News

With President Biden’s recent announcement that the US Government would forgive up to $10,000 in federal student loan debt - up to $20,000 for Pell Grant borrowers, the question that immediately came to our minds here at Bryson Law Firm, LLC was whether any of the debt forgiveness would be taxable.

We know (and have previously blogged about the fact) that the IRS will not call, text, or email a Taxpayer to notify them of a tax problem – Taxpayers will generally always receive a letter first. However, what happens when even purported IRS letters cannot be trusted? At Bryson Law Firm, LLC, we are finding that more and more of our clients are receiving spam and scam mail that to the untrained eye, looks like official and authentic IRS mail. As a result, we wanted to blog today about how Taxpayers can be on alert for this type of correspondence.

The IRS has recently announced through Notice 2022-36 that they will provide penalty relief to most people and businesses who filed or will file 2019 and 2020 tax returns late.

By now, you’ve heard that through the Inflation Reduction Act of 2022, the IRS has been allocated $80 billion over the next 10 years to staff up and improve on systems in an effort to increase tax compliance and collect an estimated $203 billion in revenue. This has led many to contact Bryson Law Firm, LLC to address their tax problems for fear of IRS collections and audits. Here is what you need to know and what you should do in preparation:

We’re here to clear up some misconceptions about Offers in Compromise and tell you what you really need to know.We might disagree on whether this is our favorite topic, but it’s important to understand Offers in Compromise as a tool for resolving cases.You’ll find out what an Offer in Compromise is, why someone might file an offer, and everything that needs to be considered before filing.

Did you know that “crowdfunding” may be taxable? “Crowdfunding” is when a project or venture is funded by many small amounts of money raised from a large number of people. This typically takes place online. Often times, “crowdfunding” websites are used. These include sites such as Kickstarter, Indiegogo, Crowdfunder, Donorbox, Paypal, Facebook Fundraising, and GoFundMe.

Teachers: did you know that the IRS offers tax deductions to educators who spend their own funds on classroom supplies? The IRS Educator Expense Deduction allows teachers and administrators to deduct costs of technology, supplies, and training from their taxes.

The Employee Retention Credit (“ERC”) enables employers to claim a percentage of wages paid to an eligible employee after March 12, 2020, and before October 1, 2021, as a refundable tax credit. This credit was originally created under the Coronavirus Aid, Relief, and Economic Security Act (CARES) and has been extended over the last 2 years through various other pieces of legislation such as the Taxpayer Certainty and Disaster Relief Act of 2020, American Rescue Plan, and the Infrastructure and Jobs Act.

Hobbies are great – in addition to benefiting our mental health by reducing stress, enabling social connection, and increasing happiness, hobbies can also generate some extra income. Here at Bryson Law Firm, LLC, we’ve seen many Taxpayers earn money from a hobby – landscaping, woodworking, embroidery, sewing, crafting – and it’s important to know that if your hobby produces income, it must be reported to the IRS on your tax return. Here are a few tips to make sure you stay compliant with your tax obligations so that you can continue to enjoy your hobby without the stress of a tax problem.

We get contacted all the time by Taxpayers who are looking to take advantage of the IRS’ “Fresh Start Program.” Thanks to many national tax relief outfits, the “Fresh Start Program” has gained a reputation of being a quick and easy way to setting a tax debt for “pennies on the dollar.” While such settlement offers are possible to Taxpayers who qualify, it’s important to know what the IRS’ “Fresh Start Program” actually entails. Here’s a breakdown: