What is SALT? A portion of the Tax Cuts and Jobs Act is known as SALT (state and local tax limits). This new policy limits the deductions that a taxpayer can take for their local sales, income and property taxes. These deductions are usually...
Read MoreIRS and Passports
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Read MoreAdverse Effects of New Tax Law – Retailers and Restaurant Owners
Adverse Effects of New Tax Law A drafting error has been discovered in the new tax law that may adversely affect retailers and restaurant owners planning improvements. Under the new tax law, the tax burden for building improvements has...
Read MoreMonitoring Your Outsourced Payroll Duties – A Video From the IRS
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What is a 1099 Employee?
What is a 1099 Employee? A 1099 Employee is someone who receives a 1099 from their employer instead of a W2. A 1099 Employee is considered a subcontractor instead of an employee. This person is not entitled to the benefits of an employee. Any...
Read MoreThe IRS Third-Party Debt Collectors Go After Low-Income Taxpayers!
IRS Subcontracting Collections of Past Due Taxes The IRS began subcontracting collections of past due taxes to third-party private debt collectors in 2017. These collection agencies have been able to set up payments with about 4,100 delinquent...
Read MoreIRS Tax Levy
What is an IRS Tax Levy? An IRS tax levy allows the IRS to seize and sell your property. This property includes: wages money in the bank or other financial accounts vehicles real estate other personal assets This action is taken by the IRS to...
Read MoreThe Taxpayer Bill of Rights and Facebook
If you haven’t heard the story yet, you can read an excellent account here https://www.forbes.com/sites/kellyphillipserb/2018/05/16/facebook-loses-bid-to-move-7-billion-tax-case-to-appeals/#38251a017f99. We have mentioned The Taxpayer Bill...
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