Archive for the ‘interest’ Tag
Back to Basics – Part XXXVI – Form 9465 Installment Agreement
Originally published in the Cedar Street Times
April 1, 2016
After more than a year, our Back to Basics series has come to an end. We covered the 1040, all the major Schedules (A, B, C, D, E, and F) and 27 of the most common forms. To access any articles from the past you can read them on my website atwww.tlongcpa.com/blog .
For our last article, we have some wonderful news! The IRS recently announced that starting next year, on a three-year trial basis, they are moving to a voluntary income tax system. You will be asked to pay what you feel is fair and what you can afford, but there will be no requirement to actually pay income tax.
If you haven’t picked up on the date of this publication yet, it is April Fool’s Day; this utopian ideal will have to sit on the shelf a little longer! But, if you do find yourself in a situation where you owe more than you can manage to part with by the due date of April 18th, there are some options for you. Remember that even if you file an extension, the tax is still due by April 18th this year.
The IRS says that if you can pay your balance due in full within four months of the April 18 due date you can simply call them at 800-829-1040 and advise them of this. You will still have to pay interest (currently 3 percent per annum) and penalties (0.5 percent of the unpaid balance per month – effectively another 6 percent per annum) until paid in full, but you will not have to setup an installment agreement…which is your next option.
If you think you will need more than four months to pay off the balance, then you need to set up an installment agreement to avoid letters threatening actions such as liens, asset seizure, and taking your first-born child. Well, maybe the first-born child part is a little overdramatic. Even the concept of seizing assets, although splashed across notices relatively early in the collection phase, is hardly ever a reality, and you would likely have to have a $100K or more tax bill before they would consider taking and selling off your assets. Wage garnishments and liens do happen more often, however.
An advantage to an installment agreement, is that it cuts the late payment penalty in half – from 0.5 percent per month to 0.25 percent per month. There is a $120 charge from the IRS to setup and installment agreement, but I recommend you have direct debit setup to take the payment directly out of your bank account each month. This reduces the fee from $120 down to $52. It also prevents you from accidentally missing a payment. If you fail to make a payment, you can be kicked out of the program, and have to reapply, and pay a new fee. Also, if you have a balance from an old year, and you need to add to it, you generally have to setup a new installment agreement as well.
You can file for an installment agreement using IRS Form 9465. This can be e-filed with your tax returns, or mailed by paper. Or, you can set it up online at http://www.irs.gov. If you owe less than $25,000, you will generally be approved without any hassle, as long as you have a good filing history. You can take the balance owed and divide by up to 72 months. I generally recommend that you keep the monthly commitment low so you know you will not fail to be able pay some month and then get kicked out – but go ahead and make extra payments whenever you can to pay it down faster. Even if you owe up to $50,000, you can still get automatic approval, but you will need to fill out page two of the 9465 that asks a few more financial questions.
If you owe over $50,000, then you also have to send in a 433-F Collection Information Statement. This has a lot more specific questions about your finances, and is pretty much like providing personal financial statements.
California has a similar installment agreement process, but the amounts and rules differ a bit. California generally only allows an automatic installment agreement if you have up to $10,000 of unpaid tax liability. You can go up to $25,000, but you have to show that you have a financial hardship (not by your definition, however!).
The late payment penalties are five percent of the total unpaid tax liability during the first month, and then 0.5 percent each month thereafter until paid in full (capping at 25 percent like the federal does.) The interest rate is currently the same as the federal three percent rate. The fee to apply is $34, and you must pay off the balance in less than three years. I typically recommend just paying the FTB off, if possible, and then only dealing with the IRS on one installment agreement.
The California installment agreement request is made on Form 3567. You can also fill it out online at ftb.ca.gov by choosing “Installment Agreement” under the “Pay” section. Your other option is to call the FTB at 800-689-4776.
Finally, there are also options for an offer in compromise, if you clearly will not be able to pay off your tax debts in the future based on your income and certain expenses. The process is fairly mechanical, and you generally will either qualify or you will not. It is not like you sit around and negotiate the amount.
Be wary of ads you see on TV or on the radio that talk about getting rid of your tax debts. A retired collection officer at the IRS of 30 years once told me that many of these groups charge you fees go through all the work to fill out the forms and gather the information whether or not you even have a remote chance of qualifying. Then you simply get rejected, and you are in a worse position than when you started. Instead, they could do some preliminary analysis, and not generate a lot of busy work for themselves.
