Category: Tax Tips

kienitz tax law how the cares act impacts your taxes

How the CARES Act Impacts Your Taxes

At roughly $2 trillion, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is the largest economic emergency relief package this country has ever seen. And there are currently talks about a CARES II relief package in the works in Washington, D.C.

Regardless of whether or not we get another economic relief bill signed into law, the CARES Act still has tremendous implications on the individual and business taxpayer. This blog post will go over a few of those tax-related provisions.

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kienitz coronavirus tax scams

Coronavirus Tax Scams

As you already know, Congress recently passed the largest emergency financial stimulus package in the history of the United States. Officially called the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), this law provides, among other things, cash payments to Americans. The IRS will administer this process, which creates the potential for various tax scams.

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tax deduction

10 Most Overlooked Tax Deductions

People will pay good money to a tax attorney or accountant to find a way to prevent Washington from getting a penny more than the government is legally entitled to. So it’s ironic that there are tax deductions that people often miss. Yet some of deductions go unused. This isn’t surprising given how complex the tax code is. Here are 10 often missed tax deductions.

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IRS payments

How to Pay the IRS When You Owe Taxes

Many millions of individuals and businesses have to pay taxes. It’s about as inevitable as well…death and taxes. But how these taxes are paid will depend on several factors. For most taxpayers, taxes will be paid on a regular basis throughout the year, whether it’s from an automatic deduction from a paycheck or by making quarterly payments. But what happens when the taxpayer owes taxes that go beyond these regular payments, such as when there are back taxes owed? There are two common arrangements to choose from.

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kienitz tax offer in compromise

Offers in Compromise

What Is an Offer in Compromise?

If you’ve found yourself drawing the ire of the IRS due to unpaid tax debts, you might be wondering what your options are. Well, one of the most enticing is the offer in compromise, or OIC.  This allows you to potentially satisfy your tax debt for less than what you fully owe. Sounds like a good deal, doesn’t it? It is if you can get it, as the IRS has the right to reject a taxpayer’s OIC.

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kienitz tax levy

Getting Rid of an IRS Lien or Levy

The threat of an audit is a powerful deterrent and does a good job of motivating taxpayers to pay the IRS what they owe. But sometimes this isn’t enough and taxpayers still forego their legal duty to pay their tax obligation. When this happens, the IRS will reach out to the taxpayer to collect an outstanding tax debt. But when asking nicely doesn’t work, the IRS can impose a tax lien and/or a levy.

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