100% Tax Write-Off for Your Super Bowl Party Right Now!
100% Tax Write-Off for Your Super Bowl Party Right Now! A completely tax-deductible Super Bowl party probably sounds too good to be true, but trust us, it’s 100% possible! Meal and entertainment tax deductions for small businesses can be confusing. Some meal and entertainment items are 100% deductible, some things are only…
Is Federal Lien a Threat of Levy?
Is Federal Lien a Threat of Levy? If you receive an IRS tax lien, do you have to worry about an IRS tax levy? Here’s a quick summary of what you should do. Why Do I Even Have a Federal Tax Lien? When the IRS has been alerted that the liability will not be fully…
I lost my house in divorce. Will I have capital gains later?
I lost my house in divorce. Will I have capital gains later? Avoid tricky tax problems in divorce property settlement! Here’s the common situation: Let’s suppose that you are the primary spouse on marital home’s mortgage. You plan to give your spouse all rights to your home, in the divorce. Your spouse will keep the…
Holiday Travelers – Has IRS Blocked your Passport?
Holiday Travelers – Has IRS Blocked your Passport? If you have unpaid IRS tax debt, your international travel could be in danger. By Department of Treasury procedure, IRS can request to block the issuance or renewal of U.S. Passports for those who owe significant tax debt. If the debt remains without payment arrangement, IRS can…
IRS Uses Private Debt Collection Agencies – Are My Clients Affected?
IRS Uses Private Debt Collection Agencies – Are My Clients Affected? Beginning in 2016, IRS is allowed to assign a person’s tax debt to a private company for collection. Oddly enough, this fairly new law is both tax law and transportation legislation, namely, the “Fixing America’s Surface Transportation Act” (or FAST). The idea was to…
Will a Government Shutdown Delay My Tax Refund?
Another government shutdown could certainly slow down tax return processing. This could indeed delay refunds. Here are a few things to think about: 1) Anytime the government “shuts down,” that event does not affect all employees the same. Generally, only non-essential employees are told to stay home. Similarly, only non-essential services are cut. However, these…
Business License Revoked Due to Unpaid Illinois Taxes
In Illinois, licensed business owners who fail to pay their state taxes can lose their privilege to stay in business. This article addresses some of those situations. Local Business with Unpaid State Income Taxes One past client held a cosmetology license under Illinois Department of Financial and Professional Regulations for over a decade. Her hair…
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