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News

Here Come the Private Tax Debt Collectors … Again

Seven things you need to know about the upcoming IRS program

  • 22 September 2016
  • Author: machele
  • Number of views: 1967
  • 0 Comments
September 20, 2016  
By  Jim Buttonow, CPA, CITP

There are almost 19 million people who owe more than $400 billion in back taxes to the U.S. Treasury.

Right now, 4 million taxpayers are paying the IRS through installment agreements, and the IRS is chasing 7 million more taxpayers for payment.

In late 2015, Section 32102 of the Fixing America’s Surface Transportation, or FAST, Act was put into law, requiring the IRS to use private debt collectors for delinquent tax debts.

IRS Offers New Procedure for Those Who Miss IRA Rollover Deadline

  • 25 August 2016
  • Author: machele
  • Number of views: 567
  • 0 Comments

The Internal Revenue Service unveiled a new procedure Wednesday to help people who accidentally miss the 60-day time limit for rolling over their retirement plan distributions into another qualified retirement plan or individual retirement account.

In Revenue Procedure 2016-47, the IRS details how eligible taxpayers can qualify for a waiver of the 60-day time limit and avoid possible taxes and penalties on early distributions, if they meet certain circumstances. 


5 Reasons Your Small Business Needs an Accountant

  • 25 August 2016
  • Author: machele
  • Number of views: 622
  • 0 Comments

 As a small-business owner, you probably thrive in a DIY environment; but the more hats you wear, the less you’ll accomplish successfully. Accounting is one of the most important areas for keeping your company profitable. As you start out and your company grows, software can only take you so far.

The Painful Truth about the Alternative Minimum Tax

  • 24 August 2016
  • Author: machele
  • Number of views: 766
  • 0 Comments
Most people have never heard of the alternative minimum tax, and those that have probably would love to forget about it and wish that it would just go away.

For 2015, the Tax Policy Center projects the AMT will impact 4.1 million taxpayers and generate $28.2 billion—so it is safe to assume that Congress will not loosen the grip AMT has on taxpayers any time soon.

IRS Warns About ‘Federal Student Tax’ Scams

  • 19 August 2016
  • Author: machele
  • Number of views: 2035
  • 0 Comments
Telephone scammers may target students and parents during the back-to-school season and demand payments for such non-existent taxes as the “Federal Student Tax,” the IRS has warned.

IRS impersonators may call students and demand that money be wired immediately to pay a fake federal student tax, according to the Service. As in other similar scams, if the taxpayer doesn’t comply, the scammer becomes aggressive and threatens to report the student to the police to be arrested.
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