Many clients who come into our Richardson TX office with Tax Problems, have tax penalties that are part of their IRS debt, and want to know how to remove them. In some cases, it is possible to remove penalties for late filing and payment. Today, we’ll discuss some of the reasons that the IRS will allow abatement (removal) of Tax Penalties.  First Time Penalty Abatement If the taxpayer qualifies, this is typically the easiest way to remove a penalty. The First Time Penalty Abatement (FTA) is available for 3 penalties: Failure to File Failure to Pay Failure to Deposit (Payroll Deposits)  The IRS Website states that you may qualify for relief from penalties if the following are true: You didn’t previously have to file a return, or you have no penalties for the 3 tax years prior to the tax ... 10/01/2019

The stunning rise in the value of Bitcoin, along with the myriad of cryptocurrencies, is surely one of the biggest financial stories of the 21st century, at least so far. What started out as a mere curiosity and niche project for programmers and geeks has quickly blossomed into a full-fledged financial asset, and an increasingly popular one at that. For early adopters, the financial returns have been simply mind boggling. You may have heard about the generation of Bitcoin millionaires, and there are plenty of those newly rich investors to go around. Given the rapid rise and relative anonymity of Bitcoin transactions, it was only a matter of time before the IRS caught on, and the tax agency has caught on - and caught up - in a big way. After years of taking a hands-off approach to crypto... 09/27/2019

I wanted to share our most popular You Tube Video which is What is a CP2000 Notice and What To Do If You Receive One.  As a summary, a typical IRS audit today is a Correspondence Audit, which is typically completed primarily by mail.  Taxpayers may receive a Form CP2000 when the IRS has information on file which doesn't match your tax return and triggers their request.  Listen to the video to learn more about the CP2000 notice and what you should do if you receive one.  If you believe you need professional help, please feel free to contact us.  09/27/2019

Our Richardson, TX tax firm frequently represents taxpayers in the DFW area, as well as other areas of Texas, who have had the IRS levy or garnish their wages through their employer.  Because this can account for a substantial portion of a taxpayer’s paycheck, it can create chaos with their financial life.  When taxpayers with a payroll levy come to us, our first priority is to have the levy removed or to cease additional action. Once we’ve accomplished this, we assist those taxpayers in resolving the issue which caused the levy and bring an end to their problems permanently. As opposed to Bank Levies which are one-time levies, where the IRS gets only one shot at the taxpayer’s bank account per levy action, when the IRS garnishes a taxpayer’s wages, it is a continuing levy. This means t... 09/26/2019

There are many benefits to a VA home loan. It’s important to know how these loans can help you. First, thank you for your service to our country. According to the Mortgage reports, VA loans stand apart for its combination of low rates, lenient underwriting, and secondary benefits. These are 10 Plano Texas VA loan benefits in 2019. These are:        No down payment on a VA loan        No mortgage insurance        VA loans have a government guarantee        Your ability to shop and compare VA loans        VA loans don’t allow a prepayment penalty        They come in many varieties        It’s easier to qualify for a VA loan        VA loan closing costs are lower        The VA loan offers funding fee flexibility    VA loans are assumable Backed by the U.S. Department of Veterans Affairs, V... 09/24/2019

For the personal returns of taxpayers, the IRS gives taxpayers until April 15th to file their tax return. However, if a taxpayer cannot file by April 15th, by submitting IRS Form 4868, they are granted an extension to file their return until October 15th. Before we go further, I wanted to point out that that an extension with Form 4868, is an extension to file your return, not to pay your taxes. Taxpayers who validly request an extension and file by the extension due date, will not incur a late filing penalty, but may still incur a late payment penalty. Why don’t people file their tax returns timely?There are a number of reasons that taxpayers don’t file their tax returns timely, but the two reasons below are what I see most often in tax practice: The Taxpayer doesn't file their tax ret... 09/13/2019

8 Reasons to Work with a Tax Resolution Professional To Resolve Your Back Taxes When you owe money to the IRS, it is hard to think about anything else. While being in debt is never fun, no matter who the creditor is, the IRS enjoys almost unlimited power to collect the money they are due. Unlike your mortgage lender or credit card company, the Internal Revenue Service has the power to attach your wages, raid your bank account and even take your freedom. No other creditor even comes close in terms of its power and influence, and taking on the agency on your own could be asking for trouble. If you have received a notice from the IRS, you need to act fast, and you need the right assistance in your corner. Taking on the IRS requires specific expertise, and that is why it is so important to ... 09/08/2019

