Grego Law Related News
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, […]