Category Archives: Tax Insights Blog

What is a Successful Offer in Compromise (OIC)?

  The key to a successful Offer-in-Compromise (“Offer”) is the associated financial analysis.  This analysis is performed before the Offer is filed to ensure the taxpayer is likely to qualify based on the standards used by the Internal Revenue Service (“IRS”).  A financial analysis performed thoroughly and properly can optimize the taxpayer’s chances of having…
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Presidential Election Tax Calculator

Today, the Tax Policy Center released a calculator that allows you to compare your Form 1040 tax results under the two presidential candidates tax plans. Want to know how Clinton's and Trump's tax proposals may affect you and your family?  Check out the calculator here to find out.  
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Taxation of Single-Member LLC and Self-Employment Tax

By default, a single-member LLC is classified as an entity disregarded from its owner for federal income tax purposes. That is, unless the owner files a tax election with the Internal Revenue Service ("IRS") to have the entity classified differently. For example, as an S corporation or a C corporation. Where it is treated as…
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Where Is My Passport? 

In December of last year, Congress enacted the Fixing America’s Surface Transportation (“FAST”) Act a law seeking the attention of seriously delinquent taxpayers by taking away their right to hold an active U.S. passport.  On December 4th, 2015, President Obama signed it into law.  Denial of passport privileges applies to persons with Federal tax debts…
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