IRS | Willi Law Office, LLC https://www.willilaw.com Willi Law Office, LLC Thu, 27 Jun 2024 13:50:18 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://www.willilaw.com/wp-content/uploads/sites/1404562/2020/02/cropped-logo-512-32x32.jpg IRS | Willi Law Office, LLC https://www.willilaw.com 32 32 How to prepare for an IRS audit https://www.willilaw.com/blog/2024/06/how-to-prepare-for-an-irs-audit/ Fri, 28 Jun 2024 13:50:07 +0000 https://www.willilaw.com/?p=52727 Facing an IRS audit can feel overwhelming, but preparation can make the process smoother. Follow these steps to get ready and ensure everything goes as smoothly as possible. Gather all necessary documents According to the IRS, the agency closed more than 582,000 field audits in 2023. The first step in preparing involves collecting all relevant documents. The IRS may request…

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]]> Joint tax troubles: the 3 types of Innocent Spouse Relief https://www.willilaw.com/blog/2024/01/joint-tax-troubles-the-3-types-of-innocent-spouse-relief/ Fri, 19 Jan 2024 16:15:54 +0000 https://www.willilaw.com/?p=52708 Imagine you and your spouse file taxes jointly but your spouse does the filing and either makes a significant mistake, fails to report income or claims deductions that are not accurate. You might think that because you filed jointly, you are liable equally and if your spouse is at fault, you are also at fault, right? Not necessarily. Sometimes, a…

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]]> New IRS Voluntary Disclosure Program Lets Employers Pay Back Employee Retention Credits at A Discounted Rate https://www.willilaw.com/blog/2024/01/new-irs-voluntary-disclosure-program-lets-employers-pay-back-employee-retention-credits-at-a-discounted-rate/ Thu, 11 Jan 2024 21:14:18 +0000 https://www.willilaw.com/?p=52703 The IRS has launched a new Voluntary Disclosure Program aimed to help businesses that want to pay back the money they received after filing erroneous Employee Retention Credit (ERC) claims. Employers will only be required to repay 80% of the credit they received, but they must must disclse information about any advisors or tax preparers who advised or assisted them with their claim.

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]]> IRS Delays Revised 1099-K Reporting Another Year – Planned $5,000 Threshold for 2024 https://www.willilaw.com/blog/2023/11/irs-delays-revised-1099-k-reporting-another-year-planned-5000-threshold-for-2024/ Tue, 21 Nov 2023 21:38:00 +0000 https://www.willilaw.com/?p=52674 The IRS announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. A threshold of $5,000 for tax year 2024 is being planned as part of a phase-in. The IRS will make updates to the Form 1040 and related schedules for 2024 that would make the reporting process easier for taxpayers.

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]]> IRS ANNOUNCES TEMPORARY MORATORIUM ON NEW ERC CREDIT CLAIMS – RAMPS UP AUDITS ON CREDITS ALREADY CLAIMED https://www.willilaw.com/blog/2023/10/irs-announces-temporary-moratorium-on-new-erc-credit-claims-ramps-up-audits-on-credits-already-claimed/ Fri, 06 Oct 2023 20:25:31 +0000 https://www.willilaw.com/?p=52667 Due to widespread abuse and fraudulant claims, the IRS has announced a moratorium on processing new ERC claims, and is aggresively auditing businesses that have claimed the ERC. Your business should to take steps to prepare for the possibility of an audit if you have claimed these tax credits.

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]]> The three types of IRS tax audits https://www.willilaw.com/blog/2023/10/the-three-types-of-irs-tax-audits/ Mon, 02 Oct 2023 15:22:30 +0000 https://www.willilaw.com/?p=52665 Tax audits can be a nerve-wracking experience, regardless of what type of audit you face. Each type of audit serves a specific purpose and involves different levels of scrutiny. Some types of audits are also far more intensive than others. Correspondence audits A correspondence audit, or mail audit, is the least invasive type of IRS audit. It typically involves the…

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]]> Optional Safe Harbor Method of Accounting For Real Estate Developers https://www.willilaw.com/blog/2023/03/optional-safe-harbor-method-of-accounting-for-real-estate-developers/ Tue, 07 Mar 2023 20:03:39 +0000 https://www.willilaw.com/?p=52610 The IRS has iupdated the optional safe harbor method for calculating the basis of individual units in a real property development project to determine the gain or loss from sale of those units.

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]]> “Tax Processing Unit” Scam https://www.willilaw.com/blog/2023/02/tax-processing-unit-scam/ Mon, 06 Feb 2023 22:22:07 +0000 https://www.willilaw.com/?p=52597 Tax scammers can create some official-looking letters, so be sceptical and verify the authenticity of your notice before responding.

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]]> The Straight Skinny on Tax Resolution Companies – Caveat Emptor (Buyer Beware) https://www.willilaw.com/blog/2022/10/the-straight-skinny-on-tax-resolution-companies-caveat-emptor-buyer-beware-2/ Mon, 10 Oct 2022 16:36:21 +0000 https://www.willilaw.com/?p=51071 We talk to many clients who come to us after working with another tax resolution firm, only to find – after paying a lot of money – that the firm that took their money didn’t really do much, if anything, to resolve their tax problem. Often the firm that took their money was in another part of the country, and…

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]]> IRS Issues Mid-Year Increase in Mileage Rates https://www.willilaw.com/blog/2022/06/irs-issues-mid-year-increase-in-mileage-rates-2/ Fri, 10 Jun 2022 19:57:20 +0000 https://www.willilaw.com/?p=51070 On July 1, 2022 the IRS business mileage rate is increasing from 58.5 to 62.5 cents per mile, and the medical and moving mileage rate is increasing from 18 to 22 cents per mile.

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