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News and Tips

Taxes

Do You Have Exposure? IRS Found $100 Million in Electric Vehicle Tax Credit Errors.

According to research conducted by Forbes magazine and the Treasury Inspector General, potentially $100 million in EV credits were wrongfully claimed since 2013. The Service publishes a list of allowable vehicles that are eligible for credit. In general, the credit is Read more…

By Ed Barton, 1 year1 year ago
Uncategorized

Bitcoin In The Crosshairs

Don’t think that just because the currency is virtual, that the tax man doesn’t know you have it. Bitcoin and other virtual currencies are squarely in the crosshairs of the IRS and other agencies. The combination for potential for tax evasion, Read more…

By The Guide, 1 year1 year ago
Uncategorized

The IRS May Have to Pay Your Legal Bill

Internal Revenue Code (IRC) section 7430 permits courts to award “reasonable litigation costs” and “reasonable administrative costs” to the “prevailing party” in any “administrative or court proceeding … brought by or against the United States in connection with the determination, Read more…

By The Guide, 1 year1 year ago
Uncategorized

ITIN Headaches

Immigrants and Foreign Workers Need ITIN for Compliance The current focus on immigrants and immigration reform extends to your taxes as well. Almost anyone working in the United States is liable to pay Federal and State income taxes. Failure to Read more…

By Ed Barton, 2 years2 years ago
Taxes

Do You Owe Money to the IRS? Possible Tax Resolution Strategies to Set Your Mind at Ease

Even for honest taxpayers, the IRS can be extremely frightening. Unlike most other government agencies, the IRS has the power to attach your wages, freeze your bank account and even confiscate your property, and that is enough to send a Read more…

By The Guide, 2 years1 year ago
Taxes

Congress Approves New Appeals Process

As part of the Taxpayer First Act, passed by both houses of Congress in June 2019 and expected to be signed by President Trump as of the date of this post (June 14, 2019), there is a new process for Read more…

By The Guide, 2 years2 years ago
Cannabis
Restructuring

State Receivership May Be The Best Legal Remedy for Cannabis Businesses in Trouble

(Reuters) – A headline in Westlaw’s daily briefing for bankruptcy lawyers – “Business booted from Chapter 11 over medical marijuana ‘entanglement’” – caught my eye this morning. The story described a ruling from earlier this month in a Chapter 11 bankruptcy case Read more…

By The Guide, 2 years2 years ago
Beach View
Tax Preparation

Retiring Overseas? You Still Have to File Taxes

Lower cost of living. Adventure. Wonderful weather. Beautiful beaches. Many Americans are looking to other countries to spend their retirement years. This can be a rewarding and cost-effective retirement strategy. However, before you move to Costa Rica, you need to Read more…

By The Guide, 2 years2 years ago
Underpayment penalty relief
Tax Preparation

What if I Made a Mistake on My Taxes?

Now that the tax deadline has passed, you might wake up in a cold sweat and remember you forgot to add that interest from your bank account, or missed a 1099… What do I do when I make a mistake Read more…

By The Guide, 2 years2 years ago
Man Researching Tax Question
Taxes

The Three Phases of Tax Resolution

In general, every tax resolution case goes through three phases: Transcript Analysis Return Filing Final Resolution Transcript analysis is the information gathering phase. It gives you the full scope your tax position.  You can’t resolve a problem with the IRS Read more…

By The Guide, 2 years2 years ago

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  • Do You Have Exposure? IRS Found $100 Million in Electric Vehicle Tax Credit Errors.
  • Bitcoin In The Crosshairs
  • The IRS May Have to Pay Your Legal Bill
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