It’s one of the most dreaded phrases a taxpayer can hear, “you’re subject to the Alternative Minimum Tax.†If you’re hearing it from your tax attorney,  get ready to break out your checkbook because chances are very high that you’ll be paying a lot more to the federal government. What is the Alternative Minimum Tax? The
Tax Tips
IRS CP 74 – Notification of Recertification for the EITC
If you received this notice, the IRS is notifying you that you have been re-certified for the Earned Income Tax Credit (EITC). The EITC is a benefit for taxpayers who work and have low to moderate income. This credit reduces the amount of taxes you owe and may also result in you receiving a refund.
How IRS Interest is Calculated
The IRS has many different penalties they can place against taxpayers if they believe you have a balance due after tax day. If you find yourself with a large balance due to the IRS, FTB, EDD, or SBOE, these agencies will impose high percentage penalties on the balance due, and they may begin garnishing your
Tips to Avoid Audits
Tips to Avoid Audits Principal Attorney Ronson J. Shamoun gives a few tips on how to avoid an audit. Overall, we generally recommend that you retain counsel to guide you through the audit process. Although there are costs associated with hiring representation, they are normally worth the investment as it helps to minimize your overall
Rules for Credit Rating Agencies
Credit Rating Agencies, or CRAs, are organizations that are hired to determine the creditworthiness of companies and debt issuers. The major CRAs in the United States are Standard & Poor and Fitch’s and Moody’s. After the global financial crisis of 2007, the CRAs fell under major criticism for their perceived part in granting high-credit ratings
Who Qualifies for Taxpayer Advocate Assistance?
Because the TAS is an independent organization within the IRS that is offered free of charge, you must meet certain requirements in order to take advantage of their services. The people who often qualify for taxpayer advocate assistance fall in to five main categories based on their circumstances: 1) If you are in a situation
What is the IRS Taxpayer Advocate Service?
IRS Taxpayer Advocate Service The Taxpayer Advocate Service (TAS) is an independent service within the IRS which helps taxpayers resolve problems with the IRS and recommend changes which prevent any problems in the future. If you qualify, the service can help if: your problems with the IRS are causing financial hardship for you, your family,
The Affordable Care Act and Your Taxes
Time is almost up to enroll in the Affordable Care Act’s (ACA) federal or state marketplace health care, and if you are not enrolled in minimum coverage health insurance by March 31, 2014 you must pay a penalty. We know the Affordable Care Act is confusing, so we tried to break it down and put