Skip to Content

3 ways the coronavirus pandemic impacts tax preparers

Tax return professionals, like many throughout the country, have been forced to adapt their practices to navigate the current coronavirus pandemic. Three examples that are specific to this practice include a changed workplace, amplified focus, and the need for continual change. What does this mean for the future of the […]

IRS

Four things to know about IRS guidance on estates and trusts

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 […]

IRS

Can debt collectors get your stimulus check?

President Donald Trump recently signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. This law allows for a federal stimulus check to go to qualifying taxpayers in an effort by lawmakers to help taxpayers find their financial footing while navigating this pandemic. The exact amount varies, depending […]

Tax Controversy 

Are tax havens illegal?

A tax haven is essentially an offshore financial institution with low or no taxes known for confidentiality. Individuals can use these financial institutions to set up businesses. Examples of areas that can meet this definition include the state of Delaware, the Cayman Islands, Dubai and the Netherlands. How do taxpayers […]

Tax Crimes

3 tips to help manage tax debt

The Internal Revenue Service (IRS) recently announced measures aimed to help reduce taxpayers’ financial burden when it comes to their tax bills. These measures include: Measure #1: Installment Agreements. The agency has stated that it will suspend tax payments for those who have an existing installment agreement from April through […]

Audits

IRS releases information on economic impact payments

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 […]

IRS

Will the new coronavirus impact my taxes?

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 […]

IRS