Sometimes, I have taxpayers come into my Richardson, TX tax office, who have been assessed income taxes by the IRS, but where they believe they don’t owe the tax. Your first thought might be, “Does this really happen”, but surprisingly, it does happen. As more and more tax returns are automated through the IRS correspondence process and the IRS is working with less human staff, I’ve seen more of it.    How does it happen? When the IRS sends notices, some taxpayers simply ignore the notices, some don’t respond properly, and some respond properly but the IRS simply makes an error when reviewing the documentation. If the taxpayer doesn’t provide the IRS with the necessary documentation, or doesn’t follow through with the Collections group, or take advantage of their opportunity to Appeal t... 09/06/2019

Are you a broker? Do you sponsor agents?Are you aware that realtor.com has rolled out "Agency Profiles" in addition to Agent Profiles? Are you aware that if you haven't set this up, your individual agent profiles may not be displaying correctly, and this could be a compliance liability for online advertising rules in your state?In a recent, informal poll across facebook groups with broker audiences, we found that the large majority of brokers are either entirely unaware of this tool, or need guidance in understanding how to set it up.Unfortunately, there isn't a way to claim your Office Profile on your own, and the regular support team isn't equipped to assist with this either.Here's What You Need To Know What you need to request is access to is called the Broker Dashboard. The brand na... 09/06/2019

One of our most popular videos on our YouTube channel for Bob Jablonsky and Associates is what you should do if you receive the CP2000 notice, which is a common notice sent by the IRS when they identify differences between what is reported on a tax return vs. 3rd party information that is in their database.  Listen to our video on the CP2000 notice to learn more about why you are receiving the notice and how to effectively respond to the notice. Do you Need Help?If you need help with an IRS ntoice or any issue related to IRS tax debt, we can help you. Please give me a call at (972) 821-1991 or at bob@jablonskyandassocates.com.  To learn more about us, visit our website at https://jablonskyandassociates.com/.    09/05/2019

If your business owes payroll taxes to the government, you should be concerned. Payroll Taxes continue to become a bigger focus for both the IRS and State Governments, as governments struggle to fund budgets.  Payroll taxes remitted by employers make up approximately 70% of Federal tax inflows. Because of this, the IRS as weel as state governments, aggressively pursue businesses for the payroll taxes, and related penalties owed. In addition to taxes owed by the business, the Trust Fund Recovery Penalty (TRFP) portion, which are the employee portion of payroll taxes held in trust by the employer, can become the personal liability of those considered to be “Responsible Parties” of the business, and in some cases, “Responsible Parties” can be pursued criminally. Solutions to Payroll Tax De... 09/01/2019

There are many benefits to a VA home loan. It’s important to know how these loans can help you. First, thank you for your service to our country. According to the Mortgage reports, VA loans stand apart for its combination of low rates, lenient underwriting, and secondary benefits. These are 10 VA loan benefits in Plano Texas in 2019. These are:        No down payment on a VA loan        No mortgage insurance        VA loans have a government guarantee        Your ability to shop and compare VA loans        VA loans don’t allow a prepayment penalty        They come in many varieties        It’s easier to qualify for a VA loan        VA loan closing costs are lower        The VA loan offers funding fee flexibility    VA loans are assumable Backed by the U.S. Department of Veterans Affairs... 08/26/2019

One of the recent enhancements for Quickbooks Online (QBO) is Receipt Capture. Receipt Capture is new functionality directly within QBO, without the need to purchase 3rd party software, to efficiently capture and store digital receipts to each transaction. How Does it Work?The user can use their camera phone to easily snap the photo or it can be scanned to your computer if in the office. There are three ways to upload the images to QBO: Scanning directly through the Mobile App Uploading, then dragging and dropping Forwarding by email.  You can find Receipt Capture in the Banking Section of QBO. The image will appear in the Receipts Section and can be matched to the appropriate transaction. then be attached to the transaction. Whether researching for an audit, tax purposes, or simply to ... 08/07/2019

 The city of Plano is a part of the Dallas-Fort Worth metropolitan area. It is mostly in Collin County, but includes a small portion that extends into Denton County. As of 2017 the city's population was estimated at 286,143, making it the ninth most populous city in the state of Texas. According to US Census in 2017, Plano demographics are as follows:   Race Population  White 188,719 Asian 54,597 Black or African American 23,353 Two or More Races 8,239 Some Other Race 5,021 American Indian and Alaska Native 1,422 Native Hawaiian and Other Pacific Islander 215     Plano Income by Household: Name Median    Mean Households $88,578    $116,992 Families $105,461    $133,455 Married Families   $119,404    $148,682 Non Families $52,813    $72,893   Plano Renter vs Owner Occupied by Household T... 07/18/2019

