2023 Tax Season Begins
Tax season opens this year on January 23, 2023, which is the day the IRS will start accepting electronically filed Form 1040 income tax returns for the 2022 tax year.
Form 4797 – Nonrecaptured Section 1231 Losses on Sale of Real Estate
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.
IRS CP14 Tax Notice – What Are Your Payment Options?
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.
Where is My Tax Refund – IRS Letter 2645C
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.
Owe the IRS Money? – You Might Lose Your Passport…
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.
How to File IRS Form 1040-X for an Amended Tax Return
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.
Missing Stimulus Checks – What is the IRS Doing?
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.
IRS Form 2848 for a Power of Attorney
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.
How to Verify 501(c)(3) Status for Non-Profit Organizations
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 Updates – Where is My Refund?
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?