The Internal Revenue Service (IRS) recently issued some tips for estates and trusts that claim tax deductions. The proposed regulations focus on how estates and trusts determine adjusted gross income. Why is this important? The Tax Cuts and Jobs Act resulted in the inability to deduct miscellaneous itemized deductions from […]
Category: IRS
The Internal Revenue Service (IRS) along with the Treasury Department recently announced details about the distribution of economic impact statements. According to these agencies, most qualifying taxpayers will not need to take any action to receive the payments. The agency has stated it will use past filing information to help […]
The COVID-19 pandemic has impacted almost every facet of our lives. Schools are closing, offices are having workers work from home when possible and grocery stores are starting to have shopping hours for high-risk shoppers only. Will the next official announcement result in a change to our taxes? It is […]
New Year celebrations are done, and many may be reconsidering their resolutions. It is not too late to make another resolution, a resolution that financial professionals note will likely lead to eased mental stress and reduction of the stress that tax obligations can put on your finances. Make the resolution to get […]
Getting a letter from the Internal Revenue Service (IRS) is likely to cause stress in even the most rule-abiding taxpayer. But when should a notification really be of concern? Three specific times a taxpayer should worry include: Intentional falsification of tax records. Did you inflate income or overestimate deductions? Maybe you […]
The Internal Revenue Service (IRS) keeps a close watch over tax return professionals. Tax preparers must file tax returns on behalf of their clients wisely, getting the best possible returns for their clients while remaining within the bounds of the law, or else faces serious consequences. Three recent cases provide an example […]
Farmers may find their tax burden eased in 2020. Lawmakers passed a number of laws before heading out for the holiday break that will impact their tax obligations in the new year. Three examples include: Health Insurance Tax. One of the laws that Congress addressed before break was the Health Insurance […]
Now may be a good time to buy a lottery ticket. The most recent report shows the Mega Millions lottery is at $340 million. If no one wins at the drawing is coming Friday, the winnings will grow even more. Although the lottery is currently set at a very large number, it is important […]
A failure to file tax returns can come with serious penalties for any taxpayer. However, those who specialize in filing tax returns as a profession can face even harsher penalties. These can include: Imprisonment. If the Internal Revenue Service (IRS) determines the failure to file was a flagrant violation of […]
Certain retirement savings plans allow for a tax deferment. The Internal Revenue Service (IRS) will eventually expect taxpayers to pay taxes on those savings. In most cases, the agency requires the taxpayer to start taking required minimum distributions (RMDs) and making payments when they reach the age of 70 and […]