Tag Archives: IRS

IRS resources help taxpayers determine if an offer in compromise is the right way to resolve tax debt

Individual taxpayers and business owners can use the IRS’s Offer in Compromise Booklet or the new how-to video series to learn how an offer in compromise works and decide if it could help them resolve their tax debt. Taxpayer’s can use pre-qualifier tool see if they are eligible for an offer in compromise.

An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full amount owed. An offer in compromise is an option when a taxpayer can’t pay their full tax liability. It is also an option when paying the entire tax bill would cause the taxpayer a financial hardship. The goal is a compromise that suits the best interest of both the taxpayer and the agency.
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Resources to make tax time easier for U.S. service members and veterans

The IRS has a variety of resources to help members of the military, veterans and their families navigate the unique and complex circumstances that come with filing taxes while in the military. Reviewing these resources is a good way to get ready for the upcoming tax filing season.

Here’s a list of some of these resources.

IRS People First Initiative provides relief to taxpayers facing COVID-19 issues

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Due to COVID-19, the IRS’ People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment deadline, Wednesday, July 15, 2020.

• Existing Installment Agreements – Under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are delayed. Those currently unable to meet the terms of an Installment Payment Agreement or Direct Deposit Installment Agreement may cancel payments during this period with no default. By law, interest will continue to accumulate on any unpaid balances.

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Farmers, fishermen face March 1 tax deadline; IRS encourages convenience of IRS Direct Pay

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WASHINGTON — The Internal Revenue Service reminds farmers and fishermen who chose to forgo making quarterly estimated tax payments that they must file their 2018 Form 1040 along with a payment for all taxes owed by Friday, March 1, 2019.

This special rule normally applies to taxpayers whose farming or fishing income was at least two-thirds of their total gross income in either the current or the preceding tax year. Farmers and fishermen choosing not to file by March 1 should have made an estimated tax payment by Jan. 15 to avoid a penalty.

IRS Direct Pay is safe, free Continue reading →

IRS Videos help taxpayers learn more about tax reform

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The IRS has several videos that can help individual and business taxpayers learn more about the tax reform legislation. The IRS posts these videos on the IRS Video Portal and to their YouTube channel. Aside from these sites, the IRS offers tax reform information on its other social media channels, such as Twitter and their new Instagram account. Taxpayers can visit the Multimedia Center on IRS.gov for links to all the agency’s social media sites.

Here are some of the tax reform videos taxpayers can watch on their computer or on their smartphone when they’re on the go. Continue reading →

2018 Fourth Quarter Excise Tax Form 720 is DUE NOW!

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“This is a question too difficult for a mathematician. It should be asked of a philosopher” ― Albert Einstein.

Taxes are something that one cannot avoid till he/she is alive; likewise if you own a business you will have to file a list of taxes to keep your business alive. One such Tax is Federal Excise Tax, filed through Form 720 every quarter.

Any business that deals with goods and services are subject to excise tax, it must prepare a Form 720 quarterly to report the tax to the IRS. Ways to prepare and file your taxes are only two, Either your fill out a paper form, figure out complicated calculations and mail it to the IRS or E-file Form 720 through www.Taxexcise.com , “THE ONLY E-FILE SERVICE PROVIDER FOR FORM 720”.

Below is the list of Major Tax Categories filed through Form 720: Continue reading →

IRS extends upcoming deadlines, provides tax relief for victims of Hurricane Florence

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In the latest communication issued by the IRS (Issue Number: IR-2018-187), there is a relief for Hurricane Florence victims.

WASHINGTON — Hurricane Florence victims in parts of North Carolina and elsewhere have until Jan. 31, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.

The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for individual assistance. Currently, this only includes parts of North Carolina, but taxpayers in localities added later to the disaster area, including those in other states, will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.  Continue reading →

IRS launches new easy-to-use web pages to help all taxpayers understand tax reform

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In a recent update from IRS, there is an announcement about a new website to help taxpayers to understand the tax reforms and this release itself is tagged as IRS Tax Reform Tax Tip…

IRS Tax Reform Tax Tip 2018-132, Dated, August 23, 2018

With an updated tax reform section and frequent updates, the IRS website should be the first stop for taxpayers looking for information about how tax reform legislation – the Tax Cuts and Jobs Act – affects their taxes. Here are some facts about these new easy-to-read, easy-to-use pages and what taxpayers can find on them: Continue reading →

One Stop Shop for all the Three Taxes that are DUE NOW!

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Life’s a balancing act. You have multiple roles and goals, and you can do it all       – Denise Morrison

With just Three Official Working days remaining in July, we have three tax that are due.

Below is the list of taxes that are due: Continue reading →

Three Tax Forms Supported by ThinkTrade Inc. that are DUE NOW!

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“I hate paying taxes. But I love the civilization they give me” – Oliver Wendell Holmes Sr

 Taxes are part and parcel of our lives. Though you have notes on your calendars about upcoming Tax Due dates, as THE ONLY DECADE OLD AND THE FIRST EVER IRS AUTHORIZED E-FILE Service Provider for E-filing Heavy Vehicle Use Tax Form 2290 (HVUT) It becomes Our responsibility to remind every honest Excise tax payer about the Three Deadline that are DUE NOW Continue reading →