New IRS Relief for Taxpayers Experiencing COVID-related Difficulties
...abatement programs in the IRS. · For individual taxpayers receiving notices (letters about a tax bill) with tax liabilities up to $250,000 for Tax Year 2019 only, the IRS can...
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New Tax Laws Predicted
...the economy post-COVID. He hopes to enact tax reforms focused on tax increases on wealthier individuals and corporations, tax breaks for lower income taxpayers, and tax provisions to promote domestic...
Rare confluence of tax law and immigration law
...on the interest and dividend income she earned in her Swiss bank account and failed to file tax returns with the IRS for tax years 2011-2014. The indictment also charges...
The New DIIRSP: I like the old better
...the taxpayer did not need to file delinquent or amended tax returns to report and pay additional tax, i.e., where the taxpayer had not failed to report tax. The DIIRSP FAQs...
Automatic Form 5471 and 5472 Penalties in Spotlight by 2020 National Taxpayer Advocate Report
...to taxpayers’ annual income tax returns. The failure to timely provide this information results in a $10,000 penalty, even if this information does not affect taxpayers’ ultimate tax liabilities. The...
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...
Democratic Win Means Estate Tax Law Changes
...plans have been fully revived. As such, we anticipate tax changes impacting estate planning: Decrease in Federal Estate Tax Exemption: Perhaps the most significant change proposed under Biden’s estate tax...
Canceled Debt: Taxable or Not
...lender forgives a taxpayer’s debt, generally, that forgiveness creates taxable “cancellation of debt” (COD) income under Section 61(a)(11). You must report any taxable amount of a canceled debt as ordinary...
Start 2021 with a few New Year’s tax planning resolutions
...potential tax benefit to amending prior years’ tax returns, including the Kiddie Tax, disaster losses, mortgage debt forgiveness, mortgage insurance premiums, energy-efficient home repairs, and, for businesses, net operating loss...
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...
2020 New “Universal” Deduction for Charitable Contributions
...a provision allowing people to deduct $300 for charitable contributions. The $300 limit applies per tax-filing unit, so for those who file married filing jointly, the maximum above-the-line deduction is $300. Taxpayers can...
“Financial interest” or “Signature Authority” in a Foreign Account
...or interest in profits,” other than a corporation, partnership, or trust. How We Can Help with FBAR Reporting If you have questions about the filing requirements and potential tax implications...