Tax Law | Willi Law Office, LLC https://www.willilaw.com Willi Law Office, LLC Mon, 23 Sep 2024 18:55:03 +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 Tax Law | Willi Law Office, LLC https://www.willilaw.com 32 32 How can you settle your tax debt for less? https://www.willilaw.com/blog/2024/09/how-can-you-settle-your-tax-debt-for-less/ Fri, 27 Sep 2024 18:54:51 +0000 https://www.willilaw.com/?p=52729 Tax debt can create serious financial stress, especially if you’re unable to make full payments. For Ohio residents facing significant tax debt, the Internal Revenue Service offers a potential solution: the Offer in Compromise (OIC) program.  This arrangement allows taxpayers to settle their debt for less than the total amount they owe. Although not everyone qualifies, exploring this option can…

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]]> 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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]]> Deciphering employment taxes for sole proprietors https://www.willilaw.com/blog/2024/04/deciphering-employment-taxes-for-sole-proprietors/ Tue, 02 Apr 2024 14:39:58 +0000 https://www.willilaw.com/?p=52725 Although operating a business on your own has a lot of upsides, taxation is not one of them. All sole proprietors must pay both income taxes and self-employment taxes on the total income of their businesses. Understanding these tax obligations is necessary for sole proprietors so they do not run afoul of the IRS. Payroll tax This is a tax…

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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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]]> Have Your Cake and Eat it Too! Use SGOs to Direct Your Ohio Tax Dollars to Education https://www.willilaw.com/blog/2023/11/have-your-cake-and-eat-it-too-use-sgos-to-direct-your-ohio-tax-dollars-to-education/ Tue, 14 Nov 2023 19:27:02 +0000 https://www.willilaw.com/?p=52672 Ohio taxpayers filing form IT-1040 can receive a dollar-for-dollar reduction in their Ohio tax liability via a non-refundable tax credit for contributions to eligible Ohio scholarship granting organizations (SGOs). The tax credit is the lowest of 1) $750 ($1,500 if filing jointly); 2) the total amount donated to the SGO during the tax year; or 3) your Ohio income tax liability before refundable credits

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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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]]> Do you need an Offer in Compromise with the IRS? https://www.willilaw.com/blog/2023/07/do-you-need-an-offer-in-compromise-with-the-irs/ Mon, 03 Jul 2023 21:20:03 +0000 https://www.willilaw.com/?p=52650 Dealing with tax debt can be overwhelming. When you find yourself unable to pay your tax debt in full, it might feel like you are stuck between a rock and a hard place. However, the Internal Revenue Service provides a few options to taxpayers in such situations. One such option is an Offer in Compromise. An OIC is an agreement…

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]]> Caution: Adding Other People’s Names To Your Accounts Can Be Dangerous https://www.willilaw.com/blog/2023/04/caution-adding-other-peoples-names-to-your-accounts-can-be-dangerous/ Thu, 13 Apr 2023 16:53:49 +0000 https://www.willilaw.com/?p=52619 I recently got a frantic call from a client. The client owed back taxes to the IRS, and the IRS was attempting to levy his bank accounts. As the client had little money in his own accounts, that was not really a problem. The real problem was this: my client’s mother-in-law had put the name of her daughter — my…

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]]> What to do if you receive an IRS tax audit notice https://www.willilaw.com/blog/2023/03/what-to-do-if-you-receive-an-irs-tax-audit-notice/ Wed, 29 Mar 2023 15:07:40 +0000 https://www.willilaw.com/?p=52614 If you are like most Americans, you may dread filling out and filing your taxes every year. This is a complicated process and hundreds or thousands of tax laws change every year. Unfortunately, at some point, you may receive a tax audit notice. This is what you should do when you receive your letter. Make sure it is an audit…

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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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