The Internal Revenue Service has put out this article “Early Retirement Distributions and Your Taxes”. I want to discuss it because it has been a major issue for many of my clients. In fact, I have a running joke whenever a client hands me a form 1099-R (the form that people receive when they take […]
Early Retirement Distributions from IRAs, 401(k)s and other Retirement Savings Plans Read More »
2014 was the first year under the new Tangible Property Regulations (“TPR”) that the Internal Revenue Service has finally published. It turns out that the new TPR are surprisingly taxpayer friendly. Because we do so many tax returns that involve investment real estate, including owner occupied multifamily homes, we have needed to get familiar with
I had two new tax clients come in this morning who both transferred from the same tax preparer, and who both had tragic stories to tell. In both cases the tax preparer was named “Vanna”, but did not put his name on the tax return. The first individual was audited by the IRS. They disallowed
Be Wary Of Crooked Tax Preparers – Two More “Vanna Victims” Today Read More »
As we enter the last month of tax season, people who owe taxes have to consider their options. I often warn clients that nothing good comes from delaying filing. In addition to the interest and penalty they will have to pay for not paying their taxes on time, they will also need to pay penalties
I have posted in the past about Tax Refund Identity Theft. I have put up a number of posts on Facebook about this subject, and more recently about the problems TurboTax has been having. For example, I posted this article about TurboTax suspending e-filing of state tax returns because there have been so many problems with fraudulent returns
The Department Of Revenue Has A New Identity Verification Program Read More »
If people do not file their taxes on time, then they need to file their taxes late. If you owe tax, then there is penalty and interest to pay for filing late. If you receive a refund, then there is no penalty. However, you need to file your tax return within three (3) years of
I posted in October about Bankruptcy, Taxes, Payment Plans And A Special Deal. In that blog, I linked to my Favorite Fall Payment Plan, which is to pay $200 in the Fall to stop the phone calls and pay the rest when the tax refund arrives. I also announced a special deal, which is that anyone
Bankruptcy, Taxes, Payment Plans And A New Special Deal Read More »
When you withdraw money from a Health Savings Account (HSA), you will receive a 1099 saying how much was disbursed. That 1099 does not necessarily say what you used it for. If you withdraw money from an HSA in order to pay any kind of health care expense, that would include eye glasses, prescription drugs,
Record Keeping And Health Savings Accounts Read More »
People have wondered why it is that lately I have been pounding my blog and pounding Facebook with various posts about tax preparation. People say to me ‘Louis, you are the accident lawyer, what is with all this tax preparation stuff?’. They are concerned that I am giving up my bread and butter practice in
The Plan Is Working Read More »
One thing that I notice that a lot of plain vanilla tax preparers do is promise “audit defense” or to “represent you” in a tax audit. However, they are not so clear on what that means, and do not tell you that their “guarantee” is limited to what they may legally do. The Internal Revenue
Audit Defense, Representation Rights, And Tax Preparers Read More »
