richardson tx tax help: Plano TX - Why Payroll Tax Debt Can End a Business - 12/14/20 09:23 AM
Payroll Tax Problems are a common denominator in a large percentage of failed businesses.  Either they are an initial driver of the cause of the business failure or a symptom of those problems.  However, one thing is certain, once a company begins to experience payroll tax problems, it becomes very, very difficult to get out of the vicious circle and get the business back on track.
Why are Payroll Tax Problems Tough to Survive?
When a company begins to get behind, there are several factors that make it difficult to turn the problem around.  Remember that the IRS prioritizes Payroll Tax … (1 comments)

richardson tx tax help: Plano TX - The Impact of the TCJA (Tax Reform) on Homeowner Deductions - 10/03/19 08:31 AM
The majority of my Richardson, TX tax firm clients itemized their deductions prior to the Tax Reform and Jobs Act of 2017 (TCJA), which primarily took effect in 2018.   However, since the TCJA, that number has dropped substantially.
 
As a quick overview, taxpayers have the option between claiming the standard deduction or itemizing their deductions. They typically use the method that gives them the largest deduction. In general, while the TCJA had a positive impact for taxpayers in the form of lower tax rates, one area where the changes sometimes negatively impacted taxpayers were for those that itemized their deductions. While the … (0 comments)

richardson tx tax help: Plano TX - Is it true the IRS has only 10 Years to Collect Tax Debt? - 07/22/19 11:46 AM
Most of the taxpayers who come into our Richardson TX tax office believe that there are no limitations in the amount of time that the IRS has to collect tax debt. Did you know that the IRS has actually has only 10 years of time to collect tax debt from you once your tax is assessed? There are certain exceptions that may delay or toll the 10 year time limit that we’ll cover, but in general, without any actions by the taxpayer which stop the clock, once the 10 years are up, the IRS has to stop its collection efforts and … (0 comments)

richardson tx tax help: Richardson TX - IRS Debt - When To Request an Equivalent Hearing - 07/21/19 10:57 AM
One of the most important opportunities a taxpayer has is when they receive a Final Notice of Intent to Levy and Notice of Your Right to a Hearing (IRS Letter 11 or Letter 1058) from the IRS. As part of these IRS Notices, the taxpayer has the right to a Collection Due Process Hearing but must request it within 30 days of the date of the letter to exercise that right.  It is a very important and powerful right of the taxpayer. When they request their CDP hearing, three good things happen for them:
The Taxpayer gets an Appeal Hearing Collection … (0 comments)

richardson tx tax help: Richardson TX - What is Injured Spouse Relief and How To Qualify - 06/30/19 09:19 AM
An Injured Spouse is when a married taxpayer files a joint return with their spouse, and when the IRS offsets some or all of the refund of the return, to pay a spouse’s debt. Examples of financial obligations that will trigger an offset of the refund include prior IRS Debt, unpaid child support, and defaulted student loans. The spouse that is not responsible for the debt, and does not want their refund used to pay that debt, is considered the “Injured Spouse” and can request relief.
 
How Do you file Injured Spouse Relief?
To file for relief, you will use Form 8379. … (2 comments)