EPISODE 13. Understanding & Responding to IRS Letters & Examinations 101.
Taxcast With Chelsea
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4M ago
1.      IRS Letters & Audits are on the increase and now more than ever recordkeeping should be of utmost importance.   CP2000 Notice Description [2:17] Examples [4:04] How to Respond [7:23]    Audits / “Under Examination” - Example of what to expect [8:10] Recordkeeping – airtight is alright. [9:40] Connect with Chelsea: Email: taxcastwithchelsea@proton.me Leave a comment on this podcast. **DISCLAIMER** Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and I am only speaking from a tax practitioner’s perspe ..read more
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EPISODE 12. Taxes Now or Later? The Case for Paying at Low Tax Rates RIGHT now. IRS Tech Tools & Online Payments.
Taxcast With Chelsea
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4M ago
Today I want to focus on these two main topics: 1.  The US’s historically low tax rates are set to “sunset” at the end of 2025. Surprised by this? Don't be. I make the case for why these are the best tax rates to pay taxes under right now and tips on how to take tax strategy into your own hands.    2.  The IRS has added some online tools & updates to their system for better user experience. I wanted to briefly update you on what you can accomplish online & how to navigate the new tools.  Links ·        2017 Tax Brackets: https://taxfoundati ..read more
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EPISODE 11. Deadline passes for IRS $80B spending plan. Daniel Werfel finally goes to Senate hearing. Tax Implications of Selling your Rental.
Taxcast With Chelsea
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4M ago
Today's topics: 1. The IRS missed its strategic plan deadline - what's at stake and what to expect in the coming weeks. [:48] 2. Daniel Werfel went before the Senate Finance committee and still wants to be the next IRS commissioner and makes a daily commitment to taxpayers if confirmed. [5:00] 3. Selling a Rental: what you need to calculate the tax impact & possible other alternatives you haven't considered. [7:48] **FYI: In this recording, I realized I said form "1310" instead of form "3115" - Sorry about that!** It's tax season folks so my brain is all over the place. Links ·  &nb ..read more
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EPISODE 10. How to Tax Plan for Unexpected Income. Consumption Tax under the proposed “Fair tax” as compared to our current Income Tax system.
Taxcast With Chelsea
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4M ago
Let’s review these two tax topics today: 1)     Planning for Taxes when you receive nontraditional (non-W2) Income. This includes 1099 income, gambling winnings, and inheritances. I’ll look at examples and how much you should set aside. [:48] 2)     Also, could our tax code be revamped? A recent WSJ article discussed the “Fair Tax” plan and I break down why I think every taxpayer should be ready to debate change inside our nation’s tax system. [8:23] Links ·        FairTax Act of 2023 https://www.congress.gov/bill/118th-congress/house-bill/25 ..read more
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EPISODE 9. TIGTA reminds us the IRS continues to underperform with their Jan 12th 2023 report. Restaurant & Bar Tip Tax Credit reviewed..
Taxcast With Chelsea
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4M ago
Today's Episode: 1.      Updates on IRS backlog and implementation of the new IRS funding. TIGTA’s recent report on January 12th touts the extra money, but not necessarily improved efficiency. This latest report highlights some of the strains on IRS coming into the 2023 tax season. [:53]   2.      Let's review the Restaurant Industry’s Best Kept Tax Secret – the FICA Tip Credit for paid-out tips. I’ll discuss who qualifies, how to calculate, and you’ll see how this credit can really add up for business owners. [7:06] Links ·        Infl ..read more
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EPISODE 8. 1099Ks $600 threshold delay. Highlights of Secure Act 2.0. Qualified Education Expenses best utilized when self-employed.
Taxcast With Chelsea
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4M ago
Today we’re going to review some recent changes.  1.      A one-year delay to 1099K requirements - the new $600 threshold. More to come from the IRS [:43] 2.      New Retirement Rules have been passed in Congress through the Secure Act 2.0 and I’ll highlight a few of the changes [4:12] 3.      Let's review how to maximize Qualified Education Expenses when you’re self-employed – you’ll see it’s better than the average taxpayer. [12:58] Links ·        https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600 ..read more
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EPISODE 7. Check Washing Fraud & paying taxes. GAO audits the IRS’ 2022 Tax Season Operations. Los Angeles has a new Mansion Tax coming soon to solve their homeless crisis
Taxcast With Chelsea
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4M ago
Merry Christmas! Today I’m going to review these 3 topics: 1.      Check Washing Fraud – What is it and why the millennial's case for making payments for taxes online isn’t so bad. [:49} 2.      The GAO takes a look at the IRS’ 2022 Tax Filing Report. No surprise here but they found Backlogs, Hiring Challenges, Poor Customer Service & Refund Delays [5:57] 3.      LA has a new Mansion Tax coming next Spring to solve their homeless crisis. Will they reach their revenue goals and work as planned? Perhaps… but some are already figuring out how to wo ..read more
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EPISODE 6. How to file 1099 forms yourself for FREE. Tax Reporting for FTX Crypto Loss. Where are all the good tax accountants? Review of firm hiring & pricing issues
Taxcast With Chelsea
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4M ago
Today’s 3 topics will cover upcoming tax issues for many taxpayers and consumers: 1.      How to file 1099 forms if you’re self-employed for FREE using IRS.gov website & a quick review of who should file and when these forms are due. [:57] 2.      FTX Crypto Loss & Tax Reporting – information provided by BobJennings, CPA, December 14, 2022 through his TaxSpeaker newsletter [6:57] 3.      Lastly, Why is it so hard to find a tax accountant? Get my inside analysis on why finding a competent tax advisor will continue to be a challenge. Also, I’l ..read more
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EPISODE 5. TIGTA Report on IRS Controls to Prevent & Recover from Ransomware Attacks. Michael Avenatti Sentenced for stealing and tax fraud. State SALT Parity Acts adding significant tax savings for business owners (1120s & 1065).
Taxcast With Chelsea
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4M ago
Hey everyone welcome to Taxcast with Chelsea where I give you a small dose of interesting tax news and answer commonly asked tax questions.  Today let’s review these 3 topics: 1.      Tis’ the Season for Security: IRS Controls to Prevent and Recover from Ransomware Attacks were generally effective (according to a recent TIGTA Report) … but is that enough? (:47) 2.      Also…Attorney Michael Avenatti was Sentenced to 14 years in Federal Prison for stealing and tax fraud-details from the US attorney general & IRS criminal investigation (5:14) 3.    ..read more
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EPISODE 4. Employer Retention Credits and their Audit baggage. Tax Strategies when retirement is on the horizon. TIGTA has a new website where anyone can file a form.
Taxcast With Chelsea
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4M ago
Employer Retention Credits: are providing some employers additional cash but also risk for audit. Let’s look at a few things to consider before hiring an accountant to file these amendments (:53). Tax Strategies for the almost retired… this topic is actually for everyone! You don’t want to wait until you’re retired to start planning – There are Tax Strategies to think about before you take out social security or taking required minimum distributions (5:15).  (TIGTA) has a new website with new features which may actually help the IRS and taxpayers connect with a common purpose (that is car ..read more
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