James Cha's (aceplustaxresolution) Blog

The IRS collection enforcement is now back! The IRS switched its lenient position during COVID-19 and has now started sending millions of Final Notices of Intent to Levy (Letter 11 or LT11) from June 15, 2021. Its Automated Levy and Systematic Lien Programs were halted since April 2020 due to COV...

What do you do when you find out the deal you were about to close is held up, or worse, because your client has a federal tax lien filed against them? What do you advise them to do? How many more transactions could you close if your clients didn’t have IRS Problems? It’s amazing how many people a...

Every month, we discuss different places and tactics new or seasoned real estate investors can use to increase their holdings, their profits, or both. One thing we often forget, though, is that real estate is truly a “people” business. As a result, you need to really keep your networking skills s...

Currently, there are more than 10 million taxpayers who haven’t filed their tax returns (known as non-filers) in the United States. Thanks to a budget increase, the IRS is steadily ramping up its enforcement of the collection process targeting non-filers. The agency newly hired 10,000 agents last...

Article Highlights: Earned Income Tax Credit  Refundable Tax Credit  Qualifications  Special Rule for Military  The EITC is for people who work but have lower incomes. If you qualify, it could be worth up to $6,660 in 2020, up from $6,557 in 2019, so you could pay less federal tax or even get a r...

We are still waiting for the dust to settle on what President Trump’s executive orders mean for taxpayers and business owners. There is a lot of talk about legal challenges and how Congress may react. But here is a summary of what we know now.Temporary Payroll Tax Relief -The President has direct...

Article Highlights: Stimulus Payments to Deceased Individuals  Stop Payments Being Made on Checks Already Issued  IRS Authority to Deny Stimulus Payments to Deceased Individuals  History of Stimulus Payments  IRS Q&A Dealing with Deceased Individuals and the Return of the Payments  According to t...

Highlights: Skyrocketing Government Spending  Federal and State Deficits  Tax Increases in Our Future  Tax Strategies  The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax re...

Article Highlights: General statute is 3 years  Some states are longer  Fraud, failure to file and other issues can extend the statute  Records to dump  Record to Keep Longer  Tired of having all those old tax records taking up drawer or closet space and collecting dust. Want to dump as much as y...

Article Highlights: Keeping home improvement records  Home gain exclusion amounts  Records may be required to avoid tax Individuals who meet the 2-out-of-5-year use and ownership tests can exclude up to $250,000 ($500,000 if both filer and spouse qualify) of gain from the sale of their home, and ...