Do I Need a Law Firm, Accounting Firm, or Tax Resolution Firm?
If you owe thousands in tax debt to the IRS or state tax authorities, you may be wondering who to turn to for help. Learn what tax resolution professionals do.
What is a 1098-F Form?
The 2017 Tax Cuts and Jobs Act now requires State Agencies, such as state treasury departments or state revenue departments, to report amounts attributable to a suit, order, or agreement for fines, penalties, and other amounts. Why did I get…
COVID-19 Business Relief Loans and IRS Updates
On March 27, 2020, President Trump signed into law the CARES Act, which provides assistance for small business owners (fewer than 500 employees). Below are the highlights of two programs available for small businesses, as well as recent IRS updates. Funds are being…
Trouble Contacting the IRS
Having trouble with the IRS? Having difficulty getting through to them? You’re not alone. According to the National Tax Payer Advocate, an independent organization within the IRS, phone lines to reach the IRS for taxpayers who want to make payment…
What to expect from the IRS during the shutdown
If you have been waiting to file your taxes due to the government shutdown, now is the time! As of January 28, 2019, the IRS is accepting returns and issuing refunds but tax experts are urging people to file this…
Lothamer is pleased to announce a new team member
We have a new addition to the Lothamer family in our office, Emma Schut. Emma is currently attending Olivet College in her third year pursuing a Bachelor’s degree in Accounting. Her future academic plans are to earn a Master’s degree…
The IRS has social media you can follow
Would you like a direct source for IRS tips or updates? The IRS has taken advantage of the many opportunities that social media has to offer us. Truth be told, the IRS does not want anyone to get in trouble,…
Learn all about IRS Criminal Investigations
How does it start? If the IRS suspects fraudulent activity from information given by a revenue agent, revenue officer, ongoing investigations by law enforcement agencies, attorney offices, or even tips from the general public. This information is given to a…
Wages for Section 199A
The new IRS proposed regulations confirm that the S corporation treats as wages the reasonable compensation that it pays to its shareholder-employees. That’s good, and it opens planning opportunities. Even better! There had been some commentators who claimed that wages…
Rental Property Losses
Drive Time Increases Odds of Deducting Rental Property Losses Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And…