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100+ Years of Combined Tax Resolution Experience.
The Internal Revenue Service (IRS) has announced the end of a two-year-long automated collection system pause and started issuing a new notice called LT38. LT38 notices inform taxpayers that the IRS has assumed normal operations. It also updates outstanding balances and explains what to do if you agree or disagree with the content. Additionally, the federal agency...
Nevada sales and use tax laws require businesses to collect and remit sales tax when they meet specified criteria. Where the business owner does not collect sales tax, the buyer must pay use tax to the Nevada Department of Taxation. It’s vital to know which products or services are taxable and the rules on exemptions. Additionally, learning...
A 1099-C form is used for reporting debt cancellation as income to the Internal Revenue Service (IRS) and the individual or entity receiving the canceled debt. It is crucial for tax reporting and compliance. Key aspects of this form include information that affects an individual’s annual tax return and when to file or send it...
The winter holidays are fast approaching, and employers across the country are preparing for their yearly office parties. If you’re thinking of celebrating your workplace, you might be eligible for more tax deductions than you realize. Are company holiday parties tax-deductible? The simple answer is yes, as long as they meet a specific set of...
During the 2021 tax season, the IRS held more than 29 million tax returns for several reasons. Most of the reasons had to do with the pandemic and dealing with stimulus pay, but another reason was people filing returns with missing information. As the month of April draws nearer, it’s essential you take time to prepare...
There are many different reasons we see that cause people to owe taxes to the IRS. From incorrect withholdings, to medical issues and loss of income. No matter the reason for your tax liability, Polston Tax can help. Here is one example of a tax liability case we resolved for our clients this month and...