Friday, December 1, 2017

One-Stop Resource Center For Preparing, Filing And Paying IRS 2018 Income Taxes

The Internal Revenue Service wants new small business owners, including those involved in the sharing economy, to know that IRS.gov has an online resource center to help them learn all they need to know about the tax implications of running a small business.

The Small Business and Self-Employed Tax Center offers a variety of useful tools that small business owners can access to prepare, file and pay taxes.

The Center is a virtual one-stop tax shop with an A to Z index that gives answers for most business-related tax questions. It includes the Virtual Workshop, an educational video series that walks small business owners step-by-step through the basics. New owners can learn the ins and outs of their taxes at their own pace with other educational tools and products linked from the page. One of the Center’s newest features is the Sharing Economy Tax Center for those who use various online platforms to rent rooms, provide rides and offer other goods and services. Those involved in the Sharing Economy may visit the Pay as You Go, So You Don’t Owe page to learn more about ways to avoid paying the Estimated Tax Penalty.

Getting an Employer Identification Number (EIN) is often the first step for new small businesses, and the Center’s page makes it easy. There are links to the downloadable tax calendar and a variety of videos. Figuring out what is the best form of business entity to establish is easier with the selecting a business structure section. It explains the tax implications of  setting up a Sole Proprietorship, Partnership, Corporation, S Corporation or a Limited Liability Company (LLC) .

The Center features relevant tax forms and instructions for small businesses. It serves as a resource on how to handle employment taxes, if employees are part of a business, or figuring out self-employment taxes for the sole proprietor. The section on filing and paying business taxes details which IRS forms to use for what sort of business entity and when to file.

The resources on Small Business and Self-Employed Tax Center are not just for new small businesses but can be used for every stage of a small business lifecycle; from starting up and operating a business to selling or closing one. In addition, the page has information on topics like recordkeeping, types of retirement plans and the Affordable Care Act.

Additional IRS Resources:

For help with your legal needs contact a business, tax, and health care law attorney at the offices of AttorneyBritt.

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Texas Case Shows Why Single Member LLCs Not Good For Asset Protection

COURT OF APPEALS SECOND DISTRICT OF TEXAS FORT WORTH NO. 02 - 16 - 00213 - CV JULIA TERESA HECKERT APPELLANT V. CLYDE L. HECKERT, JR . APPELLEE  MEMORANDUM OPINION 

This appeal and cross - appeal involve the propriety of a turnover order . In her appeal, Julia Teresa Heckert (Teresa) –– who obtained the turnover order against her former husband Clyde L. Heckert , Jr......... 

"and (3) the only way his nonexempt interests in a sole - member limited liability company and a limited partnership may be reached by a judgment creditor is by charging order. We reverse the part of the trial court’s order requiring Clyde to turn over his Vanguard account, but we affirm the remainder of the trial court’s order ".

Additional Info From Jay Adkisson:

Charging Order Not Exclusive Remedy For SMLLC Interest In Heckert
The Texas Court of Appeals has held that a debtor/member's interest in a single-member LLC and partnership may be subject to a turnover order, despite language in the Texas statutes which says that the charging order is the "exclusive remedy". 
Nov 23, 2017
FDCPA Overrides State Law Limitations Period And Charging Order Exclusivity In Wilhite
The U.S. District Court for the District of Colorado has held that the Federal Debt Collection Practices Act (FDCPA) overrides contrary state law as to limitations periods for fraudulent transfers and charging order exclusivity.
   Full Details And Read More 
More from Jay Adkisson

Get Ready For 2018 IRS Tax Filings: IRS.gov Offers Free Tax Help

WASHINGTON – As tax filing season approaches, the Internal Revenue Service encourages taxpayers to visit IRS.gov first for tax tools and resources before calling. Nearly every tax issue can be resolved online.

The recent IRS website redesign makes it easier for people to navigate IRS.gov. The front page is more task-based so actions like paying a tax bill, getting a tax record or checking refund status are easily accessible.

The IRS has also simplified the main navigation tool, added more drop-down menus and made it more mobile-device friendly.

Additionally, the IRS has a special page on IRS.gov with steps to take now for the 2018 tax filing season.