If you have questions about other schedules or forms in your tax returns, prior articles in our Back to Basics series on personal tax returns are republished on my website at www.tlongcpa.com/blog .
Travis H. Long, CPA, Inc. is located at 706-B Forest Avenue, PG, 93950 and focuses on trust, estate, individual, and business taxation. Travis can be reached at 831-333-1041. This article is for educational purposes. Although believed to be accurate in most situations, it does not constitute professional advice or establish a client relationship.
Back to Basics – Part XX – Form 4952 – Investment Interest Expense
Originally published in the Cedar Street Times
August 7, 2015
Today is my brother, Justin’s, birthday, and I know just what to get him. We were both avid baseball card collectors from the time we were seven and eight years old on up through our middle school years. Once, we even put on a “Kids Baseball Card Show” to buy, sell, and trade cards. We went around advertising the show with flyers on telephone polls all over the local neighborhoods, and secured the neighborhood pool clubhouse facility to host our show. It was a great success!
At the conclusion of my baseball card collecting career I had amassed over 10,000 cards with albums full of rookie cards and great players at the time. One of my most prized cards was a 1954 Topps Willie Mays. I remember wondering, how much money have I invested in all these cards over the years? Would I be able to retire after selling the cards years later? The Beckett Baseball Card Monthly price guide certainly made me think so based on the prices they listed and the rapid rates of increase. Old cards from the 1940s – 1960s were worth hundreds or even thousands of dollars each.
A few years after my interest in card collecting waned, a mass of new brands flooded the markets. That combined with other problems in baseball at the time sent the card market into an unrecoverable nose dive. Over 20 years later, most cards are still worth a tiny fraction of their peak.
Although my desire was primarily the personal fun of collecting, there were many adult investors that had serious money in cards. As with any investment bubble, I am sure there were collectors mortgaging their homes, running up credit card debt and borrowing from family in order to get a piece of the action.
As I reflect on that now, I see there would have been an opportunity for these people to take advantage of today’s topic – Form 4952 – Investment Interest Expense Deduction. If you have questions about other schedules or forms in your tax returns, prior articles in our Back to Basics series on personal tax returns are republished on my website at www.tlongcpa.com/blog .
Investment interest expense is reported on Schedule A as an itemized deduction and is essentially interest paid on debt used to buy property that produces or hopefully will produce income at some point. It doesn’t include interest expense incurred in your trade or business, or for passive activities like most rental properties. These types of interest get reported elsewhere. So, borrowing money to buy investments such as stocks, bonds, or annuities would qualify. Many financial companies offer margin loans. The interest on these loans would certainly qualify as investment interest expense if the proceeds were used to buy more stocks and bonds. Borrowing money to buy the right to royalty income or to buy property held for investment gain, such as vacant land, art, or even baseball cards would also qualify, among other things.
Due to passive activity rules which limit or even eliminate current deductions on passive rental activities such as a home you rent out, many people would like to be able to deduct the interest as investment interest instead. However, interest on passive activities is specifically excluded from being classified as investment interest expense. The interest on vacant land can usually escape this clause, even if small amounts of rent are collected since the rent is incidental to the paramount investment purpose of appreciation. To be considered incidental, the principal purpose must be to realize gain from appreciation AND the gross rents received for the year must be less than two percent of the lesser of the property’s unadjusted basis or its fair market value.
The rub with investment interest expense is that it is only deductible to the extent that you have investment income! If you have no investment income, you can’t deduct the expense, and it gets suspended until a year you actually do have investment income. So what qualifies as investment income? Well, all of the things we just discussed for which you borrowed money and can deduct as investment interest expense – so interest, dividends, gains from property held for investment, etc. Prior to being applied against investment interest expense, the investment income figure is reduced by other investment expenses that you may have reported on Schedule A – such as investment advisory fees, safe deposit boxes, investment subscriptions, etc.
By default, your net capital gains (meaning net long-term capital gains in excess of net short-term capital losses) as well as qualified dividends are not included in investment income. This is done because both of these already get taxed at favorable lower capital gains rates, so the thinking is, “Why would you want to waste a deduction to offset income that is already getting a lower capital gains rate, when you could instead use it to offset ordinary income taxed at higher rates ?” The answer is that sometimes you may not be able to ever foresee having much ordinary investment income taxable at higher rates. And instead of just suspending the deduction and getting n0 current tax benefit, you elect to include your net capital gains and qualified dividends as investment income and use the deduction to help wipe that income out, thus saving you current taxes.
