You’re on your way to meet friends for dinner and it dawns on you-you need cash. Not a problem-there is an ATM on your route to the restaurant. After typing in your password and the amount of your withdrawal you … read more
New York’s Governor Andrew M. Cuomo and state legislators passed an initiative to collect back taxes in March 2013. The initiative will target those taxpayers owing more than $10,000 to the state. The punishment? The suspension of a driver’s license! … read more
The IRS Fresh Start program makes it easier for taxpayers to pay back taxes and avoid tax liens. Even small business taxpayers may benefit from Fresh Start. Here are three important features of the Fresh Start program: • Tax Liens. … read more
The Tax Court doesn’t get much love out there by some. They contend the Tax Court does not have the authority to decide legal issues. However the law says otherwise. The United States Tax Court is a federal court of … read more
Some individuals contend that the form or content of a notice of federal tax lien is controlled by or subject to a state or local law, and a notice of federal tax lien that does not comply in form or … read more
There are individuals that contend a notice of federal tax lien is invalid because it is unsigned or not signed by the Secretary of the Treasury, or because IRS employees lack the delegated authority to file a notice of federal … read more
You may have better luck getting the straw man from with Wizard of Oz to pay your debt than using the straw man in this scheme. Advocates of this contention encourage individuals to use IRS form 1099-OID (Original Issue Discount), … read more
Some taxpayers may need to make estimated tax payments during the year. The type of income you receive determines whether you must pay estimated taxes. 1. If you do not have taxes withheld from your income, you may need to … read more
April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and … read more
Using the Electronic Federal Tax Payment System (EFTPS) to Pay Taxes Including a Split Spousal Assessment
The Electronic Federal Tax Payment System or EFTPS is a free service provided by the U.S. Department of the Treasury that can be used to pay a host of federal taxes. The EFTPS is available by phone or online 24 … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
- The IRS Levy or How to Ruin an Evening
- Roth IRA Contributions for a High-Income Couple
- Five Depreciation Tips for Year-End Tax Planning
- Trust Taxation in 2013 – A Potential New Paradigm
- Foreign Gift Reporting Requirements
- Relaxing the “Use it or Lose it” Rule for Flexible Spending Accounts
- Correspondence Audit Selection Process
- Don’t Miss Out on Taking Your 2013 Arizona State Tax Credits!
- The Evolving Affordable Care Act – Health Insurance
- Various Tax Benefits Increase Due to Inflation Adjustments for 2014