Author Archives: Tax Expert

About Tax Expert

An e-tax professional at http://www.taxexcise.com, a product of Think Trade Inc., A BBB accredited, IRS authorized E-file service provider for all kinds of Excise taxes like Form 2290, Form 720, Form 8849 etc, my articles will reflect friendly ideologies of my company just like how friendly our e-file tax application is to them. For any queries, reach us @ 866-245-3918 or email us on info@thinktradeinc.com

Here’s how people can become an IRS-certified volunteer

The IRS and its community partners encourage people to make a difference in communities across the country by becoming an IRS-certified volunteer. These volunteers will help taxpayers file their tax returns during the upcoming tax season.

Volunteer Income Tax Assistance offers free tax return preparation to eligible taxpayers who generally earn $58,000 or less, people with disabilities and limited English-speaking taxpayers.
Tax Counseling for the Elderly is mainly for people age 60 or older. Although the program focuses on tax issues unique to seniors, most taxpayers can usually get free assistance. Many sites in the TCE program are operated through AARP Foundation Tax-Aide.

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Complete Federal Excise Taxes Electronically At TaxExcise.com

Understanding taxpayer rights: The right to finality

Farmers and ranchers affected by drought have additional time to replace livestock

Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are eligible.

The one-year extension gives eligible farmers and ranchers until the end of the tax year after the first drought-free year to replace the sold livestock.
The farmer or rancher must be in an applicable region. An applicable region is a county designated as eligible for federal assistance, as well as counties contiguous to that county.
The farmer’s county, parish, city or district included in the applicable region must be listed as suffering exceptional, extreme or severe drought conditions by the National Drought Mitigation Center. All or part of 36 states and one U.S. territory are listed. The list of applicable regions is in Notice 2021-55 on IRS.gov.

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All taxpayers have the right to appeal an IRS decision in an independent forum

Taxpayers have the right to appeal an IRS decision in an independent forum. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights — that all taxpayers have when dealing with the IRS.

The IRS Independent Office of Appeals handles a taxpayer’s case must be separate from the IRS office that initially reviewed that case. Generally, this office will not discuss a case with the IRS to the extent that those communications appear to compromise the independence of Appeals. Continue reading →

IRS: New contracts awarded to private collection agencies; taxpayers may be contacted by one of three groups

New mailing address for some Western states as Fresno, California, paper tax return processing center closes

The IRS in the latest Issue Number: IR-2021-185 highlight the New mailing address for some Western states as Fresno, California, paper tax return processing center closes.

WASHINGTON –The Internal Revenue Service will close its paper return processing center in Fresno, California, permanently at the end of September this year. Originally announced in 2016, this closure is part of a larger, ongoing efficiency strategy as most taxpayers now file electronically.

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IRS Making Progress on Key Areas Slowed by the Pandemic, but More Work Remains

Take a closer look at how pandemic-related issues are still causing the IRS to experience record levels of activity that affect operations and how, despite that, the agency is making progress and serving taxpayers.

By Chuck Rettig
CL-21-26, September 14, 2021

The IRS plays an important role in serving our country. We interact with more Americans than any other U.S. government agency – virtually every individual and business in the country. We process 96 percent of the funding for our nation’s vital programs, but our agency and our people have had to really step up in the past year and a half to provide even more support to Americans in need. And just like businesses and other agencies around the country, we had to pause or modify some operations during the pandemic until we had safe and secure remote options in place to enable our employees to perform their work and serve taxpayers. I am extremely proud of the dedication of our workforce toward helping American taxpayers fulfill their tax responsibilities and resolve tax issues while they dealt with the COVID-19 situation.

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Understanding the tax responsibilities that come with starting a business

Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business.

Here are some tips for new entrepreneurs:

Choose a business structure.
The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are:

Sole proprietorship: An unincorporated business owned by an individual. There’s no distinction between the taxpayer and their business.
Partnership: An unincorporated business with ownership shared between two or more people.
Corporation: Also known as a C corporation. It’s a separate entity owned by shareholders.
S Corporation: A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders.
Limited Liability Company: A business structure allowed by state statute.

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IRS: Tax relief now available to Ida victims in Pennsylvania; Oct. 15 deadline, other dates extended to Jan. 3

WASHINGTON — Victims of Hurricane Ida in parts of Pennsylvania now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS has also provided relief to Ida victims in Louisiana, Mississippi, New Jersey and New York.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently, this includes Bucks, Chester, Delaware, Montgomery, Philadelphia and York counties, but taxpayers in Ida-impacted localities in other parts of Pennsylvania, subsequently designated by FEMA, will automatically receive the same filing and payment relief. The current list of eligible localities is available on the disaster relief page on IRS.gov.

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