Child Tax Credit and Stimulus 2021 Recipients: Be on the Lookout for IRS Letter With Tax Filing Info

If you received the advance Child Tax Credit payments this year, keep an eye on your mailbox: The IRS will be sending a letter detailing how to account for the payments on next year’s taxes. On Dec. 22, the agency announced that it will issue information letters to advance CTC recipients starting this month, and to recipients of the third round of the Economic Impact Payments (aka stimulus checks) at the end of January. The info is designed to reduce errors and delays in processing returns. (Full Story)

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Don’t forget to declare income from stolen goods and illegal activities, IRS says

As you wind down the year, cleaning out drawers and emptying wallets of receipts, don’t forget to report to the IRS any income you brought in from drug deals, bribes, stolen goods, prostitution or other illegal activity. According to IRS publication 17, the Internal Revenue Service wants taxpayers to include on their forms “income from illegal activities, such as money from dealing illegal drugs.” Make sure you put that on “Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity,” the IRS wrote. Full Story

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Four Things Your Tax Preparer Won’t Tell You (and How It Can Get You In Tax Trouble)

Tax time will be here (again) before you know it. If your tax return is a simple one, you may be up to filing the return yourself. But if your situation is somewhat complicated, seeking the help of a qualified professional is probably the best move. Our firm specializes in helping people resolve their back tax problems such as filing years of unfiled returns, settling your back taxes with the IRS, or negotiating favorable payment plans often unknown to the common taxpayer. There are millions of people getting threatening letters from the IRS every year and we can help. But how did these mostly honest people end up in trouble in the first place? When you hire a professional to...

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Tax Relief and COVID-19

COVID-19 is affecting millions of Americans in all aspects of their life. As of the beginning of May, 1 million Americans tested positive for the disease. A much more striking number is the number of people whose finances have been shred to pieces with the prolonged shut down and “stay-at-home” orders. In just the first 6 weeks of the pandemic, 30 million people filed for unemployment, with that number continuing to climb. We’re now almost certainly in the midst of the most difficult financial crisis we’ve seen in the last 100 years. As an expert tax resolution firm, our job is to help restore the taxpayers financial life when they find themselves in tax trouble, often because of a difficult...

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Welcome to Taxes and All

We'd like to welcome you to the launch of the new Taxes and All website. Stay tuned as we bring you relevant information and an interactive experience to enhance your world of accounting and management.

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