  Address SqFt Total Bedrooms Full Baths Half Baths Pool Current Price 3112 Charter Oak Drive 1,459 3 2   No $252,000 1033 Gannon Drive 2,024 3 2   No $255,000 3800 Timberline Drive 1,754 3 2   No $258,500 1809 Valencia Drive 2,367 3 2 1 No $260,000 4008 Rainier Road 1,489 3 2   No $265,000 949 Arbor Downs Drive 1,744 3 2   Yes $267,500 2008 Briarcreek Lane 2,099 4 2   No $268,000 5006 Latham Drive 1,828 3 2   No $269,000 2716 Countess Drive 2,208 4 2   No $269,900 1113 Lombardy Drive 2,113 4 2   No $269,900 2012 Briarwood Drive 2,004 3 2   No $269,900 2208 Winterstone Drive 1,795 3 2   No $273,000 1712 Spanish Trail 1,694 3 2   No $273,900 4004 Hatherly Drive 2,126 3 2 1 Yes $275,000 3932 Bandera Drive 2,216 3 2 1 No $276,500 716 Middle Cove Drive 1,636 4 2   Yes $279,000 2304 Dyers Oa... 06/04/2019

  Address SqFt Total Beds Total Full Baths Half Baths Pool Current Price 2408 Briarwood Drive 2,108 4 2   No $252,900 1033 Gannon Drive 2,024 3 2   No $255,000 4001 Garrison Place 2,214 4 2 1 No $259,900 7920 Pinkerton Court 1,767 3 2   No $264,900 1712 Cumberland Trail 1,460 3 2   No $264,900 2008 Briarcreek Lane 2,099 4 2   No $268,000 5006 Latham Drive 1,828 3 2   No $274,900 1324 Glyndon Drive 1,741 3 2   No $279,500 3932 Bandera Drive 2,216 3 2 1 No $279,900 2012 Briarwood Drive 2,004 3 2   No $279,900 1512 Geneva Lane 1,994 3 2   No $280,000 1705 Copper Creek Drive 2,063 3 2   No $282,000 2121 Los Rios Boulevard 2,054 3 2   Yes $282,000 3108 Lemmontree Lane 2,313 4 2 1 No $285,000 3928 Bosque Drive 2,074 4 3   No $285,000 2304 Dyers Oak Drive 1,871 3 2 1 No $285,000 4016 Los Roble... 05/05/2019

  The city of Plano is a part of the Dallas-Fort Worth metropolitan area. It is mostly in Collin County, but includes a small portion that extends into Denton County. As of 2017 the city's population was estimated at 286,143, making it the ninth most populous city in the state of Texas.  According to US Census in 2017, Plano demographics are as follows:   Race Population  White 188,719 Asian 54,597 Black or African American 23,353 Two or More Races 8,239 Some Other Race 5,021 American Indian and Alaska Native 1,422 Native Hawaiian and Other Pacific Islander 215     Plano Income by Household: Name Median Mean Households $88,578 $116,992 Families $105,461 $133,455 Married Families $119,404 $148,682 Non Families $52,813 $72,893   Plano Renter vs Owner Occupied by Household Type Type Owner ... 03/19/2019

  Plano was named the 3rd 'Best Place to Live in America by Money Magazine.It offers an affluent and yet affordable living. It has low taxes, housing prices and unemployment compared to most metros in the U.S. The city offers many amenities which enhance the lives of residents and visitors by offering outstanding parks, trails and facilities, a variety of enriching programs, special events and activities that contribute to the health, well-being and quality of life within the city. The Plano Independent School District is nationally regarded and provides an education comparable in quality to many top private schools.  Schools Three school districts serve residents in Plano: Frisco Independent School District5515 Ohio DriveFrisco, TX 75034Ph: 469-633-6000 Lewisville Independent School Di... 02/28/2019

Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t... 02/27/2019

Open House this Saturday, Feb. 16th & Sunday, Feb 17th (2-4pm both days), 1 Story Highland Home in West Plano   Wonderfully maintained one story Highland home in West Plano Overview Maps Photos Open House Market Stats $379,900 Single Family Home Main Features 4 Bedrooms3 Full Bathrooms1 UnitInterior: 2,420 sqftLot: 0.17 acre(s)Year Built: 1996MLS #: 14019296 Location 8413 WarehamPlano, TX 75024USA Michelle Musick Jones Team Coldwell Banker, Apex(214) 280-9384michellesellsdallas@gmail.comhttp://www.michellesellsdallas.com         Listed by: Coldwell Banker Apex Our recent listings Wonderfully maintained one story Highland home in West Plano | $379,900 | Plano, TXBeautifully updated townhome in west Allen located on corner lot across from greenbelt | $279,900 | Allen, TXImmaculate, Bette... 02/15/2019