Abatement, to claim a refund or abatement of penalties assessed by the IRS. The IRS instructions to Form 843 list the instances where taxpayers...
by Leif Jensen | Jan 3, 2022 | Tax Court, Taxes |
Taxpayers have the following rights that apply whenever they have dealings with the IRS. The right to be informed – Taxpayers have the right to know what they need to do to comply with tax laws. They are entitled to clear explanations of the law and IRS...
by Leif Jensen | Dec 15, 2021 | Taxes |
I have to admit that tax software has made it easier for people to prepare their own taxes, but there are still situations where it’s smart to bring in a pro. Depending on your income, you may be able to prepare and file your taxes at no cost through the...
by Leif Jensen | Dec 14, 2021 | Taxes |
A ghost preparer is someone who doesn’t sign tax returns they prepare. Those unscrupulous preparers often print the return and have the taxpayer to sign and mail it to the IRS. For e-filed returns, the ghost will prepare but refuse to digitally sign as the paid...
by Leif Jensen | Dec 13, 2021 | Taxes |
The IRS is apparently being stingy on granting homeowner associations tax-exempt status as social welfare organizations, finding that many of them are organized or operated to mainly serve private interests of the members. I only know HOA’s to be self-serving...
by Leif Jensen | Dec 6, 2021 | Running a Business, Taxes |
There is a new law changing the 1099-K reporting rules which should hike compliance requirements in this area. What is a 1099-K??? This form endeavors to ensure that all online retailers are reporting sales for tax purposes. It requires credit card companies, such as...
