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Tax Return For A Deceased Taxpayer

What are the income tax consequences if Grandpa dies on June 30, 2014?  If a taxpayer dies during the tax year, the IRS still expects a tax return to be filed on behalf of the decedent.  In general, it is the executor’s responsibility to ensure the...

Love Letter from the IRS?

What happens if you receive correspondence from the Internal Revenue Service?  In my experience, most taxpayers either panic or they ignore it.  The very worst thing you can do is ignore the letter! Trust me, the IRS won’t magically go away. The folks...

Things to Know for Tax Year 2014

The IRS announced last week they would be ready to accept 2014 tax returns on January 20, 2015.  This is early in the year considering there have been several changes to the law that will affect 2014 personal income tax returns.  What are some of these...
Installment Agreements for Payroll Taxes

Installment Agreements for Payroll Taxes

If your small business is delinquent on payroll taxes and having problems catching up, you may qualify for an In-Business Trust Fund Express Installment Agreement (IBTF-Express IA).  If you owe $25,000 or less you can have up to 2 years to pay your payroll...
Shared Responsibility Payment

Shared Responsibility Payment

Effective for the 2014 tax year, the Affordable Care Act requires all individuals to carry health insurance or make a shared responsibility payment, unless they are exempt. Employer-provided health insurance as well as Medicare and Medicaid will satisfy the...