The Form 4952 itself is a rather simple form – only a half page in length. Part I is a summary of the gross investment interest expense including any current interest and past interest that was carried over. Part II helps you calculate the net investment income from interest dividends, gains, capital gains, less investment expenses from Schedule A. Part III compares parts I and II and calculates the investment interest expense that will be currently deductible, as well as the part that is being suspended to the future if there is not enough investment income to absorb the expenses.
As for the card collecting Justin and I did, I sure am glad we didn’t go into debt buying baseball cards and having to file 4952s! Now about that gift – how about a box of wax packs or a factory sealed set – I know just where to get them…
Travis H. Long, CPA is located at 706-B Forest Avenue, PG, 93950 and focuses on trust, estate, individual, and business taxation. He can be reached at 831-333-1041.
Back to Basics Part XII – Form 2210 – Underpayment of Estimated Tax
Originally published in the Cedar Street Times
March 20, 2015
Believe it or not, time is actually starting to run out if you plan on filing your taxes by April 15. Many firms require complete information to be in the office by late March or the beginning of April in order to assure the returns are completed by the April 15 rush. Most people understand that personal tax returns and any tax owed are due on that day. Even if you file a 6-month extension for the return, the tax is still due on April 15. This requires you to consider the possibility of a short-fall and then send in an estimate by April 15 if deemed necessary, otherwise you will incur interest and penalties if you underestimate.
There are a number of charges the taxing authorities stack up to collect a little extra flow for the general treasury if you are delinquent, and they are all based on unpaid tax. There is a late return penalty, a late payment penalty, an underpayment of estimated tax penalty, plus interest! If you have ever seen the play Les Miserables, it can seem a bit like the opportunist innkeeper, Thenardier who sings, “Charge ’em for the lice, extra for the mice, two percent for looking in the mirror twice! Here a little slice, there a little cut, three percent for sleeping with the window shut.”
In two weeks we will discuss filing extensions and cover the penalties that can start accruing after April 15 – those include late return penalties, late payment penalties, and interest. This week we will focus on the penalty that can accrue throughout the past year up until April 15 – underpayment of estimated tax. If you would like to catch up on our Back to Basics series on personal tax returns, prior articles are republished on my website at www.tlongcpa.com/blog .
Underpayment Penalties and Form 2210
While underpayment of estimated tax sounds like a concept that would just apply to people that make quarterly estimated taxes, the reality is that it applies to all of us. It even applies to those that file their returns on time and pay all of their taxes by April 15th. So why would you owe penalties for being such a model citizen?!
Think of it like this: if your employer decided that paying you every two weeks for the wages you had earned was too much of a hassle, and decided instead they were just going to cut you a check once a year in December (or heck, how about April 15 of the following year – why rush it!), you may have a difficult time paying your bills throughout the year, and would then have to borrow money and pay interest on it to carry you until you got your next annual paycheck.
Even if you were a superb money manager and budgeted your annual paycheck carefully so you wouldn’t have to borrow money, you would still conclude that this is an unfair deal and demand that they pay you some interest since you do not particularly fancy giving your employer a free loan for a year! The taxing authorities are the same way. Their “paycheck” is the taxes you owe them and they want to get paid throughout the year, or at least get compensated for your continued use of their paycheck. California and the federal government do not exactly have stellar records of managing money (what government does?). As such, they have to issue bonds to borrow money to cover their expenses and then are stuck paying interest on the bonds! So they want their paycheck!
Employees have taxes taken out of each paycheck and remitted regularly by their employers. Self employed people do not, and generally must pay quarterly estimates. But in either case, if you come up short at the end of the year, the taxing authorities will assess “underpayment penalties” if you do not meet certain thresholds.
So when are underpayment penalties assessed? In the simplest calculation, the federal taxing authorities take your total tax liability at the end of the year, divide it by four and assume they should have received 25 percent by April 15, 25 percent by June 15, 25 percent by September 15, and 25 percent by January 15 of the following year. They look at the dates and amounts sent in by you and then figure out how much your were short and for how many days. They then assess the three percent rate on those figures and amounts of time. California has a special schedule which requires 3o percent paid in April, 40 percent paid in June, 0 percent in October, and 30 percent in January. This unequal schedule requiring 70 percent of your tax to be paid in during the first five months of the year was California’s little trick to help balance the budget a few years back.
