Paying payroll taxes to Uncle Sam is no fun. But you know what’s even worse? Having an embezzler steal that payroll tax money, forcing you to come up with that amount again and paying it to the IRS. And after becoming a victim of theft, you know what’s really the cherry on top? Paying the government a Trust Fund Recovery Assessment (known as the 100-percent penalty … [Read more...]
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IRS FAQs on Section 199A: Nasty? Helpful? Wrong?
On April 11, the IRS posted its updated Section 199A Frequently Asked Questions (FAQs). These FAQs were intended to provide helpful information for taxpayers, but instead, they will cause a lot of confusion and grief. Why? Because following the confusing advice of three of the FAQs will ultimately force some taxpayers to file amended tax returns! What’s going on? We’ll … [Read more...]
How to Handle Multiple Rental Activities and the 199A Deduction
Do you engage in multiple rental property activities? If you do, you’ll find that applying the Section 199A deduction can be complicated indeed. That’s why it’s so important for you to read this new edition of the Tax Reduction Letter. You see, we’ll explain the issues you need to consider if you own multiple properties that can generate the valuable new … [Read more...]
Avoid Penalties When Uncertain About a New TCJA Rule
What has the Tax Cuts and Jobs Act (TCJA) produced? Thousands of pages of complex rules. What the TCJA has not provided is clear guidance that definitively shows you whether or not you qualify for many valuable deductions. This puts you in a pickle. You may believe you’re entitled to a given deduction but worry that if you claim it on your tax return, the IRS might … [Read more...]
Fraud by Tax Preparers Creates Huge Problems For Clients
Is your tax preparer honest? I sure hope so. Because if they’re caught preparing fraudulent income tax returns on your behalf, you could face some serious problems even if you’re completely innocent! Want to find out how to stay on the right side of the law and avoid an IRS audit caused by your tax preparer? Read my new article titled Tax Tips: Fraud by Tax Preparer … [Read more...]