Posts Tagged ‘Taxpayer’
Overwhelmed IRS Braces for 2022 Tax Season
The pandemic has hit the IRS hard over the last couple of years. From budget cuts to staff shortages, the 2020 and 2021 backlog of returns means that the IRS will face a major uphill battle this tax season. According to the National Taxpayer Advocate’s report to Congress, there are massive processing issues happening. Erin…
Read MoreTaxes on a Corporation vs. Sole Proprietorship for the Self-Employed Individual
At Ellrich, Neal, Smith & Stohlman, P.A., we deal with a variety of self-employed individuals. We often hear them talk about the tax deductions available for a corporation as opposed to a sole proprietorship. First of all, any deductions you can take on a corporate tax return are available on your Form 1040, Schedule C as…
Read MoreValuations, Tax Court, and Michael Jackson’s Estate
The estate of the “King of Pop”, the late Michael Jackson, was part of one of the most anticipated United States Tax Court decisions in recent memory. In a 271 page opinion, Estate of Michael Jackson v. Commissioner, T.C. Memo 2021-48, the court sided with Jackson’s estate, offering a big blow to the IRS. The…
Read MoreProperly Preparing for the 2021 Tax Season
While the pandemic still carries on, Tax Day in the United States has return to its traditional deadline of April 15th. Those who remember filing federal income taxes later last year (it was pushed to July 15th in 2020) will need to prepare accordingly. Like in all other years past, tax returns must be postmarked…
Read MoreDoes It Makes Sense to Be Charitable for Tax Purposes?
The act of giving to charity is something has been at the forefront of many American’s minds lately. From dealing with the pandemic fallout to grappling with the social issues that have plagued the nation, thinking about those struggling often inspires giving. COVID-19 has had a major impact on the country, and of course the…
Read MoreResponding to the Coronavirus Outbreak
While the world grapples with the coronavirus outbreak, Ellrich, Neal, Smith & Stohlman, P.A. is steadfast in banding together to make sure that we are handling things to the best of our ability. From our internal team to our valued clients, we are taking every measure possible to maintain a safe, healthy environment. Preparing for…
Read MoreAre You Ready to File Your 2019 Taxes?
Tax season is just a couple of weeks away and that means that it is time for taxpayers to start preparing. The Internal Revenue Service (IRS) has officially announced that come Monday, January 27, 2020, they will be ready to process 2019 tax returns. Tax filers must file by the April 15th deadline and should…
Read MoreThe Value of Tax Planning for a New Business
Over 600,000 new businesses are formed each and every year. Whether financed with personal funds, bank loans, or even borrowing from family and friends, starting a business is no easy feat. The success of new businesses varies significantly with fluctuations in the economy, but there are certain inevitabilities that remain. From raising money to developing…
Read MoreCan’t pay your taxes in full? You have options…don’t hide your head in the sand
It is true. There are inescapable certainties in life: death, and taxes. These issues are not local…people all over the world must deal with them. From a cohesive standpoint, these two concerns bind us all together. Looking to find common ground with a stranger? Look no further than the topics of death and taxes. To…
Read MoreWhy Would I Need IRS Representation?
No business owner wants to receive an IRS audit letter. From panic to fear, IRS audits elicit an immediate reaction from even the most by-the-book business owners. The harsh reality is that anyone can receive an IRS audit letter, regardless of how comprehensive the business’s accounting, bookkeeping, tax planning, and tax preparation may be. Whether…
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