Author: Tony Novak
-
Everything you need to file your income tax return.
About half of us file our own returns and half get professional help. Of the options remote professional tax service is fast, efficient, safe and economical. No matter what method, now is the time to check to e sure you have the information necessary to file. Today is February 4 and you should have everything needed…
-
Today’s adventures with IRS
CLIENT #1 – My first telephone call to IRS this morning was dropped at 2 minute 10 seconds while I was on hold before I reached any person. The second call was answered at 32 minutes. I sent a fax to the agent that took another 13 minutes to transmit and confirm. The total call…
-
A fight between two wolves
This caught my attention and is simply a copy/paste from a friend. I don’t know the original source. An old Cherokee is teaching his grandson about life. “A fight is going on inside me,” he said to the boy. “It is a terrible fight and it is between two wolves. One is evil – he…
-
Fun and games with the IRS
Lately I’ve taken to venting my frustration with the IRS’s low level of telephone service with these posts that document the details. Today’s adventure was to make a telephone call that I hoped would be the final call after five long calls to resolve a delinquent tax and set up a payment plan. We had…
-
Unwanted robo calls from TripAdvisor
I’ve received and blocked so many unwanted robo calls from TripAdvisor and others recently that it seems unrealistic that they could possibly be calling from so many different numbers. I’ve likely blocked close to 50 numbers based on calls in the past two months; almost one per day. I decided that beginning today I will…
-
Unreimbursed partnership expenses revisited
The Tax Cuts and Jobs Act triggers changes to the tax treatment of unreimbursed partnership expenses for 2018. Partnerships should revisit their policies to ensure that partners and employees maximize tax savings under the new law. Under former law a partner could deduct the expenses of the partnership on his or her individual income tax…
-
The month of disappearing people
We just finished the month of January 2018 that I will likely remember as the month of disappearing people. It left me puzzled and uncertain in my position. No less than eight separate times I was in the middle of a work project with a schedule or deadline when a key person just stopped responding…
-
The sad state of my small business telephone system
I’m reviewing and looking for suggestions on the best setup for a small business phone system. The stature of the telephone as a business tool has fallen dramatically in status and usefulness in my business career. I remember being one of the early adapters of cellular technology in the late 1980s and early 1990s that…
-
IRS issued more guidance on wage tax withholding
Yesterday the IRS issued more guidance on wage tax withholding rules in response to changes triggered by the Tax Cuts and Jobs Act. Notice 2018-14 provides guidance to both individual taxpayers and employers on tax withholding requirements for wages. One of the most significant changes is the default rate of withholding on bonuses or supplemental wages is…
-
Tax adjustments required now
The Tax Cuts and Jobs Act snuck up on us quickly. Make changes took affect January 1, 2018 and many people are beginning to realize that they may have a tax problem in 2018. There are three simple things that all taxpayers should do immediately: Estimate your current year’s income tax liability under the new…