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RECENT BLOG POSTS
The California Department of Tax and Fee Administration (CDTFA) has extended their Small Business Tax Relief Payment Plan for Sales and Use Tax. Small businesses with less than $5 million in taxable annual sales and a maximum of $50,000 in sales and use taxes due will be able to setup a monthly p...
12/19/2020
Cash donations up to $300 made to qualified charities during 2020 will be an adjustment to gross income deduction. Taxpayers that use the standard deduction and do not itemized deductions on Schedule A (Form 1040) can temporarily take the full deduction above the line (above Adjusted Gross Income...
12/08/2020
An Offer in Compromise Doubt as to Liability (OIC DATL) is filed by a taxpayer that does not agree to some or all of the amount of a tax assessed by the IRS. This is in contrast to an Offer in Compromise Doubt as to Collectibility (OIC DATC) that I wrote about in a previous post where the tax ass...
12/07/2020
Taxpayers that do not qualify for an OIC DATC or an OIC DATCSC because they are able to pay their tax liability in full may qualify for an Effective Tax Administration Offer in Compromise (ETA OIC). The ETA OIC program allows an offer for less than the Reasonable Collection Potential (RCP) which ...
12/05/2020
The IRS Offer in Compromise Doubt as to Collectibility with Special Circumstances (OIC DATCSC) is a variation of the Offer in Compromise Doubt as to Collectibility (OIC DATC) that I recently wrote about here. Both of these OIC's share the same basic concept that the tax liability is greater than ...
12/03/2020
Often touted on television and the radio as the holy grail of tax settlement, the Offer in Compromise Doubt as to Collectability (OIC-DATC) program allows taxpayers to payoff their IRS tax bill for less than the outstanding liability. There are various Offer in Compromise (OIC) programs but this ...
11/27/2020
In February 2020 the IRS was publicizing that they were targeting individuals and businesses that had not filed their tax returns. Then COVID-19 hit and they had to put that policy on hold. We are still in the eye of the storm relating to COVID-19 but there is renewed hope with the effectiveness ...
11/23/2020
Businesses that hire workers have to categorize them as either employees or independent contractors. Employees must have individual income tax, Social Security tax and Medicare tax withheld from their periodic paychecks. These taxes are known as trust funds that the employer holds in trust for th...
11/22/2020
The City of Los Angeles Office of Finance is offering a Tax Penalty Amnesty Program from October 1, 2020 to December 17, 2020 to provide financial relief to distressed businesses affected by the current downturn in economic conditions. This will provide penalty relief of up to 40% of the principa...
11/20/2020
Small businesses in California with less than $5 million in taxable annual sales and up to $50,000 in sales and use tax liability that they are unable to pay may be eligible for tax relief under a newly introduced payment plan. The California Department of Tax and Fee Administration (CDTFA) is al...
11/09/2020
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