If you did not prepare and e-file your tax return through eFile.com, you can still search the rejection codes below as they are the same codes issued by the IRS and states. However, the instruction on how to correct your return might not match the site where you prepared or e-filed ...
Reports on the program called Offer in Compromise by the United States Internal Revenue Service that sometimes forgives part of the obligations of qualified taxpayers who are swamped by tax debt. Use of the program by sole proprietors; Vulnerability to tax debt by self-employed businesspeople; Kin...
Rhode Island Passes Bill to Require Presidential Candidates to Release Tax Returns- posted June 22, 2018 TheRhode IslandSenatepassed a bill requiring five years oftax returns from presidential and vice presidential candidatesto stay on state ballots. While some senators state that releasing tax returns...
Small business owners should think about taxes throughout the year and plan for the tax implications of any decisions that they make, potential tax savings and deductions that they can apply for next tax season, as well as stay one step ahead of the process bypaying quarterly taxes. Additional...
IRS Denies Tax Deductions For Wages, Rent Paid With Forgivable PPP Loans The Paycheck Protection Program offers an alluring loan of up to $10M tax free. If you comply, you don’t even have to pay it back. What’s more, there is no forgiveness of debt income when your loan is forgiven...
Form 656 is used for tax professional use only. Make checks payable to the United States Treasury and attach to the front of your Form 656 Offer in Compromise.
tax costs for loan recipients as would have been the case if Congress had not exempted the forgiveness of the loans from tax. In response, leaders on both sides of the aisle and in both houses of Congress declared that the IRS’s interpretation of the law was erroneous, and they inserted...