You also may be wondering why it is June 15 and September 15 instead of July 15 and October 15, as June is only two months after the first quarterly payment was due (but you owe it on income for three months!). The answer is that I have no idea. I heard once that it had to do with a projected budget short fall by Congress many decades ago, and they were trying to balance their budget. That would make sense, but I can’t say for sure.
If you have taxes withheld by your employer or another source, for calculation purposes, they are evenly spread out to the four quarters, no matter when the taxes were actually paid. For instance – if you got a large bonus at year-end, the taxes would be allocated evenly to all quarters. This makes sense since in the default calculation, the income is also spread out evenly to all quarters.
Self employed people can have problems with this, however, since the actual dates of the estimated tax payments are used in their cases, but the income is still spread out evenly by the default calculation. This could create unjust penalties if they earned a big chunk of their revenue near year end, and then sent in a check at year-end. The revenue would be spread out to all quarters, but the taxes would look delinquent since they were paid at year-end. The Form 2210 allows you to correct this by using an annualized income installment method whereby you enter in your year-to-date cumulative net income (as well as other income and deductions) at the end of each quarter to change the calculation method, and avoid these penalties.
Fortunately, there are some general rules that may allow us to be “penalty proof” so we do not have to worry about this every year, 1) If you have paid in at least 90 percent of the current year tax liability you are penalty proof, or 2) If you paid in at least as much tax as your tax liability in the prior year, then you are penalty proof unless your income is over $150,000 (75,000 if Married Filing Separate), then simply paying in at least as much tax in the prior year will not qualify you – you will have to pay in 110 percent of the prior year amounts, or 3) If the net tax you owe is less than $1,000 after subtracting out payments you made by April 15, then you are penalty proof. California conforms to all of these federal rules. It also has an additional rule for taxpayer’s that make over $1,000,000 ($500,000 Married Filing Separate) – those taxpayers are required to pay in 90 percent of the current year tax or they will face penalties.
Contrary to its unfortunate label as a “penalty,” it is essentially just interest. And it is currently at that same rate of three percent per annum. I often have clients that say they hate paying penalties and want to do whatever they can to avoid underpayment penalties. When I ask them if they would like a loan at a three percent rate of interest instead, they want to know where they can get more of it! If you are going to owe a substantial sum and would need to take the money out of investments that are almost certainly earning more than three percent in todays markets, it would be a wise decision to pay the penalties and pocket the spread. If your money is just sitting in a bank account, however, it would be a different story.
In addition to the calculation sections, the Form 2210 also has boxes to request relief from late payment penalties.
Travis H. Long, CPA is located at 706-B Forest Avenue, PG, 93950 and focuses on trust, estate, individual, and business taxation. He can be reached at 831-333-1041.
Back to Basics Part I – Overview of 1040
Originally published in the Cedar Street Times
October 17, 2014
On Wednesday October 15, the 2013 personal tax filing season came to a close. Or at least it did for most timely filers. People who requested the six-month extension finally had to lay down their cards, or face increased penalties, and being branded delinquent by the taxing authorities. But I am sure you had your returns done long ago!
It is hard to believe that 2014 is rapidly drawing to a close, and soon we will start filing taxes all over again. This coming year, I would like to challenge you to spend some time looking at your tax returns and learning something new. I am a firm believer that everyone should have at least a basic understanding of the flow of a tax return. This document is a linchpin in your financial life. Let’s spend a few minutes talking about the big picture. You may wish to do this with a copy of a 1040 close at hand.
Tax returns can be hundreds of pages long with many supporting forms and schedules, but it all boils down to a two page summary whether you are John Doe or Warren Buffett…this is your Form 1040. Essentially, the first page lists your income, adjusted by a few preferential items leaving you with your all important “adjusted gross income.” “Below the line,” as it is known, is the second page, and lists your deductions and credits, calculates your tax, and determines what you owe or will get refunded.
Looking at page one in more detail, the top section captures your name, mailing address, and Social Security number. There is also a somewhat passe little box to designate three dollars of the tax you are already paying to the Presidential Election Campaign fund. If you want to learn more about this, I wrote an entire article on its history on April 18th. You can find it at www.tlongcpa.com/blog.
