by Daniel Pilla | Mar 7, 2022 | PTT Featured Article, Tax FAQs
THE IRS WANTS YOUR PICTUREBut It Might Have to Wait a Bit Longer About two months ago I was on the phone with an IRS Revenue Officer (RO) talking about a client’s situation. We got on the topic of the IRS’s backlog of unprocessed tax returns and the difficulty...
by Daniel Pilla | Feb 21, 2022 | Tax FAQs
Unfortunately, it’s not enough to know simple math. The tax code authorizes the IRS to make an automatic correction to a tax return when any of about 15 different mistakes are made. Simple arithmetic is one of them. In 2021, the IRS mailed 14.5 million “math error”...
by Daniel Pilla | Feb 15, 2022 | Tax FAQs
IRS to Limit How Much It Will Seize A common question with delinquent citizens is whether the IRS can levy social security benefits. The answer, unfortunately, is yes they can, and worse, they do so regularly. Before intercepting an SS payment, the IRS generally sends...
by Daniel Pilla | Feb 15, 2022 | Tax FAQs
PASSPORTS AND THE IRS They Have More in Common Than You Might Think I’ve written in past issues of this newsletter about various rumors afoot that connected passports and the IRS. The rumors suggested that if you owe the IRS money, your passport could be...
by Daniel Pilla | Jan 25, 2022 | Tax FAQs
BIDEN ADMINISTRATION INTENDS TO TURN THE IRS’s DOGS LOOSE Who Will be Targeted When it Does? The IRS is collapsing under the weight of 10.3 million tax returns. That’s the number of returns the IRS is currently sitting on (and has been since about April...
by Daniel Pilla | Dec 21, 2021 | PTT Featured Article, Tax FAQs
BIDEN ADMINISTRATION INTENDS TO TURN THE IRS’s DOGS LOOSE Who Will be Targeted When it Does? One of the key elements of Biden’s Build Back Better scheme is to spend $80 billion over the next ten years on the IRS. To put this in perspective, the IRS’s...
by Daniel Pilla | Nov 3, 2021 | PTT Featured Article, Tax FAQs
WHITE HOUSE ABANDONS BANK REPORTING PLAN…For Now The wildly invasive plan to require banks, credit unions, and other financial institutions to report account data to the IRS on an annual basis was abandoned by the White House…for now. The plan would have...
by Daniel Pilla | Sep 29, 2021 | PTT Featured Article, Tax FAQs
WHAT’S HAPPENING WITH THE TAX LAWS Democrats Push for Massive Tax and Spending Measure On September 13, the House Ways and Means Committee released details of the massive tax-and-spend proposal championed by Democrats. This is still not yet a final package....
by Daniel Pilla | Jul 12, 2021 | PTT Featured Article, Tax FAQs
The IRS has functioned as a tool for welfare programs for years, usurping authority from Congress. This issue has been in the public spotlight due to controversial bills like Obamacare. These are bills that create more refunds than money paid in, effectively creating...
by Daniel Pilla | Jul 7, 2021 | Tax FAQs
The Complete Guide to Organizing and Operating Your Small BusinessComplete discussions on: – The best business entity structures for your business – Hiring employees or using independent contractors – How to properly set up and use an office in...