IRS.gov provides many self-service tools and features, including:
  • Where’s My Refund. Taxpayers can check tax refund status 24/7. Updates daily.
  • Get Transcript. Access various transcript types online. Taxpayers may also ask the IRS to mail a Tax Return Transcript to them by requesting it online or by calling 800-908-9946. Allow 5 to 10 days for delivery.
  • Direct Pay. Make tax payments directly from a checking or savings account. People can view their account balance if taxes are owed.
  • Electronic Federal Tax Payment System. EFTPS is convenient and easy. Taxpayers and business can use it for various types of federal tax payments including estimated tax payments.
  • Online Payment Agreements. Eligible taxpayers can pay their taxes by easily setting up a monthly payment plan.
  • Answers to Tax Law Questions. The Interactive Tax Assistant takes people through a series of questions and provides the answers.
  • Forms, Instructions and Publications. Taxpayers can download and view popular tax forms, publications and instructions anytime. Increasingly popular eBooks are available as well as PDF and HTML versions. Accessible versions for people with disabilities and prior year forms are also available.
  • Where’s My Amended Return. Taxpayers can track the status of an amended return.
Employers and self-employed taxpayers will find many useful features on IRS.gov as well. The self-employed individuals tax center is a tax resource available around the clock. People can:
Business owners can find free small business tax workshops and seminars at various locations around the country.
Use the Understanding Your IRS Notice or Letter page to get more information and answers to many notice-related questions related to IRS notices and letters.
The Let Us Help You page on IRS.gov provides online tools and resources related to:
  • Identity Theft, fraud and scams
  • Links to help taxpayers determine who needs to file and options to e-file.
  • Assistance with renewing an expiring Individual Taxpayer Identification Number (ITIN) should visit the ITIN information page on IRS.gov.

IRS YouTube Video: IRS.gov Website Refresh -- English 

For help with your legal needs contact a business, tax, and health care law attorney at the offices of AttorneyBritt.

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Monday, October 30, 2017

IRS Income Tax Tips For Startups And New Businesses

New business owners have tax-related things to do before launching their companies. IRS.gov has resources to help.
 

Here are some items to consider before scheduling a ribbon-cutting event.


Choose a business structure:

When starting a business, an owner must decide what type of entity it will be. This type determines which tax forms a business needs to file. Owners can learn about business structures at IRS.gov. The most common forms of businesses are:

Determine business tax responsibilities:

The type of business someone operates determines what taxes they need to pay and how to pay them. There are the five general types of business taxes.
  • Income tax – All businesses except partnerships must file an annual income tax return. They must pay income tax as they earn or receive income during the year.
  • Estimated taxes – If the amount of income tax withheld from a taxpayer’s salary or pension is not enough, or if the taxpayer receives income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, they may have to make estimated tax payments.
  • Self-employment tax – This is a Social Security and Medicare tax. It applies primarily to individuals who work for themselves.
  • Employment taxes – These are taxes an employer pays or sends to the IRS for its employees. These include unemployment tax, income tax withholding, Social Security, and Medicare taxes.
  • Excise tax – These taxes apply to businesses that:
    • Manufacture or sell certain products
    • Operate certain kinds of businesses
    • Use various kinds of equipment, facilities, or products
    • Receive payment for services

Choose a tax year accounting period:

Businesses typically figure their taxable income based on a tax year of 12 consecutive months. A tax year is an annual accounting period for keeping records and reporting income and expenses. The options are:
  • Calendar year: Jan. 1 to Dec. 31.
  • Fiscal year:12 consecutive months ending on the last day of any month except December.  In general, pass through entities are required to select a calendar year tax year.

Set up recordkeeping processes:

Being organized helps businesses owners be prepared for other tasks. Good recordkeeping helps a business monitor progress. It also helps prepare financial statements and tax returns. See IRS.gov for recordkeeping tips.

Additional Resources:

For help with your legal needs contact a business, tax, and health care law attorney at the offices of AttorneyBritt.

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Friday, October 27, 2017

IRS 2018 Income Tax Contribution Limits For Pension Plans, 401(k) Plans, And IRAs.


The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018


Highlights of Changes for 2018:

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,000 to $18,500.
The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the saver’s credit all increased for 2018.

Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor their spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.) Here are the phase-out ranges for 2018:
  • For single taxpayers covered by a workplace retirement plan, the phase-out range is $63,000 to $73,000, up from $62,000 to $72,000.
  • For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $101,000 to $121,000, up from $99,000 to $119,000.
  • For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $189,000 and $199,000, up from $186,000 and $196,000.
  • For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
The income phase-out range for taxpayers making contributions to a Roth IRA is $120,000 to $135,000 for singles and heads of household, up from $118,000 to $133,000. For married couples filing jointly, the income phase-out range is $189,000 to $199,000, up from $186,000 to $196,000. The phase-out range for a married individual filing a separate return who makes contributions to a Roth IRA is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

The income limit for the Saver’s Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income workers is $63,000 for married couples filing jointly, up from $62,000; $47,250 for heads of household, up from $46,500; and $31,500 for singles and married individuals filing separately, up from $31,000.

