Taxpayers have the right to pay no more than the correct amount of tax they owe. This is one of ten basic rights known collectively as the Taxpayer Bill of Rights Taxpayers are only required to pay the amount of tax legally due, including interest and penalties. These payments are expected to be...
Three Popular Tax Benefits Retroactively Renewed for 2017; IRS Ready to Accept Returns Claiming These Benefits; e-file for Fastest Refunds The Internal Revenue Service said that it is ready to process tax year 2017 returns claiming three popular tax benefits recently renewed retroactively into l...
If youre facing an IRS Problem, appropriate action right away goes a long way towards resolving it! 1. Read the entire notice carefully. 2. Respond quickly to all IRS notices. If you received a certified notice from the IRS, then you MUST respond right away. Generally, a Final Notice of Intent...
IR-2018-7 The IRS is strongly encouraging taxpayers who are seriously behind on their taxes to pay what they owe or enter into a payment agreement with the IRS to avoid putting their passports in jeopardy. This month, the IRS will begin implementation of new procedures affecting individuals wit...
5 Things About Exemptions in 2017Most taxpayers can claim one personal exemption for themselves and, if married, one for spouse. This helps reduce their taxable income on their 2017 tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allow...
New tax law affects alimony, could spur divorce surge Because of the new tax law, spouses paying alimony wont be able to take a deduction while spouses receiving alimony will no longer have to report it as income, report Politico, USA Today and Morningstar. The alimony deduction has been in th...
Revenue Procedure 2018-14 extends the time for individuals to pay to repair damage to their personal residences. Most importantly for affected homeowners, for damage resulting prior to 2018, if a taxpayer pays to repair the damage prior to the last day for filing a timely Form 1040X for the 2017 ...
Time is of the essence when it comes to tax-related issues. If you are uncertain as to what your next step should be, contact the reliable tax attorneys at Gabaie & Associates, LLC today.
