Under federal and state laws, taxpayers are charged with meeting specific tax obligations. Taxpayers must file their returns in a timely fashion, enclose the precise payments and ensure the accuracy of the returns even if they were not the actual preparer. Even if you pay a tax preparer to do your taxes, ultimately you are […]
One of the most serious tax violations involves the failure of an employer to send in payroll taxes which have been withheld from employee pay. Despite the seriousness of the issue this is also one of the most common tax problems. The IRS must give employees the benefit of all taxes which were withheld by […]
A significant number of individuals in New Orleans and other parts of Southern Louisiana and Mississippi have received payments for lost wages as a result of the Deepwater Horizon BP Oil Spill. It seems established that the payments will be taxable as income. However, very different tax consequences are possible depending on whether the individual […]
IRS attorney New Orleans Paul Grego says do not let the Internal Revenue Service bully you during a tax audit. One of the worse mistakes a tax peer can make during an audit is to just simply give up their hard earned money and pay the fines without first speaking to an IRS attorney in […]
Generally speaking an IRS wage garnishment, or deduction of money from a taxpayer’s paycheck, should come as little surprise. The IRS has a series of notices they send taxpayers, each with a more serious tone than the previous one. The wage garnishment is one of the IRS’s more aggressive forms of tax collection and should […]
The IRS has released guidance on “2011 Reporting for 2010 Roth Rollovers and Conversions.” See http://www.irs.gov/retirement/article/0,,id=251832,00.html. While amounts transferred into Roth accounts are subject to income tax, these conversions are not subject to the 10% penalty tax for early withdrawals from qualified retirement plans. Unless elected otherwise, taxpayers converting Roth IRAs in 2010, “must report […]
For the 2011 tax year, taxi cab owners (non fleet owners) may now use the standard mileage deduction on schedule C. The IRS in Rev. Proc. 2010-51 and Notice 2010-88 revised the definition of cars for hire, and included them in the vehicle types that would qualify as eligible for the standard mileage deduction. Please […]
Receiving notice of an IRS tax lien can strike fear in the hearts of almost anyone. If you have received notice of an IRS tax lien it’s important that you fully understand the lien process including the types of property the lien attaches to, the consequences of a tax lien, how long the lien can […]
Continuing the implementation of the payroll tax relief enacted by the Middle Class Tax Relief and Job Creation Act of 2012, the IRS has announced the release of a revised Form 941 payroll tax return. Employees do not need to take any action to benefit from the payroll tax relief, and the lower tax rate […]
Most people who receive IRS notices or letters in the mail experience a sense of fear or panic before they’ve even opened the notice. While it’s true that the notice you receive may sound formal and even harsh, generally speaking you can settle most issues with a calm head and a few simple steps. So, […]