Posts from September 2017.

If an individual or business owes but has not paid federal taxes, the IRS will make efforts to collect these taxes. The IRS will first send a series of notices requesting payment, but if the taxpayer does not respond to the IRS and make arrangements to pay the taxes, the IRS will then begin "enforced collection measures." The most common measures used by the IRS to collect taxes are (1) the "levy" (or garnishment), where the IRS notifies an employer to take taxes out of an employee or a worker's paycheck and send this money to the IRS; and (2) the bank account levy or seizure where the IRS simply ...

The Consumer Price Index was released by the Labor Department in August 2017. Not everyone anxiously awaits the release of these numbers but the experts have now made estimates of how they will impact estate, gift, and generation-skipping transfer taxes for 2018. These are not official numbers - the Internal Revenue Service will publish the official numbers later this year.

Transfer Tax Free Money - The cumulative amount you can pass tax-free (by gift or at death) is projected to increase to $5,600,000.00 per U.S. citizen (from $5,490,000.00 in 2017). In 2018 and beyond, a couple (U.S ...

Married couples may file a joint federal income tax return together, reporting their joint income and expenses. The benefit of a joint return is that the overall tax rate may often be lower. However, if a joint return is filed, each of the spouses is fully and individually liable for all taxes that are required to be paid.

Married couples may also elect, instead, to separately file their own returns. The downside is the tax rate for each separately-filing spouse may be higher, but each spouse is only liable for his or her own taxes - and not the taxes of the other spouse.

If a joint tax return is ...

There are 12.9 million acres of commercial forestland in South Carolina. More than half of the forestland is family-owned, and 82% of private owners live on the land. The state also has about 25,000 farms, which encompass 4.9 million acres. Many landowners would like to maintain their property as farmland or forestland but are tempted to capitalize on appreciating land values as development moves towards their property. Conservation easements can help owners monetize development rights while preserving property as farmland or forestland.  A conservation easement is a voluntary ...

Businesses that have employees and pay wages and salaries must withhold federal employee income taxes and the employee's share of federal employment taxes (FICA) from these wages and salaries. The employer must "match" the employee's FICA share, and these three components then become the employer's "federal tax deposit," which the employer must electronically pay to the IRS periodically. The frequency of when federal tax deposits must be made by an employer varies (weekly, bi-monthly, monthly, etc.) depending on the amount of these federal "payroll" taxes that are due.

The ...

Where an individual or business owes IRS taxes, Congress has given the IRS a tax lien against all the assets of the taxpayer. The lien covers real estate, homes, furniture, cars, investments, and nearly everything an individual may own. The IRS tax lien also covers all the assets of a business that owes taxes.

The IRS will also record a notice of this tax lien against a taxpayer, typically in the county where deeds are maintained. Once the notice of the tax lien is recorded, most counties publish the lien recording electronically and this information then "goes out to the world." The ...

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