The Transportation Funding Act of 2015 has a unique provision. Embedded deep within H.R. 22 is a provision that can cause taxpayers a bit of a headache. Basically it says that the IRS can notify the Secretary of State if a taxpayer has an outstanding balance of more than $50,000, then the Secretary of State… Continue reading Don’t Let Your Passport Get Taken Away if You Owe Back Taxes
Day: November 3, 2022
Tax Implications of Selling Your Rental Property – Simplified Explanation
With the cost of college going up, renting a house is becoming more and more popular. The result is that there are a lot more rental properties out there. When you go to sell your rental property, there are tax implications. Don’t be caught off guard. Selling your rental property triggers a couple of different… Continue reading Tax Implications of Selling Your Rental Property – Simplified Explanation
Genius Internal Control Procedure for Any Small Businesses
I have worked with many small businesses, such as restaurants, ice cream shops, hardware stores, you know, the little guys. You walk in, find what your looking to buy, go to the counter and pay for it. If its not the owner of the business, it is someone that he or she has hired. Someone… Continue reading Genius Internal Control Procedure for Any Small Businesses
Calculator to see if your withholdings are on track
IRS has published a pretty handy calculator to see if your withholdings are on track for 2021. I have had several inquiries where folks want to know if they are having too little or too much taken out and if they are going to have to repay some of the advance child tax payments. This… Continue reading Calculator to see if your withholdings are on track
Penalties for Failing to File a Zero Balance Return
CP504B
Links to Paying your Taxes Electronically
Here are some links to paying your taxes online IRS https://www.irs.gov/payments MICHIGAN https://treas-secure.state.mi.us/PayIncomeTax/PayIncomeTax.htm GRAND RAPIDS https://www.grandrapidsmi.gov/Payments/Income-Tax-Payments
Bittner v. U.S.
To what extent does the IRS have to impose penalties for non-tax reporting? The question being posed to the US Supreme Court in Bittner V. U.S. is do they have the right to impose severel penalties to a taxpayer due to an oversight? These are the questions that are being posed to the Supreme Court.… Continue reading Bittner v. U.S.