Generally, the IRS is prohibited from taking a taxpayer’s income and assets, if such taking will result in an undue hardship to the taxpayer. The IRS is also barred from taking certain specified exempt assets. Additionally, Revenue Officers must conduct themselves in a professional manner and must provide taxpayers with reasonable time frames to respond to their requests. Unfortunately, not all Revenue Officers respect these limitations and sometimes conduct themselves in a discourteous manner and act without regard to the financial impact of their actions against taxpayers.
If you are in this type of situation, you need to call the firm of Robert C Olivieri, Jr PC for prompt resolution. We have night time and weekend hours for your convenience. Call us now at 215.550.3636. We will get you back on tract.
Saturday, November 28, 2009
Payroll Tax Problems
Failing to properly file and pay payroll taxes is a serious matter. If the employer fails to timely file and pay payroll taxes, the IRS is authorized to collect these taxes from the business or even a person or persons who are responsible for withholding and paying these payroll taxes to the IRS. The IRS typically employees Revenue Officers to work on collecting payroll taxes and to investigate the financial health of the business. Failure to correct a delinquent payroll tax matter could result in the closure of the business and liquidation of the business assets.
Call the offices of Robert C Olivieri, Jr PC for resolution of your personal or business tax challenges. We are available right now at 215.550.3636. We have convenient hours. Why wait, call us now.
Call the offices of Robert C Olivieri, Jr PC for resolution of your personal or business tax challenges. We are available right now at 215.550.3636. We have convenient hours. Why wait, call us now.
Sunday, June 21, 2009
The Junker Credit
The Junker Credit. Here we go again. Those who purchased those gas guzzling trucks and trade them in for a better miles per gallon vehicle will receive a break, courtesy of President Obama. When will these breaks for the "do wrongs" end.
What about us "do rights"? What are we getting out of never buying a gas guzzler?
What about us "do rights"? What are we getting out of never buying a gas guzzler?
Sunday, May 17, 2009
S Corporation vs C Corporation
Does your accountant really know the differences between the s and c corporations? Call Robert C Olivieri, Jr now at 215.550.3636 for an analysis of the type of business you should be filing under with the Internal Revenue Service.
Thursday, February 5, 2009
Popular changes for the 2008 tax filing year
Here are a few tax law changes you may want to note before filing your 2008 federal tax return:
1. Expiring Tax Breaks Renewed
The following popular tax breaks were renewed for tax-years 2008 and 2009:
Deduction for state and local sales taxes on Form 1040 Schedule A, Line 5
Educator expense deduction on Form 1040, Line 23 or Form 1040A, Line 16
Tuition and fees deduction on Form 8917
In addition, the residential energy-efficient property credit is extended through 2016. In general, solar electric, solar water heating and fuel cell property qualify for this credit. Starting in 2008, small wind energy and geothermal heat pump property also qualify.
2. Standard Deduction Increased for Most Taxpayers
The 2008 basic standard deductions all increased. They are:
$10,900 for married couples filing a joint return and qualifying widows and widowers
$5,450 for singles and married individuals filing separate returns
$8,000 for heads of household
Beginning this year, taxpayers can claim an additional standard deduction based on the state or local real-estate taxes paid in 2008. Also new for 2008, a taxpayer can increase his standard deduction by the net disaster losses suffered from a federally declared disaster.
3. Contribution Limits Rise for IRAs and Other Retirement Plans
This filing season, more people can make tax-deductible contributions to a traditional IRA. The deduction is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes between $53,000 and $63,000. For married couples filing jointly, the income phase-out range is $85,000 to $105,000.
4. Standard Mileage Rates Adjusted for 2008
The standard mileage rates for business use of a vehicle:
50.5 cents per mile from Jan. 1 to June 30, 2008
58.5 cents per mile driven during the rest of 2008
The standard mileage rates for the cost of operating a vehicle for medical reasons or a deductible move:
19 cents per mile Jan. 1 to June 30, 2008
27 cents from July 1 to Dec. 31, 2008
The standard mileage rate for using a car to provide services to charitable organizations remains at 14 cents a mile. Special rates apply to the Midwest disaster area.
5. Kiddie Tax Revised
The tax on a child's investment income previously only applied to children younger than age 18. It now applies if the child has investment income greater than $1,800 and is:
Younger than 18
18 years of age and had earned income that was equal to or less than half of his or her total support in 2008
Older than 18 and younger than 24, a student and during 2008 had earned income that was equal to or less than half of his or her total support.
Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you still have any other questions or are looking to have your personal, corporate, payroll or sales tax returns prepared. Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies. Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds. Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have. Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?
