The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many of those returns have yet to be processed. While backlogs are not…
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Article Highlights:
The general statute: 3 years
Longer durations in some states
Fraud, failure to file and other issues that extend the statute’s duration
Keeping the actual return
Ordering copies of previously filed…
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Is It Appropriate to Refinance Your Home Loan?
Refinance Costs
Interest Rates
Credit Score
Borrowing Additional Cash
Loan Term
Itemizing Deductions
With home mortgage rates at historic lows, it may…
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Definition of Flipping
Government Will Share in the Profits
Tax Treatment Depends on Being a Dealer, Investor or Homeowner
Distinguishing a Dealer from an Investor
With mortgage interest rates low, flipping…
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Article Highlights:
Roth IRA Contribution Limitations
Converting a Traditional IRA to a Roth IRA
Circumventing the Limitations
Back-Door Roth IRAs
Pitfalls of a Back-Door Roth IRA
The “All IRAs Are One” Rule
Many individuals…
Freelance work and the gig economy have taken the nation by storm. A study commissioned by the Freelancers Union and freelance platform Upwork revealed that the gig economy’s work force reached an eye-popping 57 million Americans in 2019,…
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Article Highlights
Long-Term Capital Gains Rates
Top Individual Tax Rate
Pass-Through Income Subject to 3.8% NIIT or SECA Tax
Limit Nonrecognition of Like-Kind Exchanges
Transfer of Appreciated Property by Gift or Death
…
https://www.islernw.com/wp-content/uploads/2021/07/Isler-NW-new-blog-header-image-new-tax-rates.jpg320845IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2021-07-06 12:00:332021-07-08 18:09:11The Treasury Green Book of Biden Proposed Tax Changes
If you’re thinking about moving from your current locale, you’re not alone. Americans are on the move for many different reasons: Remote work is increasingly popular and allows employees to live wherever they have access to WiFi, while tax…
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Article Highlights:
IRS Notices
CP Series Notice
Automated Notices
Frequent Errors
ID Theft
Penalties and Interest
What You Should Do
What We Will Do
Now that most tax refunds are deposited directly into taxpayers’…
https://www.islernw.com/wp-content/uploads/2021/06/Blog-header-image-letter-from-IRS-dont-panic-Isler-Northwest-CPAs-in-Portland-Oregon.jpg320845IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2021-06-29 11:55:482021-07-06 17:08:21Did You Get a Letter from the IRS? Don’t Panic.
The IRS is reporting that it is resuming “certain collection and enforcement processes that had been suspended because of the coronavirus pandemic.”
On June 15, 2021, this process kicked off as the IRS started contacting taxpayers who…
https://www.islernw.com/wp-content/uploads/2021/06/Blog-header-image-IRS-Resuming-Collection-Enforcement-Activities-Paused-COVID-19-Isler-Northwest-CPAs-in-Portland-Oregon.jpg320845IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2021-06-24 12:00:482021-07-06 17:08:28The IRS is Resuming Collection & Enforcement Activities That Were Paused During COVID-19
35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season
TaxesHow Long Should You Keep Old Tax Records?
Tax Tips, TaxesContemplating Refinancing Your Home Mortgage? Things You Should Consider
Home Ownership, MortgageTax Rules for Home Flippers
Tax TipsBack-Door Roth IRAs
IRA's, Roth IRA7 Personal Finance Tips for Freelancers and Gig Workers
Self-EmploymentThe Treasury Green Book of Biden Proposed Tax Changes
2021 Tax Laws, TaxesRelocating? How to Do It with Taxes in Mind
Jobs, Tax Tips, Working From Home- TipsDid You Get a Letter from the IRS? Don’t Panic.
Tax News, TaxesThe IRS is Resuming Collection & Enforcement Activities That Were Paused During COVID-19
COVID-19