Section 1231 applies to property used in a trade or business that was held for more than 1 year. Section 1231 gains are taxed as long-term gains while losses are ordinary. This article discusses Section 1231 as it applies to rental real estate.
The CP14 tax notice from the IRS means the taxpayer has a balance due for unpaid taxes. The notice requests that payment be made within 21 days.
The IRS Letter 2645C is sent by the IRS when they receive information from a taxpayer but need more time to review the materials and process the request.
For those U.S. taxpayers that still owe the IRS some money, you might lose your passport over unpaid debts. This issue largely impacts dual citizens that live abroad.
If an individual taxpayer makes a mistake on their Form 1040 tax return, they can file an amended return using Form 1040-X. This article covers a sample Form 1040-X filing.
Many U.S. taxpayers qualified for a stimulus check during the COVID-19 pandemic. Some taxpayers, however, are missing those stimulus checks. Here is an update on what the IRS is doing.
The IRS Form 2848 is a power of attorney form which individuals and businesses can nominate a tax professional to represent them before the IRS. The POA also allows the representative to contact the IRS and obtain taxpayer information.
Individuals and businesses that make charitable contributions to a Section 501(c)(3) charitable organization are allowed a charitable tax deduction. Taxpayers are encouraged to verify the charity has been approved by the IRS as a public charitable organization.
2022 tax season is in full swing and many taxpayers have already received that refunds. However, some are still waiting. So, what's the hold up?
The IRS may have lowered your tax refund by an even $1,400. So, why did that happen? It's related to the stimulus checks.