Highlights of Limitations that Remain Unchanged from 2017:
  • The limit on annual contributions to an IRA remains unchanged at $5,500. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.
  • The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan remains unchanged at $6,000.
Detailed Description of Adjusted and Unchanged Limitations:

Section 415 of the Internal Revenue Code (Code) provides for dollar limitations on benefits and contributions under qualified retirement plans. Section 415(d) requires that the Secretary of the Treasury annually adjust these limits for cost of living increases. Other limitations applicable to deferred compensation plans are also affected by these adjustments under Section 415. Under Section 415(d), the adjustments are to be made following adjustment procedures similar to those used to adjust benefit amounts under Section 215(i)(2)(A) of the Social Security Act.

Effective Jan. 1, 2018, the limitation on the annual benefit under a defined benefit plan under Section 415(b)(1)(A) is increased from $215,000 to $220,000. For a participant who separated from service before Jan. 1, 2018, the limitation for defined benefit plans under Section 415(b)(1)(B) is computed by multiplying the participant's compensation limitation, as adjusted through 2017, by 1.0197.

The limitation for defined contribution plans under Section 415(c)(1)(A) is increased in 2018 from $54,000 to $55,000.

The Code provides that various other dollar amounts are to be adjusted at the same time and in the same manner as the dollar limitation of Section 415(b)(1)(A). After taking into account the applicable rounding rules, the amounts for 2018 are as follows:

The limitation under Section 402(g)(1) on the exclusion for elective deferrals described in Section 402(g)(3) is increased from $18,000 to $18,500.

The annual compensation limit under Sections 401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii) is increased from $270,000 to $275,000.

The dollar limitation under Section 416(i)(1)(A)(i) concerning the definition of key employee in a top-heavy plan remains unchanged at $175,000.

The dollar amount under Section 409(o)(1)(C)(ii) for determining the maximum account balance in an employee stock ownership plan subject to a five year distribution period is increased from $1,080,000 to $1,105,000, while the dollar amount used to determine the lengthening of the five year distribution period is increased from $215,000 to $220,000.

The limitation used in the definition of highly compensated employee under Section 414(q)(1)(B) remains unchanged at $120,000.

The dollar limitation under Section 414(v)(2)(B)(i) for catch-up contributions to an applicable employer plan other than a plan described in Section 401(k)(11) or Section 408(p) for individuals aged 50 or over remains unchanged at $6,000. The dollar limitation under Section 414(v)(2)(B)(ii) for catch-up contributions to an applicable employer plan described in Section 401(k)(11) or Section 408(p) for individuals aged 50 or over remains unchanged at $3,000.

The annual compensation limitation under Section 401(a)(17) for eligible participants in certain governmental plans that, under the plan as in effect on July 1, 1993, allowed cost of living adjustments to the compensation limitation under the plan under Section 401(a)(17) to be taken into account, is increased from $400,000 to $405,000.

The compensation amount under Section 408(k)(2)(C) regarding simplified employee pensions (SEPs) remains unchanged at $600.

The limitation under Section 408(p)(2)(E) regarding SIMPLE retirement accounts remains unchanged at $12,500.

The limitation on deferrals under Section 457(e)(15) concerning deferred compensation plans of state and local governments and tax-exempt organizations is increased from $18,000 to $18,500.

The limitation under Section 664(g)(7) concerning the qualified gratuitous transfer of qualified employer securities to an employee stock ownership plan is increased from $45,000 to $50,000.

The compensation amount under Section 1.61 21(f)(5)(i) of the Income Tax Regulations concerning the definition of “control employee” for fringe benefit valuation is increased from $105,000 to $110,000. The compensation amount under Section 1.61 21(f)(5)(iii) is increased from $215,000 to $220,000.

The dollar limitation on premiums paid with respect to a qualifying longevity annuity contract under Section 1.401(a)(9)-6, A-17(b)(2)(i) of the Income Tax Regulations is increased from $125,000 to $130,000.

The Code provides that the $1,000,000,000 threshold used to determine whether a multiemployer plan is a systemically important plan under Section 432(e)(9)(H)(v)(III)(aa) is adjusted using the cost-of-living adjustment provided under Section 432(e)(9)(H)(v)(III)(bb). After taking the applicable rounding rule into account, the threshold used to determine whether a multiemployer plan is a systemically important plan under Section 432(e)(9)(H)(v)(III)(aa) is increased for 2018 from $1,012,000,000 to $1,087,000,000.

