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Back Taxes Archives

The possible repeal of the alternative minimum tax

For decades, the alternative minimum tax has been a source of contention for taxpayers in Michigan and across the country. While the aim of the AMT was originally to target extremely wealthy taxpayers, it has been under criticism for impacting upper-middleclass taxpayers instead.

Taxes and small businesses

If you are a Michigan small-business owner, specific mistakes could result in a much greater chance of you facing an audit and tax penalties. The problem for self-employed individuals is that besides avoiding such penalties, it can still be necessary to take advantage of every deduction merely for your business to survive.

The Affordable Care Act and Silent Returns

We don't yet know what ultimately will happen regarding attempts to repeal the Affordable Care Act (ACA), more commonly known as Obamacare. Repealing it may prove more difficult than many of its opponents first claimed. And as of right now, it still remains intact. However, as far as taxpayers are concerned, what is important is determining how strong will be enforcement of the ACA provisions now that we have a new presidential administration. One important provision of the ACA concerns a mandatory penalty for not having health coverage.

New IRS rules concerning offers in compromise

The IRS has recently tightened its rules concerning offers in compromise for dealing with tax debt. The new rules will go into effect on March 27, 2017. Under these changes, the IRS can now return any Offer in Compromise application after a taxpayer fails to file all required tax return information.

Offshore account information and John Doe summonses

The IRS has at its disposal a large number of options for pursing offshore account information. For example, there was a recent federal court action that allowed for the IRS to serve a John Doe summons to access offshore account information tied to debit cards. The IRS uses such a tool to access information that could possibly reveal violations of tax laws.

Bill could impact federal employees who owe back taxes

Recent legislation may prove to be a challenge for individuals working in the federal sector who owe back taxes. Under the Tax Accountability Act, the federal government may deny such individuals eligibility for federal grants, contracts and even federal employment. Under this proposal, such individuals would need to certify their tax status prior to eligibility for these items.

The payment of estimated taxes

There is a considerable amount of confusion when it comes to paying estimated taxes. While most individuals simply have wages withheld from their paycheck, many taxpayers need to make payments throughout the course of the tax year beyond any withholdings. This is particularly true for individuals who are self-employed. Yet the failure to file forms regarding estimated taxes correctly, just like the failure to file tax returns in general, can result in tax penalties.

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