HOW TO ABATE PENALTIES | Jeffrey B. Travis | jeffreybtraviscpa.com
Over the years, our CPA firm has written countless letters to combat penalty assessments with great success. The most common way to abate penalties are
1) FTPA-First Time Penalty Abatement-This excuse to remove penalties is available for three types of penalties
a) Failure to file
b) Failure to pay
c) Failure to deposit
More specifically
1) Files timely-but balance due-No payment
2) Files late-payment (Full or partial)
3) Files late-NO payment
4) Fails to file
5) Audited-additional tax assessed
Using the first time penalty abatement excuse is a one-time option. The requirements to abate a penalty using FTPA are
1) The taxpayer is in compliance and has filed all previous tax returns
2) Three years prior to penalty are clean
3) No failure to file or failure to pay assessed
Reasonable cause can also be used to abate penalties. The following can be used as cause to abate penalties
1) Ordinary business care and prudence
2) Death, Serious illness or unavoidable absence
3) Fire, casualty or natural disaster
4) Unable to obtain records
5) Erroneous advice or reliance-relates to issues too technical or complicated for a layperson.
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...
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847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa...
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CHANGING YOUR RESIDENCY
jeffreybtraviscpa.com
CHANGING YOUR RESIDENCY
Why should we care about where you live or where you want to move? The importance of residency status has tax implications depending on where you live.
1) 17 States still impose an estate or inheritance tax
2) All but 8 States impose a state level tax on all retirement income
3) New York and California have the highest Estate and State income taxes
There are two tests for Residency
1) The Domicile Test
2) The Statutory Residency Test
The Domicile Test is typically a “leave and land” test. Looking for a lifestyle change.
Examples are the following:
1) Typical Snowbird
2) Retirement
3) Upsizing and downsizing
4) Health issues move
5) Burden of proof lies in the party asserting the change
Five primary domicile factors are:
1) Home
2) Business
3) Time
4) Family
5) Near and Dear
Statutory Residency-The general concept is your home is somewhere else, but you are here enough to be taxed as a resident. Two major tests:
1) 183 days AND
2) A permanent place of abode
CHANGING YOUR RESIDENCY
Why should we care about where you live or where you want to move? The importance of residency status has tax implications depending on where you live.
1) 17 States still impose an estate or inheritance tax
2) All but 8 States impose a state level tax on all retirement income
3) New York and California have the highest Estate and State income taxes
There are two tests for Residency
1) The Domicile Test
2) The Statutory Residency Test
The Domicile Test is typically a “leave and land” test. Looking for a lifestyle change.
Examples are the following:
1) Typical Snowbird
2) Retirement
3) Upsizing and downsizing
4) Health issues move
5) Burden of proof lies in the party asserting the change
Five primary domicile factors are:
1) Home
2) Business
3) Time
4) Family
5) Near and Dear
Statutory Residency-The general concept is your home is somewhere else, but you are here enough to be taxed as a resident. Two major tests:
1) 183 days AND
2) A permanent place of abode
Northbrook, IL 60062 | CPA Firms
List of Certified Public Accountants in Northbrook, IL 60062:
Travis & Warzala, Ltd.
ECS Financial Services Inc.
CJBS, LLC
Lipschutz, Levin & Grey
Brown CPA Group, Ltd.
Travis & Warzala, Ltd.
ECS Financial Services Inc.
CJBS, LLC
Lipschutz, Levin & Grey
Brown CPA Group, Ltd.
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: FEDERAL SALES TAX LEGISLATION PROPOSALS
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: FEDERAL SALES TAX LEGISLATION PROPOSALS: A CPA always needs to be updated regarding managing compliance processes and tracking trends in the sales tax compliance environment. The f...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: Winnetka, IL 60093 | CPA Firms : List of Certifie...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: JEFFREY B. TRAVIS CPA
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: Buffalo Grove, IL 60089 | CPA Firms
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: Buffalo Grove, IL 60089 | CPA Firms: List of Certified Public Accountants in Buffalo Grove, IL 60089 Travis & Warzala, Ltd. Bronswick, Reicin Pollack; Albert & Goodman;...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: CODE SECTION 1031 TAX DEFERRED EXCHANGE ISSUES
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: CODE SECTION 1031 TAX DEFERRED EXCHANGE ISSUES: Section 1031 of the Internal Revenue Code provides taxpayers the ability to transfer or exchange investment property for new property withou...
Arlington Heights, IL 60005 | CPA Firms
List of Certified Public Accountants:
Travis & Warzala, Ltd.
Weiss & Thompson, PC
Travis & Warzala, Ltd.
Weiss & Thompson, PC
Glenview, IL 60026 | CPA Firms
Certified Public Accountants:
Travis & Warzala, Ltd.
Weiss & Company LLP
Travis & Warzala, Ltd.
Weiss & Company LLP
JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: JEFF TRAVIS CPA | JEFFREY B TRAVIS CPA | jeffbtrav...
JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: JEFF TRAVIS CPA | JEFFREY B TRAVIS CPA | jeffbtrav...: JEFF TRAVIS CPA | JEFFREY B TRAVIS CPA | jeffbtravis.com | Jeffrey B. Travis, CPA: Jeffrey B. Travis, CPA | Jeffrey B Travis | JEFF TRAVIS C...
Jeffrey B. Travis | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | jeffreybtravis.com | 847-267-0300: FEDERAL SALES TAX LEGISLATION PROPOSALS
Jeffrey B. Travis | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | jeffreybtravis.com | 847-267-0300: FEDERAL SALES TAX LEGISLATION PROPOSALS: A CPA always needs to be updated regarding managing compliance processes and tracking trends in the sales tax compliance environment. The f...
RESIDENT PHYSICIANS MOST COMMON TAX ISSUES | Jeffrey B. Travis, CPA | jeffreybtraviscpa.com
RESIDENT PHYSICIANS
MOST COMMON TAX ISSUES
MOST COMMON TAX ISSUES
1. Proper use of Form 1040EZ.
2. Proper reporting of moonlighting income (Form 1099MISC income).
3. If applicable and necessary, paying quarterly estimated taxes on additional 1099MISC income earned.
4. Proper reporting and deductibility of unreimbursed business expenses.
5. Deductibility of IRA contributions.
6. Proper reporting of rollover pension/401k/403b distributions to an IRA.
7. Deductibility of unreimbursed job related moving expenses.
8. Advantages of setting up KEOGH, SEP-IRA, Simple-IRA or 401k-profit sharing plans.
9. Multi-state tax filings.
10. Deductibility of student loan interest. Also, if applicable, Hope Credit and Lifetime Learning Credit add ways to help pay for post-secondary educations
NOTE: Consult with CPA on how to handle the above tax issues.
Jeffrey B. Travis, CPA
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