Babitzke and Associates

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SITE HAS MOVED!

Please visit my new site for

MOVING TO NEW SITE

Well I finally made the decision to either go big or go home.

What does that mean? I have moved to a more robust platform for the web site. It will based on the web building product from WordPress.

Here in the new web address - Babitzke and Associates - Having problems with the IRS?

I will keep this open but will not be posting on the blog.

Thank you for your support and following this project.

This blogger site was easy to start and it certainly easier to post and maintain. However, I felt it time to make the change.

Need help with issues you are having with the IRS? Balance due, Lien, Levy, etc. I can help.
Call or email today: 712-274-3469 or babitzke.associates@gmail.com.
Take action today to have peace of mind tomorrow!

IRS announces two new online tools to help families manage Child Tax Credit payments

This is from a news email I receive. This is long:

IRS announces two new online tools to help families manage Child Tax Credit payments

Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments

Update Portal helps families monitor and manage Child Tax Credit payments

Lifecycle of a tax return

I found this on the National Taxpayer Advocate website. It is very interesting information about the IRS and tax returns.

Do you owe the IRS? Maybe set up a payment plan.

If you owe taxes to the IRS, there are options. One of them is an installment agreement. But, what is the process and requirements.

The American Rescue Plan includes retroactive tax benefits that can help taxpayers

The American Rescue Plan includes retroactive tax benefits that can help taxpayers

The IRS reminds taxpayers who still haven’t filed, that several provisions of the American Rescue Plan affect their 2020 tax returns.

One provision excludes up to $10,200 in unemployment compensation from income. Another provision benefits many people who purchased subsidized health coverage through either federal or state Health Insurance Marketplaces. The law also includes a third round of Economic Impact Payments, currently going out to eligible Americans, that are generally equal to $1,400 per person for most people. The IRS will automatically provide these benefits to eligible filers.

Advance Child Tax Credit Payments - OPT OUT

From CNN: https://www.cnet.com/personal-finance/child-tax-credit-youll-use-these-2-irs-portals-to-get-your-money/

The portal will have an option to let you opt out of monthly payments.

Tax Tip 2021-52

Do’s and don’ts for taxpayers who get a letter or notice from the IRS

The IRS mails letters or notices to taxpayers for a variety of reasons including if:

Tax Tip 2021-56

Taxpayers shouldn’t believe these myths about federal tax refunds

Now that many taxpayers have filed their federal tax returns, they're eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers.

Tax Tip 2021-60

An offer in compromise may help some taxpayers settle their tax bill

Individual taxpayers and business owners can use the IRS’s recently updated Offer in Compromise Booklet to learn how an offer in compromise works and decide if it could help them resolve their tax debt.

File an extension to file tax returns

From IRS.gov

Filing season reminder: An extension to file is not an extension to pay taxes

For most individual taxpayers the tax filing and payment deadline was postponed to May 17. Those who need more time to file beyond the postponed date, can request an extension to file.

Do you work in the gig economy?

From IRS.gov

Tips for taxpayers who work in the gig economy

The gig economy allows people to earn income by using technology to arrange transactions. This could include performing rideshare services or deliveries, renting out property, selling goods online, or providing freelance work. Often, customers and providers of goods or services are brought together through a digital platform on an app or website.

New requirement applies to any business seeking a tax ID number

Go here to find out more: https://www.irs.gov/newsroom/new-requirement-applies-to-any-business-seeking-a-tax-id-number-irs-offers-data-security-tips-during-national-small-business-week

Question: What should I do if I made a mistake on my federal return already filed?

Answer: It depends on the type of mistake you made:

Question; Can I receive a refund if I am currently making payments under an installment agreement or payments plan?

Question: I am starting a small business formed as a single member LLC. I am listed as the sole member. As per the documents, the IRS initially classifies the business as a disregarded entity in New York State and says that I must complete and submit the required forms to the IRS. Provide me with some background on both an A Corporation or S-Corporation and advise which is suitable for someone like myself that's starting a small business?

Question: I am looking for tax advice on amending a tax return for year of 2018 due to a letter received from IRS.

Question: I need a copy of my W-2 form. I am no longer working at…

Answer: I would contact the former employer (payroll department). If that did not work contact the IRS.

Form 4506T and 4506T-EZ - This could get you a tax account transcript, record of account, wage and income, and a verification of non-filing. You can only get information for the current tax year and prior 3 years.

Questions and Answers

I will be posting some questions and my answers to assist those looking at this blog for some information. This site is not set up to allow for posting questions from readers as I am not giving away free advice. I know this sounds insensitive, however I have been in the consulting business long enough to know that if you are asking my advice, then it is worth something.