Richardson Accounting and Tax Blog

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RECENT BLOG POSTS
The IRS issued a John Doe summons in US District Court on Circle Internet Financial Inc. requesting information on the identities of US taxpayers engaged in cyptocurrency transactions of at least $20,000 between 2016-2020. Cryptocurrency transactions have been used to conduct transactions that ar...
04/24/2021
5.19.1.5.21 (04-05-2017) Private Debt Collection   The Fixing America's Surface Transportation (FAST) Act, signed into law December 4, 2015, requires the IRS to use private collection agencies (PCAs) for the collection of certain past due modules defined as inactive tax receivables. This section...
04/18/2021
Individuals and businesses with unpaid state taxes can have their driver's licenses and occupational or professional licenses suspended. Many states around the country have instituted these policies. When I first heard of these programs I thought that they were inherently flawed. If a taxpayer ha...
04/17/2021
California businesses that are suspended or forfeited by the Franchise Tax Board (FTB) or the Secretary of State (SOS) lose their rights and privileges to operate. Business owners may not even be aware of the powers that they have lost. Important things that a suspended business cannot do include...
04/03/2021
The IRS is poised to begin tax levies again on individuals and businesses with unpaid tax debts. They halted tax collection activity and collection notices in May 2020 shortly after the pandemic began. The IRS began sending out tax collection notices at the end of October/beginning of November 20...
03/10/2021
IRS tax transcripts hold the keys to the kingdom. They are used by taxpayer, the IRS, bankers and tax practitioners. The easiest way for taxpayers to access their tax transcripts is to create an IRS online account. Alternatively, they can be requested through filing Form 4506-T by fax or mail but...
03/03/2021
An audit reconsideration can be used to reopen a closed audit and possibly reduce or eliminate the taxes that the IRS assessed. Alternatively, after an IRS tax audit concludes, the taxpayer may receive a 30 day letter that provides the opportunity to request a conference with an IRS Appeals Offic...
03/02/2021
The maximum above the line cash charitable contribution deduction for Married Filing Jointly (MFJ) taxpayers not itemizing deductions has doubled to $600 for tax year 2021. For Married Filing Separately (MFS) and non-married taxpayers, the maximum above the line (before Adjusted Gross Income [AGI...
02/21/2021
The business meals deduction has doubled from 50% to 100% for years 2021 and 2022. This includes food and beverages purchased from a restaurant. The challenge for businesses is knowing what qualifies in our current environment where many restaurants are rapidly opening and closing their doors due...
02/20/2021
Unemployment compensation is taxable federally and in most states. California is one of the states that do not tax unemployment compensation.  Certain states automatically withhold taxes on unemployment compensation while others give taxpayers the option to have taxes withheld from benefits. A st...
02/13/2021
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