1. Expiring Tax Breaks Renewed
The following popular tax breaks were renewed for tax-years 2008 and 2009:
Deduction for state and local sales taxes on Form 1040 Schedule A, Line 5
Educator expense deduction on Form 1040, Line 23 or Form 1040A, Line 16
Tuition and fees deduction on Form 8917
In addition, the residential energy-efficient property credit is extended through 2016. In general, solar electric, solar water heating and fuel cell property qualify for this credit. Starting in 2008, small wind energy and geothermal heat pump property also qualify.
2. Standard Deduction Increased for Most Taxpayers
The 2008 basic standard deductions all increased. They are:
$10,900 for married couples filing a joint return and qualifying widows and widowers
$5,450 for singles and married individuals filing separate returns
$8,000 for heads of household
Beginning this year, taxpayers can claim an additional standard deduction based on the state or local real-estate taxes paid in 2008. Also new for 2008, a taxpayer can increase his standard deduction by the net disaster losses suffered from a federally declared disaster.
3. Contribution Limits Rise for IRAs and Other Retirement Plans
This filing season, more people can make tax-deductible contributions to a traditional IRA. The deduction is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes between $53,000 and $63,000. For married couples filing jointly, the income phase-out range is $85,000 to $105,000.
4. Standard Mileage Rates Adjusted for 2008
The standard mileage rates for business use of a vehicle:
50.5 cents per mile from Jan. 1 to June 30, 2008
58.5 cents per mile driven during the rest of 2008
The standard mileage rates for the cost of operating a vehicle for medical reasons or a deductible move:
19 cents per mile Jan. 1 to June 30, 2008
27 cents from July 1 to Dec. 31, 2008
The standard mileage rate for using a car to provide services to charitable organizations remains at 14 cents a mile. Special rates apply to the Midwest disaster area.
5. Kiddie Tax Revised
The tax on a child's investment income previously only applied to children younger than age 18. It now applies if the child has investment income greater than $1,800 and is:
Younger than 18
18 years of age and had earned income that was equal to or less than half of his or her total support in 2008
Older than 18 and younger than 24, a student and during 2008 had earned income that was equal to or less than half of his or her total support.
Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you still have any other questions or are looking to have your personal, corporate, payroll or sales tax returns prepared. Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies. Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds. Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have. Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?
Retirement and Investment Confusion and Frustration?
Contact the Retirement Consulting and Strategic Specialists at Robert C Olivieri, Jr. PC if you have any questions or are looking to have your retirement portfolio analyzed by a “non stock broker”. We are not in the business to sell you products. You need to find someone you are able to trust and we are the professionals that will guide you and your family to a fruitful retirement. Take advantage of our 30 plus years of Strategic Guidance in Retirement and Financial Planning using investments that have “Guaranteed Returns”, “No Risk” and better value for your investment and retirement dollar. Our unique retirement suggestions and strategies are not stockbroker or insurance agent friendly because, again, we are not in the business of selling stocks, mutual funds, annuities or life insurance. Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have. Is it not time you dealt with Retirement and Investment Specialists that are able to pave your way to wealth and freedom without the sleepless night and knots in your stomach when the stock market has it moments of volatility?
Saturday, May 17, 2008
Incorporation or LLC services
Robert C Olivieri, Jr. says "there is no need for an attorney if you want to incorporate your business or set up an LLC.
Attorney's are ridiculous with their prices. Do you not love their famous phrase "I need a retainer". Most attorney's charge prices that do not include the following:
- corporate minutes
- federal identification number
- state unemployment application
- state withholding application
- advice on type of entity
- the real definition of an LLC
- setting up your books and records
Do you not leave an attorney's office still wondering what just happened and confused about what you need to do the next day?
Let OTC, Inc. set up your new business entity from soup to nuts. We will explain it all. You will not leave our offices without a plan. Our fees are all inclusive with no additional invoices.
Let the attorney's stick to law and not tax and accounting services. Hey everyone, attorney's do not know it all. After all, are they not attorneys who are running our country? How well of a job have they done over the past 40 years? Social Security? National Debt? War? Health Insurance? Poverty in our own Country? Shall I continue? Attorneys think they know it all! When will we all step up and put a stop to this insanity.
Attorney's are ridiculous with their prices. Do you not love their famous phrase "I need a retainer". Most attorney's charge prices that do not include the following:
- corporate minutes
- federal identification number
- state unemployment application
- state withholding application
- advice on type of entity
- the real definition of an LLC
- setting up your books and records
Do you not leave an attorney's office still wondering what just happened and confused about what you need to do the next day?
Let OTC, Inc. set up your new business entity from soup to nuts. We will explain it all. You will not leave our offices without a plan. Our fees are all inclusive with no additional invoices.
Let the attorney's stick to law and not tax and accounting services. Hey everyone, attorney's do not know it all. After all, are they not attorneys who are running our country? How well of a job have they done over the past 40 years? Social Security? National Debt? War? Health Insurance? Poverty in our own Country? Shall I continue? Attorneys think they know it all! When will we all step up and put a stop to this insanity.
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