The IRS has woken up.
...As a result, the IRS Commissioner reaffirmed a coordinated IRS initiative targeting “high-income taxpayers by increasing visits to those generally with incomes above $100,000 who failed to file tax returns...
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IRS’ New “Dirty Dozen” list of tax scams
...of several typical IRS enforcement and compliance priorities, but the IRS indicated that a wholly separate enforcement and compliance priorities list is forthcoming. Some selected new scams include: Senior Fraud:...
What Happens to Your Digital Accounts In Case of Death
...to set up digital access for simple and secure information sharing with family members and trusted friends: 1. Inventory Your Digital Accounts The first thing is to compile a complete...
Expect Coronavirus Bankruptcies
...compromise (OIC). Such administrative tax resolution methods avoid a bankruptcy entry on a credit report. If those alternatives are insufficient, there are several tax rules related to bankruptcy that all...
No Springing in Spring
...a springing POA only becomes effective if two physicians sign it. Most doctors will not make a home visit at this time and this could take days or weeks and...
Tax-free Disaster Relief Payment Program
...educational materials, subscriptions to online educational resources, etc.; Expenses associated with working from home, including home office set-up costs, computer, internet, printer, and cell phone costs, and even increased utility...
Planning in the Time of Coronavirus
...from those accounts outright. Make sure to call your financial institution or check online to review your beneficiary designation. Complete your beneficiary designation if you have not already done so...
2020 New Year’s Tax Planning Resolutions: Resolve To Plan Better
While we all resolve to go to the gym every day and lose weight, we have compiled a list of 2020 New Year’s tax planning resolutions. Beware of 2020 election-year...
No Clawbacks for Gifts if Estate Tax Exemption Changes
...on A’s gifts is less than the credit based on the $6.8 million BEA allowable on A’s date of death, the credit applied for purposes of computing A’s estate tax...
President Trump Revamps the IRS through his 2019 Taxpayer First Act
...IRS for its poor customer service. The TFA requires the IRS to be more businesslike in its customer service. The IRS must formulate and submit a comprehensive customer service strategy...
Start or review an “Accountable Plan”
...time, place, and business purpose of the expense. This generally entails an account book, log, receipt, bill, or credit card statement. It doesn’t have to be the original, but the...
Traveling? Resolve Tax Debt Before Getting Your Passport
...with a levy, or Having collection suspended because a taxpayer has made an innocent spouse election or requested innocent spouse relief. For more information and help, visit our website www.irsrevokedpassport.com....