The first real section is where you designate your tax return “filing status” – single, married, head of household, etc. This is very important because it determines how much your standard deduction is and how quickly you will climb the tax brackets as your income increases. Your status is determined by rules, not choice. That said, married people do have the choice of the generally unfavorable Married Filing Separate status.
The next section deals with “exemptions.” This is where you list the dependents in your household – generally your children up through college (even if away at college). A parent or someone not even related can qualify, but they have to meet strict limiting rules. You get an exemption from your taxable income of $3,950 (2014 amount) for each of your dependents. Children under 17 may also qualify you for child tax credits which would go on page two.
The income section falls next. Wages from your job, interest, dividends, business income, rental income, sales of stock, money received from retirement accounts or plans, pensions, social security, etc.
After getting your total income figure, you then are allowed certain favorable “above the line” deductions for things like educator expenses, moving expenses, retirement plan contributions, health savings account contributions, student loan interest, tuition and fees, etc. After subtracting these adjustments, you arrive at your AGI (adjusted gross income). AGI is a key figure and is used in a lot of calculations which could affect your taxes in many areas. Above the line deductions are therefore preferable for that reason, but also because they will have a direct impact on taxable income. Below the line deductions such as itemized deductions are less certain and do not impact your AGI.
The taxes and credits section is at the top of the second page. This is where you get to subtract all your itemized deductions listed on Schedule A- things like medical expenses, taxes paid, interest, charitable contributions, and miscellaneous other deductions (like tax preparation fees!). If you don’t have many itemized deductions you get the standard deduction instead (for example – $12,200 for married status) as determined by your filing status from the first page.
Next, the number of exemptions you claimed on the first page is multiplied by $3,950 (2014) and that is subtracted out to leave you with your taxable income. Your tax is then calculated using tax tables and other rules.
With income generally in the $100,000 to $200,000 range ore more, you may also hit alternative minimum tax (AMT). In simple terms, AMT is a parallel tax system that has a different set of rules and allows less deductions. You calculate the AMT system on every return. If the AMT tax calculation yields a larger tax bill than the regular system, you pay the incremental difference as alternative minimum tax. Real estate taxes and miscellaneous itemized deductions subject to two-percent such as unreimbursed employee business expenses are common items that get kicked out in the AMT system.
Next you get to subtract any tax credits you may have. Tax credits are a dollar-for-dollar reduction of tax owed and are therefore more valuable than deductions, which only save you a fraction on the dollar. Depending on your circumstances there are credits for education, childcare, children in general, energy efficient upgrades, etc.
The next section is “Other Taxes.” There are a handful of other taxes people might incur , such as tax on taking money out of retirement plans too early, household employee taxes, repaying a first-time home buyer credit, etc. The most common, however, is self employment taxes. Business owners must pay the employer and employee side of their Social Security and Medicare taxes. After you add these taxes and determine your total tax liability, you then look at the payments section to see was has been paid in or credited to your account, and whether you will end up owing, or getting a refund.
At the bottom of the second page, you can choose things like direct deposit, or applying the payment to the following year. You can also designate a third party such as the tax preparer to be able to discuss the return with the IRS, if the IRS wants to discuss it. At the bottom, a paid preparer also has places to sign and fill out.
In two weeks we will start examining Schedule A – Itemized Deductions.
Prior articles are republished on my website at www.tlongcpa.com/blog.
Travis H. Long, CPA is located at 706-B Forest Avenue, PG, 93950 and focuses on trust, estate, individual, and business taxation. He can be reached at 831-333-1041.
IRS Affected by Government Shutdown
Originally published in the Cedar Street Times
October 4, 2013
Due to the inability of Congress to come to terms regarding the government shutdown (or just about anything for that matter), I have a pretty good chance that this article will still be worth reading by the time it is published in the newspaper on Friday!
Everyone is aware by now that over 800,000 federal employees are on furlough. I read that this is more than all the employees of Target, General Motors, Exxon, and Google combined. That is a lot of people! Included in these 800,000 are most of the Internal Revenue Service employees.