The Code also provides that several retirement-related amounts are to be adjusted using the cost-of-living adjustment under Section 1(f)(3). After taking the applicable rounding rules into account, the amounts for 2018 are as follows:

The adjusted gross income limitation under Section 25B(b)(1)(A) for determining the retirement savings contribution credit for married taxpayers filing a joint return is increased from $37,000 to $38,000; the limitation under Section 25B(b)(1)(B) is increased from $40,000 to $41,000; and the limitation under Sections 25B(b)(1)(C) and 25B(b)(1)(D) is increased from $62,000 to $63,000.

The adjusted gross income limitation under Section 25B(b)(1)(A) for determining the Retirement Savings Contribution Credit for taxpayers filing as head of household is increased from $27,750 to $28,500; the limitation under Section 25B(b)(1)(B) is increased from $30,000 to $30,750; and the limitation under Sections 25B(b)(1)(C) and 25B(b)(1)(D) is increased from $46,500 to $47,250.

The adjusted gross income limitation under Section 25B(b)(1)(A) for determining the Retirement Savings Contribution Credit for all other taxpayers is increased from $18,500 to $19,000; the limitation under Section 25B(b)(1)(B) is increased from $20,000 to $20,500; and the limitation under Sections 25B(b)(1)(C) and 25B(b)(1)(D) is increased from $31,000 to $31,500.

The deductible amount under Section 219(b)(5)(A) for an individual making qualified retirement contributions remains unchanged at $5,500.

The applicable dollar amount under Section 219(g)(3)(B)(i) for determining the deductible amount of an IRA contribution for taxpayers who are active participants filing a joint return or as a qualifying widow(er) increased from $99,000 to $101,000. The applicable dollar amount under Section 219(g)(3)(B)(ii) for all other taxpayers who are active participants (other than married taxpayers filing separate returns) increased from $62,000 to $63,000. If an individual or the individual’s spouse is an active participant, the applicable dollar amount under Section 219(g)(3)(B)(iii) for a married individual filing a separate return is not subject to an annual cost-of-living adjustment and remains $0. The applicable dollar amount under Section 219(g)(7)(A) for a taxpayer who is not an active participant but whose spouse is an active participant is increased from $186,000 to $189,000.

The adjusted gross income limitation under Section 408A(c)(3)(B)(ii)(I) for determining the maximum Roth IRA contribution for married taxpayers filing a joint return or for taxpayers filing as a qualifying widow(er) is increased from $186,000 to $189,000. The adjusted gross income limitation under Section 408A(c)(3)(B)(ii)(II) for all other taxpayers (other than married taxpayers filing separate returns) is increased from $118,000 to $120,000.

The applicable dollar amount under Section 408A(c)(3)(B)(ii)(III) for a married individual filing a separate return is not subject to an annual cost-of-living adjustment and remains $0.


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Thursday, October 26, 2017

Hillary Clinton's Crimes And Treason Covered Up By FAKE NEWS !!

Donald Trump Jr. took quite a beating from the fake news media after it was revealed he met with Russian lawyer Natalia Veselnitskaya in June of 2016.
(The Gateway Pundit)


The media hysterics called for Don Jr.’s head on a pike. Many in the media accused him of treason and said he would end up in jail.

After Wapo dropped a bombshell revealing it was indeed Hillary’s camp that paid for the Russian dossier, the media is in spin mode doing their best to downplay yet ANOTHER Clinton scandal. Media sycophants are brushing off this story and calling it ‘standard oppo research’.

Democratic Senators Tim Kaine (Hillary's VP running mate) and Blumenthal both said Don Trump, Jr. committed "treason" by meeting with a Russian lawyer, getting no info on Hillary and paying the Russian Lawyer no money.
"To meet with an adversary to try to get information to hijack democracy, the investigation is now more than just an obstruction of justice investigation, more than just a perjury investigation, it’s a treason investigation,” Kaine said.
Here are some of the other hysterics in the media accusing Don Jr. of treason as reported by Grabien News:

CNN’s Bakari Sellers said Democrats ought to make a bigger deal over Trump Jr.’s meeting, as “what he did was a threat to our democracy and borderline treason.”
Attorney and former White House ethics czar, Richard Painter, became a fixture on the TV circuit, where he said the meeting could constitute treason.
“The facts reported in The New York Times article come very close if not is crossing the line with respect to treason if those facts are true,” Painter said on MSNBC.
The former Watergate prosecutor, Nick Ackerman, likewise became a cable TV fixture, where he at one point said Trump Jr.’s meeting was “outright treason.”
Stephen Colbert summed up the hopes of many when he concluded that Trump Jr. was “going to jail.”
Now the liars of the FAKE NEWS bureaus at CNN, NBC, MSNBC, ABC, and CBS say that Hillary and the DNC PAYING Russians $6 Million dollars for Kremlin approved lies on Donald Trump is just ordinary opposition research.

