AFS Blog
IRS auditing small businesses that have reported losses in several consecutive years
Apparently the IRS is focusing on small businesses that have reported losses in 3 or more consecutive years. Letters have gone out for the 2017 tax year advising some taxpayers that their business is being reviewed to determine if their 'business' is actually a hobby....
read moreIRS is now sending letters to taxpayers with virtual currency (Bitcoin) transactions
As part of it's outreach efforts, the IRS is sending letters to some clients with virtual currency transactions advising them of potential failure to report income and pay taxes resulting from currency transactions or advising that transactions may have been reported...
read more7 MAJOR TAX LAW CHANGES THAT WILL AFFECT MOST TAXPAYERS
WE REVIEWED THE NEW TAX LAW AND THINK WE HAVE LISTED THE CHANGES HERE THAT AFFECT MOST PEOPLE. THIS IS NOT A COMPLETE LIST, JUST THE ITEMS THAT I THINK MOST PEOPLE WILL SEE. OUR RATINGS REFER TO THE EFFECT ON TAX LIABILITY. IF CHANGE COULD RAISE TAXES, IT IS POOR...
read moreSMALL BUSINESS STARTUPS AND STARTUP EXPENSES
Starting up a business is exciting, but can be a confusing task. There can be a number of traps that can result in extreme frustration down the road and could cost you money. We help dozens of people setup a business or change their entity each year at very...
read moreIRS CP504 Letter-Notice of Intent to Levy- What do you do?
The CP 504 letter is one of many form letters the IRS sends to taxpayers for common tax debt situations. If you have received a CP 504 notice (the notice number is shown in top right-hand corner along with tax year the notice refers to and the date the letter was...
read moreHOW TO TELL IF YOU ARE PAYING TOO MUCH FOR IRS TAX PROBLEM HELP
So, you are getting IRS letters and have decided to get some help. You want to make sure that you actually owe the debt and you don't make a mistake in dealing with the IRS that makes the problem worse. Tax problem firms often ask for thousands of dollars up front. ...
read moreLARGE RETAINER FEES FOR HELP WITH IRS PROBLEMS CAN JUST MAKE THINGS WORSE
Last week we discussed how one taxpayer ended up paying a retainer fee that was almost as large as the tax she owed and her case has not yet been settled. She will likely end up making payments to the IRS and also making payments to the firm that said they would help...
read moreDON’T MAKE YOUR IRS PROBLEMS WORSE BY PAYING LARGE RETAINER FEES
Getting an IRS letter is always a scary thing. Though the worse case consequences of IRS debt are real and can include such things as garnishment of wages or confiscation of property, being subject to such action can be a long process. Unless you are already in...
read moreANOTHER PFISHING SCAM TO BE AWARE OF
The IRS has alerted the public to another pfishing scam making the rounds. In this one, the taxpayer is mailed an official looking form to fill out, but that form has been altered so as to collect valuable information for identity theft, such as passport number,...
read moreTHE NEW POSTCARD SIZE TAX FORM-ITS NOT THAT SIMPLE
Well they promised a postcard sized tax form and they delivered but it may result in a bit of confusion. A draft form leaked to the NYT shows that a number of above-the-line deductions are no longer on the form. I don't see educator expenses, health savings account...
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