Many of you may be cheering right now, but certainly not anyone that is waiting on a refund or currently trying to work out any problems with the IRS. Prior to the furlough, telephone wait times to speak with an IRS agent have been 15 – 45 minutes, or sometimes you would get the message that they were too busy to even put you on hold, and then hang up on you. Right now you will have an indefinite wait since the call centers are completely closed. All local IRS offices are also closed to the public as well. The shutdown will of course put even more pressure on wait times when funding is restored, and there is a backlog of problems to resolve.
This is an interesting time to be shutdown considering that extended personal tax returns are due on October 15. The IRS still expects individuals and businesses to file all tax returns on time, keep making income and payroll tax payments, etc. Presumably, they have some essential employees still on-the-clock to let the mailman in and to make deposits! They are encouraging electronic filing since those returns are processed automatically by computers. Paper returns will not be processed, however any payments enclosed will still be processed! All tax refunds are suspended until normal operations resume.
Computer generated IRS notices will continue to be mailed out, but all audits, appeals, and taxpayer advocate cases are suspended. If you had meetings scheduled they will be rescheduled.
The IRS website will still be up and running, but certain services may be unavailable. The IRS automated telephone system will also still be working (800) 829-1040.
I can only assume that penalties and interest will still accrue even if you are waiting on the IRS to resolve an issue.
I called the IRS employee emergency hotline for kicks. They are informing employees that they cannot perform any work, even if they want to volunteer their time to keep certain cases moving, and they cannot use any government computers, equipment, or other resources. If they were en route traveling when the furlough began, they were to immediately return home.
Prior articles are republished on my website at www.tlongcpa.com/blog.
IRS Circular 230 Notice: To the extent this article concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law.
Travis H. Long, CPA is located at 706-B Forest Avenue, PG, 93950 and focuses on trust, estate, individual, and business taxation. He can be reached at 831-333-1041.
Your MyFTB Account
Originally published in the Cedar Street Times
June 14, 2013
Clip this out and save it in your tax file…did you know you (or your authorized tax professional) can get easy, instant, online access to a wealth of information about your California tax account as an individual or a business?
One of the most common issues I use this for as a professional is to confirm estimated tax payments when a client is uncertain how much they paid throughout the year. This can often save a lot of time searching through bank statements or checkbooks. Of course, the best practice is to track the information yourself to make sure the Franchise Tax Board (FTB) posted it to your account, but sometimes life does not fit within a nice, square box. To the credit of the FTB, I have found they do a pretty good job of tracking estimates paid, however, so I feel it is pretty reliable.
You can also see the past four years of your wage and California tax withholdings reported to the FTB by your employers. This would be great if you misplaced a W-2 and could not get access to it for some reason. If the FTB issued any 1099s to you for tax refunds or interest income, you can see that information for the past three years as well. Another feature is the ability to look at a summary of the core information of your tax returns for the past ten years such as total tax liability, taxes withheld, payments and credits, plus any interest, penalties, or adjustments made on the account. The system will also tell you if you have any outstanding balances still owed from the past ten years.
Besides historical tax reporting information you also have the ability to perform a variety of functions. For instance, you can change your address and telephone number, or you can check on the current status of your refund. You can also pay your tax balance or make estimated payments via direct bank transfer, Western Union, or credit cards (a fee applies for credit card payments). So no filling out vouchers and making unnecessary trips to the post office, and you have instant confirmation that the funds have been credited.
There are also quick links to key information on topics like penalties, interest, common fees, etc., as well as links to common forms to fill out and mail in such as applying for an installment agreement if you owe tax. Hopefully, some of these other processes will become automated online in the future as well. Another nice feature is that you can sign up for e-mail reminders to pay your estimates, for example.
To gain access to this information, you can set up an account online at http://www.ftb.ca.gov. Look for the link to “Access MyFTB Account” and click “Register.”
As telephone hold times seem to get longer and longer, having access to more information online is definitely handy. There are a lot of areas I could criticize the FTB about, but I think this is definitely a positive service they are providing. It also functions pretty much like any other commercially designed site online. I only wish the IRS had something as user friendly! They do have an electronic system for tax professionals to gain access to information, but I think it was designed when dinosaurs roamed the earth.
Prior articles are republished on my website at www.tlongcpa.com/blog.
IRS Circular 230 Notice: To the extent this article concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law.
Travis H. Long, CPA is located at 706-B Forest Avenue, PG, 93950 and focuses on trust, estate, individual, and business taxation. He can be reached at 831-333-1041.