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Complying with Your Payroll Tax Obligations

By Ronald Cutler, P.A. |

Small business owners have a number of options when it comes to the methods they use to meet their tax obligations. The Electronic Federal Tax Payment System (EFTPS), however, has proven to be especially popular among small business owners, as it is equipped with features that can help employers in preparing and submitting their… Read More »

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What to do When You Receive a Letter from the IRS

By Ronald Cutler, P.A. |

Notices from the IRS don’t always contain bad news. In fact, many IRS letters notify taxpayers that they will be receiving larger refunds, or are merely requests for additional information. It is also true, however, that the IRS does send notices to taxpayers who owe a tax debt, or who have failed to submit… Read More »

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New Payment Option Available to Taxpayers Participating in Private Debt Collection Program

By Ronald Cutler, P.A. |

Taxpayers now have a new option when it comes to paying tax debt through the private debt collection program that involves using a pre-authorized direct debit card. If you owe a tax debt to the IRS and have questions about whether you qualify for repayment through the private debt collection program, you should consider… Read More »

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What You Should Know About IRS Audits

By Ronald Cutler, P.A. |

Although the IRS enforces the federal tax code in a variety of ways, its primary method of doing so involves examining the returns of taxpayers who are identified as being the most at risk of noncompliance. Being audited by the IRS can be time consuming and stressful and could result in unexpected penalties, so… Read More »

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IRS Institutes Safe Harbor for Taxpayers Whose Rental Properties Could Qualify for the Business Income Deduction

By Ronald Cutler, P.A. |

Among the many changes made by the Tax Cuts and Jobs Act (TCJA) was an amendment to the tax code regarding the qualified business income deduction. Under a recently published regulation, the IRS added to these changes by instituting a safe harbor during which taxpayers who own interests in rental property can treat these… Read More »

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This Year’s Automatic Tax Penalty Waiver

By Ronald Cutler, P.A. |

This year, the IRS is automatically waiving tax penalties for nearly 400,000 taxpayers who have already filed last year’s return, but who failed to claim the waiver. Fortunately, the IRS will apply this waiver to the accounts of all qualifying taxpayers who have already filed their returns, so these individuals are not required to… Read More »

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Taxpayers Urged to Resolve Tax Debt to Avoid Jeopardizing Passports

By Ronald Cutler, P.A. |

In 2015, Congress enacted the Fixing America’s Surface Transportation (FAST) Act, which gives the IRS the ability to deny a taxpayer’s passport application or renewal if that individual has unresolved tax debt. Having one’s passport denied or revoked can have significant repercussions on a taxpayer’s personal and professional life, so if you owe a… Read More »

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IRS Makes Settlement Offer to Taxpayers Involved in Micro-Captive Insurance Transactions

By Ronald Cutler, P.A. |

Following the verdicts of three U.S. Tax Court cases, the IRS recently announced that it would be offering settlements to taxpayers who are currently being examined for their involvement in micro-captive insurance transactions. Under the terms of this settlement, eligible taxpayers will be required to concede some of the income tax benefits that they… Read More »

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Tax Relief for Expatriated Individuals

By Ronald Cutler, P.A. |

Relinquishing U.S. citizenship can have significant tax consequences for affected individuals, especially for those who gave up their citizenship without complying with U.S. tax law, as these individuals are subject to substantial penalties. In an effort to remedy this situation, the IRS recently implemented a series of new procedures that will help certain individuals… Read More »

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IRS Urges Taxpayers Who Own Virtual Currency to Pay Back Taxes or File Amended Returns if Necessary

By Ronald Cutler, P.A. |

The IRS recently began sending notices to certain taxpayers with records of virtual currency transactions of the need to review their tax filings, pay back taxes, interest, and penalties, or amend their tax returns. These letters are not limited to taxpayers who failed to report virtual currency-related income at all, but are also being… Read More »