McFarlane Law Tax Blog

Latest from McFarlane Law Tax Blog

There has been stories that nursing homes and other care facilities have been taking their resident’s/patient’s Economic Impact Payments (EIPs). If you have a loved-one in a nursing home or other care facility, check to see that the facility has not absconded with the EIP. If so, you may to hire an attorney to send a demand letter to recoup the EIP. Under the IRS guidelines, the EIPs belong to the recipients, not any organizations providing care for the recipients. Be aware and check on this as there has been stories that people and businesses may be taking advantage of…
If you or your spouse collects social security benefits and have been assessed past due taxes or have other debts, those SS benefits may be subject to collection action by the Internal Revenue Service (IRS) and the Arizona Department of Revenue (ADOR). This can be particularly distressing if you are retired and in debt and your only source of income is social security. The IRS has statutory authority, via the Federal Payment Levy Program, to garnish up to 15 percent of Social Security benefits to pay delinquent taxes. Other creditors, such as banks and credit card companies, cannot touch your…
<h2<Important Tax Record-keeping Advice: If you received an economic impact payment in 2020 need to keep Notice 1444, entitled Your Economic Impact Payment, with your other 2020 tax records such as W-2s, 1099s, and any virtual currency transactions. This Notice 1444 provides important information about the amount of your payment, how the payment was made, and how to report any payment that was not received. Note that the IRS mails this Notice 1444 to each recipient’s last known address within 15 days after the payment goes out. It is important for people to keep this Notice 1444for their 2020 tax…
The Honeymoon is Over: Part Deux If you have not filed your 2019 individual income or business tax returns yet or paid the tax liability, you have until July 15 to file those returns and pay the tax due without incurring penalties for late filing and for late paying. As I discussed in a prior blog, there are 2 penalties that attach to the failure to file on time and the failure to pay the tax due. You want to file even though you cannot pay or fully pay the tax liability. Further, you can request a filing extension if…
There are certain tax problems that require the assistance of a tax attorney, and determining if an offer-in-compromise (OIC) can resolve your tax issues with the Internal Revenue Service (IRS) or Arizona Department of Revenue (ADOR) is one of those cases. So you owe taxes that you will not be able to pay in a reasonable period of time. Although despair sets-in, there is tax relief assistance. You should seek such assistance from an experienced tax attorney – don’t waste your time or money with non-lawyer national outfits claiming they can resolve your tax problems. McFarlane Law – Your Tax…
There are certain tax problems that require the assistance of a tax attorney, and determining if an offer-in-compromise (OIC) can resolve your tax issues with the Internal Revenue Service (IRS) or Arizona Department of Revenue (ADOR) is one of those cases. So you owe taxes that you will not be able to pay in a reasonable period of time. Although despair sets-in, there is tax relief assistance. You should seek such assistance from an experienced tax attorney – don’t waste your time or money with non-lawyer national outfits claiming they can resolve your tax problems. McFarlane Law – Your Tax…
Remember: An extension to file is not an extension to pay taxes For most taxpayers (including individual, businesses, and fiduciaries), the filing and payment deadline for their 2019 federal and state tax returns was postponed to July 15. Those who need more time to file beyond the postponed date (July 15) can request an extension to file and must request that extension to file by July 15. The federal extension gives taxpayers until October 15 to file their federal tax return. Taxpayers need to check with their individual state’s laws to determine the effect of an extension. In Arizona, a…
Remember: An extension to file is not an extension to pay taxes For most taxpayers (including individual, businesses, and fiduciaries), the filing and payment deadline for their 2019 federal and state tax returns was postponed to July 15. Those who need more time to file beyond the postponed date (July 15) can request an extension to file and must request that extension to file by July 15. The federal extension gives taxpayers until October 15 to file their federal tax return. Taxpayers need to check with their individual state’s laws to determine the effect of an extension. In Arizona, a…
As you know, the deadlines to file and pay 2019 federal income taxes have been postponed to July 15, 2020. If you need more time to file taxpayers can request an automatic extension to file until Thursday, October. 15. Contact your tax professional for assistance. Taxpayers should remember that an extension of time to file is not an extension of time to pay. Penalties and interest may apply to taxes not fully paid by July 15. The post Have You Filed Your 2019 Tax Returns? appeared first on McFarlane Law.…
As you know, the deadlines to file and pay 2019 federal income taxes have been postponed to July 15, 2020. If you need more time to file taxpayers can request an automatic extension to file until Thursday, October. 15. Contact your tax professional for assistance. Taxpayers should remember that an extension of time to file is not an extension of time to pay. Penalties and interest may apply to taxes not fully paid by July 15. The post Have You Filed Your 2019 Tax Returns? appeared first on McFarlane Law.…
As we come out of the COVID-19 societal lockdown and you have significant tax problems to resolve, don’t be duped into giving money to non-tax professional outfits who claim to be “Tax Relief Experts.” Most times they will take your money but cannot resolve your tax issues. They do not have the expertise or relationships that are essential in efficiently resolving your tax problems. So, do not waste your money! Rather, call a local tax attorney who you can meet and depend upon. We at McFARLANE LAW – A Tax Law Firm – T.991-991-0032 – are licensed attorneys who are…
As we come out of the COVID-19 societal lockdown and you have significant tax problems to resolve, don’t be duped into giving money to non-tax professional outfits who claim to be “Tax Relief Experts.” Most times they will take your money but cannot resolve your tax issues. They do not have the expertise or relationships that are essential in efficiently resolving your tax problems. So, do not waste your money! Rather, call a local tax attorney who you can meet and depend upon. We at McFARLANE LAW – A Tax Law Firm – T.991-991-0032 – are licensed attorneys who are…
On a regular basis I get clients who have taken a distribution out of their qualified individual retirement account or retirement plan before reaching 59 ½ years of age (the time when you can take a distribution and be subject to the 10% penalty). They do this before informing their bookkeeper, CPA, or attorney of their intent. This can trigger an additional tax on top of other income tax they may owe. Early Withdrawals. An early withdrawal normally is taking cash out of a retirement plan before the taxpayer is 59½ years old. The IRS charges a 10 percent penalty…
On a regular basis I get clients who have taken a distribution out of their qualified individual retirement account or retirement plan before reaching 59 ½ years of age (the time when you can take a distribution and be subject to the 10% penalty). They do this before informing their bookkeeper, CPA, or attorney of their intent. This can trigger an additional tax on top of other income tax they may owe. Early Withdrawals. An early withdrawal normally is taking cash out of a retirement plan before the taxpayer is 59½ years old. The IRS charges a 10 percent penalty…
States are increasingly looking to audits and enforcement to raise much needed revenue, and Arizona is especially aggressive. The State is employing newly acquired technology and new audit methodologies to find delinquent or noncompliant business taxpayers. Auditors and supervisors are taking increasingly aggressive positions on tax matters and documentation requirements. If this is a concern, or if you have been contacted by the ADOR, call McFARLANE LAW – Your Tax Law Firm at T.480.991.0032 We represent businesses and individuals before the ADOR and all administrative levels, and before he Arizona Tax Court. We can help you better prepare for sales…
States are increasingly looking to audits and enforcement to raise much needed revenue, and Arizona is especially aggressive. The State is employing newly acquired technology and new audit methodologies to find delinquent or noncompliant business taxpayers. Auditors and supervisors are taking increasingly aggressive positions on tax matters and documentation requirements. If this is a concern, or if you have been contacted by the ADOR, call McFARLANE LAW – Your Tax Law Firm at T.480.991.0032 We represent businesses and individuals before the ADOR and all administrative levels, and before he Arizona Tax Court. We can help you better prepare for sales…