Author Archives: Sandy Suchoff

Access tax details online

Transcripts of your federal income tax return, tax account, wages and income, and record of account, as well as a verification of non-filing, are once again available for no charge online at the IRS website. Sign up to view, print, … Continue reading

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You can still benefit from the Work Opportunity Tax Credit

The Work Opportunity Tax Credit (WOTC) is a federal income tax break that can reduce your business income tax when you hire workers from specified groups that typically experience high unemployment rates. Normally, you have 28 days after the worker’s … Continue reading

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Count employees to avoid ACA penalties

The IRS recently updated a web page explaining how to figure out if you’re an “applicable large employer,” or ALE. If you are, you may have to pay a penalty for not providing health insurance to your employees. For 2016, … Continue reading

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The IRS wants your RSVP for this notice

Did you receive advance payments of the federal income tax credit that helps pay your health insurance premium? You’re required to reconcile that amount with how much you’re eligible to claim and file a form with your tax return. If … Continue reading

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IRS interest rates rise for the second quarter of 2016

The interest rates the IRS charges on underpaid taxes and pays on tax overpayments have gone up for the second quarter of 2016 (April 1 through June 30). Here are the new rates for individuals and corporations. For individuals: 4% … Continue reading

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Form 1099 penalties increase sharply

Have you filed required Forms 1099 for 2015? The forms were due by February 1 to individuals you paid $600 or more in the course of your business during the year. If you haven’t completed Forms 1099, you’ll want to … Continue reading

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IRS Now Required to Use Collection Agencies

IRS Now Required to Use Collection Agencies In a 1,300 page Transportation Bill signed into law in December, 2015, there are eight pages that require the IRS to assign unpaid tax bills to outside collection agencies. This means that third … Continue reading

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IRS gives worker classification criteria

Since independent contractor payments are not subject to payroll taxes, there is a temptation to classify some employees as independent contractors when they should not be. The IRS uses certain criteria to help determine who should be classified as an … Continue reading

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IRS publishes tips for amending returns

If you discover an omission or error made on your already filed tax return, you may need to file an amended return. Here are some IRS tips for amending returns. 1. Use Form 1040X. You must file a paper amended … Continue reading

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Don’t let the IRS become your pen pal

Getting a letter or notice from the IRS can be upsetting, confusing, and unnecessary. The IRS sends taxpayers notices to request payment for taxes, to notify them of a change to their account, or to request additional information. Attention to … Continue reading

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