Jim Payne's Tax Blog in Gainesville, FL

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. What is the worst mistake you can make as a business owner? It’s hands-down “going broke owing payroll taxes to the IRS.” What is so terrible about this mistake? Let m...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Forgiveness of debt by your creditors sounds great, except. That except is that the amount forgiven by the lender is taxable income to you in the year of forgiveness. ...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Getting the best deal possible with the IRS is all about strategy. The key data input into your strategy is the Reasonable Collection Potential formula that goes by th...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Penalties for Failure to File, Failure to Pay, or Failure to Deposit can increase your tax bill by another 25%. There is a way to get these penalties reversed called t...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. The IRS has released several thousands of notices to taxpayers regarding cryptocurrency transactions. What the heck is this all about?I know, we all thought that crypt...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Cancellation of Debt produces taxable income unless that income is can be recharacterized or is one of the exceptions. See the previous post explaining the reporting p...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. You think you see the light at the end of the tunnel when your creditors write-off your debts to them as uncollectable. But suddenly, there is another train heading yo...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Couples who file jointly, become liable for the total taxes reported and any future taxes that might be assessed by the IRS. This can be an economically dangerous posi...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Couples who file jointly, become liable for the total taxes reported and any future taxes that might be assessed by the IRS. There are two forms of relief when one of ...

I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. The IRS has several different Installment Agreement Plans to make it easier for a taxpayer to get caught up. These include:          Automatic Installment Agreement   ...