So get this straight.  Don Jr. meeting with a Russian lawyer and paying her NO MONEY and receiving NO INFO is treason for which he should go to jail, but Hillary paying $6 Million dollars to many Russians, receiving lots of Kremlin approved lies on Donald Trump and then publishing those lies through the media AND THROUGH THE OBAMA INTELLIGENCE AGENCIES that is not wrong at all !!!

...Just when you thought the liars of the FAKE NEWS media couldn't be any more in the tank for democrats, socialists, and communists....

Wednesday, October 25, 2017

IRS Tax Help For Small Business Owners



Here are seven resources to help small businesses owners with common topics:

 

 

 

  

Looking at the Big Picture: The Small Business and Self-Employed Tax Center brings information on IRS.gov to one common place.

  • Organizing Tasks: The IRS Tax Calendar for Businesses and Self-Employed helps  owners stay organized. It includes tax due dates and actions for each month. Users can subscribe to calendar reminders or import the calendar to their desktop or calendar on their mobile device.
  • Searching for Topics: The A-to-Z Index for Business helps people easily find small business topics on IRS.gov.
  • Getting Information by Email: Small business owners can sign up for e-News for Small Businesses. The free, electronic service gives subscribers information on deadlines, emerging issues, tips, news and more. 
  • Watching Videos: The IRS Video Portal  offers learning events and informational videos on many business topics.
  • Finding Forms: The Small Business Forms and Publications page helps business owners find the documents they need for the type of business they own. It lists tax forms, instructions, desk guides and more.
  • Meeting in Person or Online: Small business workshops, seminars and meetings are held throughout the country. They’re sponsored by IRS partners that specialize in federal tax topics. Topics vary from overviews to more specific topics such as retirement plans and recordkeeping.
More Information:
Small Business and Self-Employed Tax Center


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Thursday, October 12, 2017

IRS Tips For Business Owners Whose Records Are Destroyed In Hurricane Or Flood

Tips for Business Owners Who Need to Reconstruct Records After a Disaster
After a disaster, many business owners might need to reconstruct records to prove a loss. This may be essential for tax purposes, getting federal assistance, or insurance reimbursement.


Here are four tips for businesses that need to reconstruct their records:
  • To create a list of lost inventories, business owners can get copies of invoices from suppliers. Whenever possible, the invoices should date back at least one calendar year.
  • For information about income, business owners can get copies of last year’s federal, state and local tax returns. These include sales tax reports, payroll tax returns, and business licenses from the city or county. These will reflect gross sales for a given period.
  • Owners should check their mobile phone or other cameras for pictures and videos of their building, equipment and inventory.
  • Business owners who don’t have photographs or videos can simply sketch an outline of the inside and outside of their location. For example, for the inside the building, they can draw out where equipment and inventory was located. For the outside of the building, they can map out the locations of items such as shrubs, parking, signs, and awnings.
More Information:

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Monday, October 9, 2017

CELEBRATE COLUMBUS DAY AND HOW WHITE EUROPEANS MADE THIS COUNTRY GREAT FOR ALL PEOPLE

CELEBRATE COLUMBUS DAY AND HOW WHITE EUROPEANS MADE THIS COUNTRY SO GREAT AND FREE THAT PEOPLE OF COLOR AND MINORITIES WANT TO COME AND LIVE HERE RATHER THAN IN THEIR OWN COUNTRIES !!

So obsessed are these anti-historians that they’ve started a nationwide attempt to rename Columbus Day, Indigenous People’s Day, which as The Federalist points out, is far worse:

When thinking of pre-Columbian America, forget what you’ve seen in the Disney movies. Think “slavery, cannibalism and mass human sacrifice.” From the Aztecs to the Iroquois, that was life among the indigenous peoples before Columbus arrived.

For all the talk from the angry and indigenous about European slavery, it turns out that pre-Columbian America was virtually one huge slave camp. According to “Slavery and Native Americans in British North America and the United States: 1600 to 1865,” by Tony Seybert, “Most Native American tribal groups practiced some form of slavery before the European introduction of African slavery into North America.”

