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Update COVID-19
Gohlke & Company Remains Open to Serve Clients Clients and Friends: The COVID-19 virus has disrupted our lifestyles in many ways. We hope that you and your families are well and are taking every precaution as we learn more about how to deal with this virus. For now, it’s business as usual and our office
Taxpayer Bill of Rights
Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them. The Right to Be InformedThe Right to Quality ServiceThe Right to Pay No More than the Correct Amount of TaxThe Right to Challenge the IRS’s Position
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All Taxpayers Should Know Their Rights
IRS Tax Tip 2020-03, January 15, 2020 The Taxpayer Bill of Rights protects all taxpayers working with the IRS. In fact, they lay out the framework to make sure the IRS fairly and impartially carries out tax administration. These rights are explained on IRS.gov and in Publication 1, Your Rights As A Taxpayer. They describe what taxpayers can expect if
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Four Common Tax Errors that can be Costly for Small Businesses
A small business owner often wears many different hats. They might have to wear their boss hat one day, and the employee hat the next. When tax season comes around, it might be their tax hat. They may think of doing their taxes as just another item to quickly cross off their to-do list. However, this approach
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Frequently Asked Questions on Virtual Currency Transactions
n 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938 (PDF), explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency. The frequently asked questions (“FAQs”) below expand upon the examples provided in Notice 2014-21 and
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Things to Know About Making Estimated Tax Payments
Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next year. Everyone must pay tax as they earn income. Taxpayers who earn a paycheck usually have
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Improved Tool on IRS Website
IRS Tax Reform Tax Tip 2019-106, August 7, 2019 All employees should make sure their employers are withholding the correct amount of tax from their paychecks. The best way for employees to do this is to use the new IRS Tax Withholding Estimator on IRS.gov. The IRS just launched this improved tool to help taxpayers check their
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Good tax Planning includes Good Recordkeeping
Tax planning should happen all year long, not just when someone is filing their tax return. An important part of tax planning is recordkeeping. Well-organized records make it easier for a taxpayer to prepare their tax return. It can also help provide answers if a taxpayer’s return is selected for examination or if the taxpayer
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Here’s how individual taxpayers can view their tax account info
Taxpayers with questions about their federal tax accounts can hop over to IRS.gov for answers. Individual taxpayers can login to the View Your Account Information page to view specific details about their federal tax account information. Taxpayers can view: Their payoff amount, which is updated for the current day. The balance for each tax year
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