Archive for the category: Tax

Due to the COVID-19 pandemic, the IRS was unable to mail some previously printed balance due notices as a result of office closures. As IRS operations continue to reopen, these notices will be delivered to taxpayers in the next few weeks.

Some of the notices may reflect due dates that have already passed. The IRS assures taxpayers the due dates have been extended to July 10 or July 15, 2020, depending on the type of tax payment and original due date. The correct due date will appear on an additional insert mailed with each notice. Taxpayers who have questions can call the number provided on their notice.

I just don’t seem to be writing as many checks as I used to.  And I don’t want the panic of being on vacation with no checkbook when my estimated taxes are due.  The solution that works for me is to schedule my estimated tax payments to come directly from my bank account on the appropriate dates.  No more checks getting lost in the mail or visits to the post office if the payment needs to be sent by certified mail.  Now I just have to be sure that come the due dates there are sufficient funds in my account.  These are not the only way to pay taxes, but they are free and easy ways to schedule payments in advance of the due date.
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The Tax Cuts and Jobs Act was the most significant set of changes to the U.S. tax code in several decades. Most changes went into effect with the 2018 tax year. Here is what you need to know for the 2019 tax year filing:
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Earlier this month the best bit of tax scamming I’ve seen in my career crossed my desk. While there are many red flags on the document below, at first blush it’s the real deal, a balance due notice from the IRS. And not an outrageous bill; something you might consider paying without consulting your tax preparer. Don’t do it. Whenever you receive a notice, your preparer should be copied for an opinion on how to deal with it.
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The IRS has announced that it will conduct special “compliance efforts” for businesses and individuals in various communities. The purpose is to meet face-to-face with taxpayers with ongoing tax issues. These meetings will take place in areas where the Service’s resources have not been adequate to address these issues.
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