irs: Richardson TX - Small Businesses and the Home Office Tax Deduction - 06/09/19 10:47 AM
A common question that comes up with small business owners who visit our Richardson TX office is whether they can get a tax deduction for their Home Office. Today we’ll spend a little time discussing the Home Office Deduction for a small business owner who files on Schedule C of their tax return.
 
Before we move into the deduction for small business owners, one of the impacts of the Tax Reform Act of 2018 was that it took away the potential deduction as an employee. An employee who used the home office deduction took it as a miscellaneous itemized deduction. Beginning in … (2 comments)

irs: Richardson TX - Can the IRS Levy My Retirement Accounts? - 05/10/19 08:09 AM
The Tax Levy
The Levy is a powerful tool available to the IRS to deal with delinquent taxpayers. It quickly gets the Taxpayer’s attention and is the most common reason that new clients come to our Richardson, TX office. There are many different types of assets that the IRS can levy. One of these categories are Retirement Accounts. Some people believe that the IRS cannot touch retirement accounts, however, that is not true. Today, we’ll discuss what the IRS can and cannot levy in regards to Retirement Accounts.
 
The IRS and Retirement Accounts 
The IRS is exempt from the anti-alienation provisions of REISA have … (0 comments)

irs: Richardson TX - Am I Running a Business or a Hobby? - 05/07/19 09:53 AM
Are you running a business or do you have a hobby? In most cases, it is very straight forward. We have put our hearts and souls into our businesses, the business provides the main source of survival for ourselves and our families, and while we may enjoy what we do, if income was not a priority, we might spend less or no time with the activity.
 
In other cases, it’s not as clear cut. Let’s say I’ve grown up around horses and love horses. Let’s also say that I am very highly paid in my day job and have disposable cash … (0 comments)

irs: Richardson TX - What is a Collection Due Process Hearing with the IRS - 04/21/19 04:41 PM
he two main avenues of collection activities by the IRS is through 1) the NTFL (Notice of Federal Tax Lien), and 2) levies including bank levies and wage garnishments. Whenever the government files a Notice of Federal Tax Lien (NFTL) or issues a final notice of threat to levy, the taxpayer has 30 days to request a Collection Due Process (CDP) hearing with an appeals officer.
 
In order to do so, the Taxpayer will file IRS Form 12153, Request For a Collection Due Process or Equivalent Hearing. It is important to file Form 12153 properly or it will be rejected.
 
There … (0 comments)

irs: Richardson TX: The IRS Offer-In-Compromise Program. How Does it Work? - 03/27/19 01:45 PM
If you watch TV, it’s likely that you’ve seen the commercials where Taxpayers who owe the IRS large sums of money, state that they were able to settle their tax debt for pennies on the dollar. When clients with tax debt,come into my office in Richardson, Texas, probably the most common question I get is how can qualify for those same savings.
 
Is it possible? The answer is maybe, depending on your financial circumstances. The IRS Offer-In-Compromise Program, or OIC, allows taxpayers who qualify, to settle for the less than the full amount of their tax debt. In the upcoming weeks, I … (0 comments)

irs: Richardson TX - What If I'm Audited and Don't have a mileage log? - 03/20/19 08:06 AM
Did you know that most exams of personal returns with a Schedule C (Self-Employment) include requests for information on Car and Truck Expenses?   While the IRS recommends contemporaneous mileage logs, it does not require them. Mileage logs may be accepted in an audit if completed on a weekly or monthly basis, or even if completed prior to audit if the records are considered to be adequate.
 
What are adequate records? First, a mileage log must be in writing. If it is not written, it is not deductible. Don’t go into an audit with a story or theory. A Perfect Mileage Log will … (0 comments)

irs: Richardson TX - Consequences Late Filings/Deposits of Payroll Tax - 03/10/19 08:41 AM
Paying Employees is a critical function for business owners. If an employer doesn’t pay their employees timely, they will not have a staff to operate their business. What happens when your company pays its employees but doesn’t file Payroll Tax filings timely or doesn’t make deposits for payroll taxes timely? Since I’m in Richardson Texas, we will focus on penalties from the IRS and the State of Texas.
 
What Are the Most Common Penalties?
The IRS has Penalties for both Late Filing and Late Deposits -
Failure to File Penalties - For Quarterly Form 941 and Annual Form 940 are up to … (0 comments)

irs: Richardson TX- IRS Streamlined Installment Agreements- Do You Qualify? - 02/24/19 08:39 AM
The best and easist solution for many of my clients in the Plano and Richardson areas of Texas, who come to me owing the IRS, is to set up on a Streamlined Installment Agreement. There are a few different types of Installment agreements that I covered last week. These included a Streamlined Agreement, Regular Agreement, and Partial Pay Agreement.
 
Regular Agreements and Partial Pay Agreements require that the Taxpayer complete and provide a Copy of a Form 433 to the IRS and the IRS must approve the installment payment amount. Form 433 can be confusing can be time consuming for Taxpayers … (2 comments)

irs: Richardson, TX: Understanding IRS Installment Agreements - 02/21/19 02:09 PM
I represent taxpayers in Richardson, TX as well as our cities within Texas.  When I meet with clients, the best solution for many of them is to set up an Installment Agreement.  An Installment agreement is a repayment plan with the IRS over time. However, all Installment Agreements are not alike. There are three different types of Installment Agreements that I’ve outlined below. My goal is that after reading about each of them, you will have a better understanding of which one is the right one for you.
Streamlined Agreement -  To qualify, must have Individual Tax Debt under $50,000 and the … (0 comments)

irs: The IRS 10 Year Statute of Limitations and Tax Debt in Richardson, TX - 02/02/19 03:02 PM
There is a limit on how long the IRS has to Collect Tax Debt?
It may surprise you, but the IRS has 10 years from the date of assessment to collect a tax debt from taxpayers including my clients in Richardson and Plano, TX. In most cases, after 10 years, the debt becomes uncollectible by the IRS. There are certain exceptions that may delay or toll the 10 year time limit. We’ll cover those below, but in general, without any actions by the taxpayer which stock the clock, once the 10 years are up, the IRS has to stop its collection efforts … (1 comments)

irs: Richardson TX - Tax Compliance - The Key to Resolving IRS Debt - 01/27/19 10:33 AM
As I’ve stated in other articles, as of the end of 2017, there were over 14 million taxpayers in some stage of the collection process with the IRS and many of those taxpayers are in Richardson, TX and throughout the DFW vicinity. While these issues can seem insurmountable, you can resolve them if you take the proper actions.
 
How do you Solve Your Tax Problems?
While there are several methods to resolve your tax debt including Installment Payments, Offers in Compromise (OIC), and being placed in Currently Uncollectible Status, until you get into Tax Compliance, these are not viable options until you get … (2 comments)

 
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Bob Jablonsky

Helping you resolve your IRS Problems!

Richardson, TX

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