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Category: CPA Firm

New Law Renews IRA Transfers to Charity for 2014; Owners Must Act by Dec. 31

The Tax Increase Prevention Act extends the provision that allows certain IRA owners to make tax free distributions to charity. The extension applies for the 2014 tax year. This means if the law applies to you, the deadline to complete your transactions is Dec. 31. Here are some key points about the extension: -> If you are an IRA owner age 70½ or older you have until Dec. 31 to make a qualified charitable distribution, or QCD. -> […]

Statistics by Form

Find your specific topic by using these selected IRS form numbers and titles. 706 United States Estate (and Generation-Skipping  Transfer) Tax Return 706NA United States Estate (and Generation-Skipping  Transfer) Tax Return: Estate of Nonresident Not a Citizen of the United States 709 United States Gift (and Generation-Skipping Transfer)  Tax Return 720 Quarterly Federal Excise Tax Return 940 Employer’s Annual Federal Unemployment (FUTA) Tax Return 990 Return of Organization Exempt from Income Tax 990-PF Return of […]

Who Must File Electronically?

The requirements to file electronically depend on the type of information returns that are being filed. The regulations and revenue procedures under section 6011(e)(2)(A) of the Internal Revenue Code provide that any person, including a corporation, partnership, employer, estate and trust, who files 250 or more information returns, such as Forms 1042-S, 1097-BTC, 1098, 1099, 3921, 3922, 5498, 8027, W-2 and W-2G for any calendar year, must file these returns electronically. This requirement applies separately […]

Do You Know Your Appeal Rights with IRS?

The IRS has an administrative appeals process that works formally with taxpayers to try to settle tax disputes in an effort to avoid formal court hearings. The role of Appeals is to make an independent review of a tax dispute and to consider the positions taken by both the taxpayer and the Service. Appeals strives to resolve tax disputes in a fair way and remain impartial to both parties. The IRS will send you a […]

Eight Facts to Know if You Receive an IRS Letter or Notice

The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. Here are eight things to know about IRS notices and letters. There are a number of reasons why the IRS might send you a notice. Notices may request payment, notify you of account changes, or request additional information. A notice […]

Eight Facts to Know if You Receive an IRS Letter or Notice

The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. Here are eight things to know about IRS notices and letters. There are a number of reasons why the IRS might send you a notice. Notices may request payment, notify you of account changes, or request additional information. A notice […]