Automatic Form 5471 and 5472 Penalties in Spotlight by 2020 National Taxpayer Advocate Report

IRS National Taxpayer Advocate yesterday released her 2020 annual report to Congress yesterday. Federal law requires the Annual Report to Congress to identify the “most serious problems” encountered by taxpayers and to make administrative and legislative recommendations to mitigate those

Client Case Study: Tax Savings Now

Joe Biden is the President-elect, and the House and Senate are Democratic. There could be massive tax increases on the wealthy, including estate taxes. Clients that did not complete planning in 2020 should be advised to use their gift exemptions

Democratic Win Means Estate Tax Law Changes

The results of the Georgia Senate election are in and Democrats have secured a Senate majority.  As a result, we expect tax changes. President-elect Joe Biden’s tax plans were laid out during his campaign last year. However, we did not

Canceled Debt: Taxable or Not

During the pandemic many clients’ businesses have adversely impacted by lockdowns and many negotiations between borrowers and lenders have occurred or will occur in 2021. There will be many loan modifications, bankruptcies, and foreclosures. In order to properly analyze the

Start 2021 with a few New Year’s tax planning resolutions

COVID-related legislation drove a lot of tax changes for 2020 and President-elect Joe Biden has proposed many tax changes for 2021. With tax laws already very complicated, we have some resolutions to get ahead in 2021: Beware of 2021 tax

Recent Webcast to DC Bar Association on Post-Election Estate Planning and Audits: Tax Considerations For the Unexpected

Parag Patel last month co-presented a Tax Law Webcast to the District of Columbia (D.C.) Bar Association on “Post-Election Estate Planning and Audits: Tax Considerations for the Unexpected”. The program was hosted by D.C. Bar Estates, Trusts and Probate Law,