I mentioned in an earlier Blog that many taxpayers will be receiving a new form in the mail for the first time this year. Form 1099-K is a report of payments you received for goods or services during the year… Read More »Understanding your Form 1099-K
You’re probably aware that when you sell your home, you may exclude up to $250,000 of your gain from tax if you’re unmarried (or married, filing separately) and $500,000 if you are married and file jointly. To claim the whole… Read More »Sale or Casualty Loss of Personal Residence
IRS Announces Tax Relief for Individuals and Businesses in California Affected by Wildfires and Straight-Line Winds The Internal Revenue Service (IRS) announced in January that individuals and businesses in parts of California affected by wildfires and straight-line winds beginning on… Read More »Tax Relief for Fire Victims
The IRS has expanded its reporting requirements for payments made through third-party settlement organizations (TPSOs). The common ones are Venmo, PayPal, eBay, Etsy, StubHub, Airbnb, and similar platforms. The American Rescue Plan Act of 2021 lowered the reporting threshold from… Read More »Form 1099-K Update
When the COVID pandemic hit, many employers set up their employees to work from home. Many of those same employers realized that by taking that action, they lowered their business expenses by minimizing or eliminating renting commercial office space. Consequently,… Read More »Home Office Deduction
The IRS Innocent Spouse Relief program is a legal provision designed to protect taxpayers who have filed joint tax returns. In some situations, one spouse should not be held fully responsible for tax liabilities incurred due to the actions or… Read More »Qualifying for an IRS Innocent Spouse Determination
As the year ends, many clients consider donating clothing and household items to give back while potentially maximizing charitable tax deductions. These items must be in good condition (or working order for electronics and appliances). I recommend that clients take… Read More »Property Donations
A number of taxpayers own personal property which they rent to their own business. The rental property typically includes equipment, vehicles, and furniture. As an example, a photographer may own various types of cameras and other photographic equipment that… Read More »Personal Property Rentals
The Internal Revenue Service (IRS) plays a crucial role in the U.S. government’s functioning, responsible for collecting taxes and enforcing tax laws. One significant aspect of its operations is issuing collection notices to taxpayers who owe taxes. These notices serve… Read More »IRS Collection Notices
I’ve noticed a rise in the number of notices where my clients with outstanding tax liabilities are having their cases assigned to private collection agencies. This process has been around for several years and helps the IRS manage its limited… Read More »Notices of Tax Case Assigned to Private Collection Agency
