James Cha, CPA, CTRS Articles/News, Tax Relief, Tax Resolution, taxes
Are you or someone you know experiencing trouble with the IRS? Don’t deal with the IRS before you read this. If you or someone you know is facing IRS problems, you can find out the ways to resolve your situation with these 7 Proven Strategies that the IRS doesn’t want you to know about. Number […]
James Cha, CPA, CTRS Articles/News, Tax Relief, Tax Resolution, taxes
I’m sure most of you are very confused when it comes to selecting a tax relief company. And how could you not be? You’re bombarded with confusing language, claims, and information. So how do you make sure you’re in good hands and not getting ripped off? Today we’ll discuss 4 MAJOR RED FLAGS to notice […]
James Cha, CPA, CTRS Articles/News, Tax Relief, Tax Resolution, taxes
Do you have IRS tax problems and don’t know what to do? It can happen by accident. Maybe you didn’t withhold enough from your paycheck in the past year and ended up owing a lot to the IRS. It could be you came into some money, spent it, and didn’t realize that a big chunk […]
James Cha, CPA, CTRS Articles/News, Tax Relief, Tax Resolution, taxes
If you owe the IRS and your tax debt has been piling up for a while, you might feel stuck or frozen and think that your tax issue is beyond help. We’ll discuss how your tax case ends up in the IRS collection department. We’ll also discuss the solutions in a separate post, but it’s […]
James Cha, CPA, CTRS Articles/News, Tax Relief, Tax Resolution, taxes
Read this article posted on AP News Restaurant Revitalization Fund and Grants Along with small and medium enterprises, the restaurant industry has also been severely impacted by the pandemic. However, the government is trying to ensure that tax relief is provided to help the restaurant industry. This has been effectively encapsulated in the Restaurant Revitalization […]
James Cha, CPA, CTRS Articles/News, COVID-19, Tax, Tax Relief, taxes
IRS released Instructions on Reporting Unemployment Exclusion on 2020 tax returns. The first $10,200 ($20,400 if MFJ) of unemployment benefits for 2020 will be nontaxable for taxpayers with an adjusted gross income of less than $150,000. We need to follow their specific instructions and Exclusion Worksheet to report on Schedule 1, Line 7, and 8. […]
James Cha, CPA, CTRS Articles/News, COVID-19, Tax, taxes tax relief, tax relief los angeles, tax relief services, tax resolution
The IRS’s Incorrect Notice and Things To Watch Out for When Settling Back Taxes CP59 Notice Should Not Have Been Sent Earlier this month, the IRS sent out CP59 notices to about 260,000 taxpayers that should not have been sent. This CP59 notice notified taxpayers that they failed to file their 2019 tax returns. This […]
James Cha, CPA, CTRS Articles/News, Tax, taxes
Did you apply for an extension to file your tax return? The deadline is just around the corner and here is what you need to know. If you filed a request for additional time to file your tax returns, that extension expires on October 15. If you are waiting for a K-1 from a partnership, […]
James Cha, CPA, CTRS Articles/News, COVID-19, taxes
With the major revisions made to Form 941, the IRS is in the process of revising Form 941-X for making corrections to the quarterly federal tax return. While the IRS has issued a draft of Form 941-X on July 27, 2020, until such time as that form is released in final form the IRS has […]
James Cha, CPA, CTRS Articles/News, COVID-19, Tax Relief, taxes
Unemployment compensation is fully taxable and will be added to your gross income. If you received these benefits from the Federal or State government, then they will be taxed on Form 1040 at the ordinary income tax rate. Then, the amount will be reported to the individuals on Form 1099-G by January 31st. Millions of […]