Tax Blog
Recent Posts
Firm News: Recent IRS Offer in Compromise Victory
Porter Law Office LLC recently helped a client secure an approved IRS offer in compromise. The IRS accepted $500 to settle a tax debt of more than $40,000. The approved offer was a lump sum cash offer based on doubt as to collectibility (see IRM 5.8.4.3). The taxpayer...
Tax News: IRS Waives Penalty for Shortfall in Withholding and Estimated Taxes in 2018
If you are a taxpayer whose 2018 federal income tax withholding and estimated tax payments were less than your total tax liability for the year, then you are in luck. The IRS announced today that it is waiving the penalties for individuals whose tax withholding and...
IRS Audit Procedures Explained 2019
IRS Audit Procedures So, you received a letter from the IRS indicating that your tax return has been selected for audit. Breathe. This can be a very nerve-racking and anxious time. But, it does not have to be. This article focuses on why the IRS has audited you and...
IRS Issues Proposed Regs on New 20% Passthrough Business Income Deduction
The Internal Revenue Service ("IRS") has issued proposed regulations today to further clarify the new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations a 20 percent qualified business income deduction. The new business...
2018 Tax Reform Legislation Overview | Provisions Affecting Individuals
The 16 Tax Reform Provisions Affecting Individuals The Tax Cuts and Jobs Act ("TCJA") was signed into law on December 22, 2017, and is effective beginning in 2018. It is a major legislative overhaul of the U.S. tax code. This article contains a look at some of the...
Time Running Out to Claim Refund for 2014 Income Tax Return
Time running out to file 2014 income tax return to claim refund from IRS. Refunds worth $1.1 billion are waiting to be claimed by those who have not filed 2014 income tax return. In a recent announcement, the Internal Revenue Service ("IRS") is reminding taxpayers...