Author Archives: Jay Butchko
Tax Relief for Florida Summertime Storm Victims
If you were affected by the recent storms in Florida, you could be eligible for tax relief. In recognition of the devastation caused by severe storms, tornadoes, and straight-line winds in Florida this summer, the IRS is offering affected taxpayers (both individuals and businesses) an extension to file returns and make tax payments, both… Read More »
Business Tax Payment Plans
Individual taxpayers who are unable to pay the taxes they owe to the IRS are often eligible for payment plans that allow them to pay those debts off over time, with fewer penalties. Many, however, are unaware that such options also exist for businesses, which can also qualify for long-term payment plans. Installment Agreements… Read More »
New Tax Scams Target Art and Charitable Donation Deductions
The IRS recently warned taxpayers of three new tax schemes that are currently being used by dishonest promoters and unscrupulous tax companies. Read on to learn more about these schemes and how to protect yourself come tax season. Improper Art Donation Deductions More and more taxpayers have become targets of schemes that distort tax… Read More »
Did You Miss the April Tax Deadline?
Although the April tax deadline for filing 2023 returns and tax payments has passed, those who missed this deadline still have options for filing. It’s also important to remember that for those who requested a filing extension, that extension only applies to filing their tax return, not to making payments to the IRS. Individuals… Read More »
When the IRS Can Offer Disaster-Related Tax Relief
The last few years have seen an ever increasing number of devastating natural disasters in the U.S. Whether they take the form of hurricanes, winter storms, or wildfires, the results often have catastrophic consequences for those who live and work in the affected areas. In an effort to help these individuals, the IRS works… Read More »
Reporting Cryptocurrency and Other Digital Assets on Your Tax Return
Accounting for and reporting digital asset-related income has become an important part of filing federal income tax returns. Failing to account for these assets can result in delayed refunds, fees, and other penalties, so if you own cryptocurrency or another digital asset and have questions about how to report it, it’s important to start… Read More »
Tax Credits – What They Are and How They Can Benefit You
A tax credit is an amount that qualifying taxpayers can claim on their returns that could significantly lower their income tax. In fact, taxpayers who claim them successfully can not only lower their yearly tax bill, but could even increase their refunds. Read on for a clearer idea of the credits for which you… Read More »
What You Should Know About Federal Tax Liens
A tax lien occurs when the government has a legal claim against a taxpayer’s property for failure to pay a debt. These liens basically protect the federal government’s interest in a specific piece of property, which could include everything from a financial asset to real estate or even a personal possession. There are, however,… Read More »
What is a Temporary Delay of Collection and Do I Qualify for It?
Taxpayers who don’t pay their taxes in full when filing their returns and who don’t qualify for an extension can expect to receive a bill from the IRS for the amount owed. The collection process officially starts upon receipt of this bill, which means that interest and penalties on that amount will continue to… Read More »
Am I Eligible for an Offer in Compromise?
Taxpayers who are unable to meet their tax obligations to the IRS may qualify for an Offer in Compromise, which allows eligible individuals and business owners to settle their tax debts for less than the full amount they owe. For help determining whether you qualify for an offer in compromise, please reach out to… Read More »
