Tag Archives: File Tax Return

Check the Tax Rules Before Lending Money to Relatives

There are many worthwhile reasons to lend money to a relative. For example, you may want to help a child or sibling continue their education or start their own business. But lending money to relatives can have tax consequences. The … Continue reading

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IRS Sends “Possible Income Underreporting” Notices

  Form 1099-K is a new information return sent to businesses by “payment settlement entities” reporting the amount of credit card and other electronic receipts that were processed for the business. The IRS also receives a copy of Form 1099-K … Continue reading

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IRS Systems Faulted for Identity and Access Management Security

Taxpayer data is vulnerable to inappropriate use, modification or disclosure, perhaps without being detected, according to a new government report that found problems with the Internal Revenue Service’s technology for configuration management and identity and access management. The report, from … Continue reading

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Did You Receive a CP2000 Notice from the IRS?

Have you received a CP 2000 notice? Notice CP 2000 shows proposed changes to your income tax return. This proposal is based on a comparison of the income, payments, credits, and deductions reported on your tax return with information on these … Continue reading

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The IRS is Having a Bad Year

  First it was the acknowledgement of mishandling non-profit applications for groups with “Tea Party” and “Patriot” in their name. Then it was the bad publicity around lavish spending at IRS internal conventions and meetings. The latest oops is the … Continue reading

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Failure to File or Pay Penalties: The First Four Facts

The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides that the … Continue reading

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Avoid Future Tax Problems: Start Planning Next Year’s Tax Return Now

  For most taxpayers, the tax deadline has passed. But planning for next year can start now. Being organized and planning ahead can save time and money in 2014. Here are six things you can do now to make next … Continue reading

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Are you Using the Correct Filing Status When Filing Your Income Tax Return?

It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether … Continue reading

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How to Designate Power of Attorney with the IRS

  You have the right to represent yourself or have someone represent you before the IRS in connection with a federal tax matter.  At Lefstein-Suchoff CPA and Associates we represent many clients who face IRS problems.  Please read below for … Continue reading

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IRS Announces Second Quarter Interest Rates

      Interest rates charged by the IRS on underpaid taxes and paid by the IRS on tax over-payments will remain the same for the second quarter of 2013 (April 1 through June 30). Therefore, for the first six … Continue reading

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