Filing Taxes and Nominee payments

If you are receiving payments for someone else, you need to follow the procedure for “nominee payments.” This is where payments are made in your name but you are not the beneficiary of the payments. I assume that you received a 1099-K. You must obtain a blank Form 1099-K and a blank Form 1096. You [...]

Full Story »

Tax Debt and Other IRS Information About Having Debt

People facing financial difficulties may find that there’s a tax impact to events such as job loss, debt forgiveness or tapping a retirement fund. For example, if your income decreased, you may be newly eligible for certain tax credits, such as the Earned Income Tax Credit. The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers [...]

Full Story »

Tax Issues Related to Having a Job and Employment Tax

What if I lose my job? The loss of a job may create new tax issues. Severance pay and unemployment compensation are taxable. Payments for any accumulated vacation or sick time also are taxable. You should ensure that enough taxes are withheld from these payments or make estimated tax payments to avoid a big bill [...]

Full Story »

How to Contact the IRS

Full Story »

How do I notify the IRS my business address has changed?

If you move after filing your return, you should have the post office forward mail to your new address. Some post offices do not forward government checks, so you may also want to change your address with the IRS. You can use IRS Form 8822-B, Change of Address to notify them of an address change. [...]

Full Story »

Reduced IRS Services Levels and IRS Customer Service

The Advocate expresses particular concern about IRS intentions regarding what is not stated in the plan.  “Implicit in the plan – and explicit in internal discussion – is an intention on the part of the IRS to substantially reduce telephone and face-to-face interaction with taxpayers,” the report says.  “The key unanswered question is by how much. . .It is [...]