Wendy Litten, EA
4400 Route 9 South
Freehold, NJ 07728
(609) 259-0759taxes@wendylitten.com
I’m Wendy Litten, EA. Everyday, I help my clients with filing personal and business tax returns and QuickBooks. However, with increased IRS activity, I’ve also been specializing in tax problem-solving, including IRS notices, back taxes, overdue returns, liens, offers in compromise and all types of IRS problems. Here, I will share my experiences and hope to help those in similar situations.
Author Archives: WendyLitten
Are Audit Rates Really Lower?
Funding for enforcement by the IRS is 5% less than last year and audit rates have definitely declined. Total examinations, both field and correspondence have dropped more than 20% since 2010. Taxpayers in the higher brackets still encounter more audits … Continue reading
Posted in IRS Audits
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Online Gambling and Payment Accounts Tax Reporting Warning
In a recent court case (Hom, (DC CA 6/4/2014) 113 AFTR 2d ΒΆ 2014-893), a taxpayer’s online payment and poker accounts were found to be reportable under FBAR. All of the accounts were with companies located outside the United States. … Continue reading
Posted in Individual Taxes
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Beware the 3.8% Investment Surtax
Plan now to save yourself from this new tax on investment income. If you meet the income thresholds below and have net investment income, an additional 3.8% tax will be due. This tax went into effect on January 1, 2013. … Continue reading
NJ Homestead Benefit Deadline Extended to 01/31/14
State Treasurer Andrew Sidamon-Eristoff has announced that the deadline for filing 2012 Homestead Benefit applications has been extended to January 31, 2014. The deadline had previously been extended from November 22 to December 31. More information and income requirements can … Continue reading
Coping with the Government Shutdown – Tax Problems Edition
Solving tax problems for clients requires lots of interaction with the IRS. Generally, after meeting with a client, I file an authorization form so I can access their data online. Until last month, I filed those online, which presumably would … Continue reading
Posted in Tax News, Tax Problem Resolution
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2012 NJ Homestead Benefit Information
Here’s information directly from the NJ Division of Taxation: The Division of Taxation has begun mailing applications for the 2012 Homestead Benefit. Applications are being mailed to homeowners over the next three weeks according to the schedule below. The deadline … Continue reading
Posted in Tax News
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NEW S-Corp Late Filing Election Procedure
Filing a late S-Corporation Election is now much easier and has a longer or no deadline for many filers. Previously, if a business intending to be taxed as a Sub-chapter S Corporation failed to to file a timely election, but … Continue reading
Posted in S-Corp Taxes, Tax News
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Penalty Relief for 1099-K Filers Extended Again
Payment issuers will continue to receive penalty relief for mis-matched Taxpayer Identification Numbers and names on Form 1099-K issued in 2013 and 2014. Notice 2013-56 has the details. Note that the penalty relief is solely for the mis-match errors and … Continue reading
Posted in Tax News
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Quicker and Better Levy Release News
Under the new IRS Fresh Start Initiative, we have better options for getting a levy released faster for more taxpayers. If your tax debt is less than $50,000, the updated Streamlined Installment Agreement will release the levy and will also … Continue reading
Posted in Installment Agreements, Levy Release
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Offer in Compromise IRS Tax Debt Program Updated
If you owe tax debt that you are struggling with, take a look at the Offer in Compromise program. The IRS just released new guidelines that greatly reduce the amount that needs to be offered to settle your tax debt. … Continue reading
Posted in Offer in Compromise, Tax News
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