“Enslaved warriors sometimes endured mutilation or torture that could end in death as part of a grief ritual for relatives slain in battle. Some Indians cut off one foot of their captives to keep them from running away.”

Things changed when the Europeans arrived, however: “Indians found that British settlers… eagerly purchased or captured Indians to use as forced labor. More and more, Indians began selling war captives to whites.”

That’s right: Pocahontas and her pals were slave traders. If you were an Indian lucky enough to be sold to a European slave master, that turned out to be a good thing, relatively speaking. At least you didn’t end up in a scene from “Indiana Jones And The Temple of Doom.”


Monday, August 28, 2017

IRS Issues Urgent Warning: Beware IRS/FBI Ransomware Scam


Avoid a new phishing scheme that impersonates the IRS and the FBI as part of a ransomware scam to take computer data hostage.


The scam email uses the emblems of both the IRS and the Federal Bureau of Investigation. It tries to entice users to select a “here” link to download a fake FBI questionnaire. 

However instead of a questionnaire the link downloads a certain type of Trojan Horse type of malware called "ransomware" that prevents users from accessing the data stored on their computer/device unless they pay a money ransom to the scammers.

“This is a new twist on an old scheme,” said IRS Commissioner John Koskinen. “People should stay vigilant against email scams that try to impersonate the IRS and other agencies that try to lure you into clicking a link or opening an attachment.  People with a tax issue won’t get their first contact from the IRS with a threatening email or phone call."

IRS YouTube Videos:


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Monday, August 21, 2017

Need To Amend Your Personal Tax Return? File Form 1040X


File an amended tax return to correct information that changes tax calculations.  This includes making changes to filing status and dependents, or correcting income credits or deductions.

Don’t file an amended return to fix math errors because the IRS will correct those.


The IRS offers tips on how to amend a tax return:
  1. File using paper form. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct errors to an original tax return the taxpayer has already filed. Taxpayers can’t file amended returns electronically. Mail the Form 1040X to the address listed in the form’s instructions.

  2. Preparing Form 1040X. Many taxpayers find the easiest way to figure the entries for Form 1040X is to make the changes in the margin of the original tax return and then transfer the numbers to their Form 1040X. Taxpayers should be sure to check a box at the top to show the year they are amending. Form 1040X will be the taxpayer’s new tax return, changing the original entries to include new information. Taxpayers should explain what they are changing and why on the second page of Form 1040X in Part III.

  3. Know when to amend. Taxpayers should amend a tax return to correct their filing status, the number of dependents or total income. They should also amend to claim deductions or credits not claimed or to remove deductions and credits they are not entitled to on the original return. The instructions for Form 1040X, Amended U.S. Individual Income Tax Return, list more reasons to amend a return.

  4. Know when NOT to amend. In some cases, it is not necessary to amend a tax return. Taxpayers should not worry about math errors because the IRS will make the correction. Taxpayers do not need to amend their return if they forgot to include a required form or schedule. The IRS will mail a request to the taxpayer, if needed.

  5. Use separate forms for each tax year. Taxpayers amending tax returns for more than one year will need a separate 1040X for each tax year. Mail each tax year’s Form 1040X in separate envelopes. See "Where to File" in the instructions for Form 1040X for the correct address.

  6. Include other forms or schedules. If a taxpayer makes changes to any form or schedule, they should attach them to the Form 1040X when filing. Not doing so could cause a delay in processing.

  7. Wait to file for corrected refund for tax year 2016. Taxpayers should wait for the refund from their original tax return before filing an amended return. It is okay to cash the refund check from the original return before receiving any additional refund. Amended returns can take up to 16 weeks to process.

  8. Pay additional tax. Taxpayers filing an amended return because they owe more tax should file Form 1040X and pay the tax as soon as possible. This will limit interest and penalty charges.

  9. File within three-year time limit. Generally, to claim a refund, taxpayers must file a Form 1040X within three years from the date they timely filed their original tax return or within two years from the date the person pays the tax, whichever is later. For taxpayers who filed their original return early (for example, March 1 for a calendar year return), their return is considered filed on the due date (generally April 15).

  10. Track your amended return. Taxpayers can track the status of an amended return three weeks after filing. Go to “Where’s My Amended Return?” or call 866-464-2050.
Get Form 1040X on IRS.gov/forms at any time.

Additional IRS Resources:
IRS YouTube Videos:

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