Retirement may mean the end of work … but it does not mean the end of dealing with the Internal Revenue Service (IRS). Depending on your retirement planning strategy, some of your income may remain taxable in retirement. Tip #1: Avoid stacked taxes Distributions from a 401(k) or IRA are […]
The Department of Justice (DOJ) recently released an indictment for Todd and Julie Chrisley, from the show Chrisley Knows Best. The government has charged the couple with tax crimes including bank fraud and tax evasion. According to the government, the reality television stars would fraudulently obtain bank loans and failing […]
The Internal Revenue Service (IRS) recently published a news release warning taxpayers of a new impersonation scam. According to the agency, the scam involves unsolicited emails sent to taxpayers asking for tax payments. Details of the scam: Bad link leads to malicious file The IRS encourages taxpayers to be on […]
Cybercrime is problem tax professionals must face on a daily basis. Tens of thousands of taxpayers are at risk of identity theft due to information stolen by cybercriminals from tax professionals. In an effort to reduce this risk, the Internal Revenue Service (IRS) recently reminded tax professionals to promptly report […]
Solar power is one form of energy that can help to reduce greenhouse gas emissions. Local and federal taxing agencies offer tax abatement programs to help offset the high initial cost that comes with converting to solar power. Lawmakers use these programs to reduce or eliminate property taxes for those […]
Use of foreign banks to hide assets is a well-known tactic for avoiding tax obligations. We know that individuals who attempt to avoid their taxes can face criminal charges that lead to high financial penalties and potential imprisonment, but what happens to a bank if it is complicit in the […]
The Internal Revenue Service (IRS) recently announced it will send out 10,000 letters to those who own cryptocurrency. The agency’s communications are geared to help better ensure tax compliance. The problem: tax compliance regarding digital assets is unclear, at best. What is the confusion? Two main reasons. First, the country […]
Tax laws take years to examine. Once they go into effect, there is generally a period of confusion before taxpayers fully understand the impact of the law. Take the recent Tax Cuts and Jobs Act (TCJA) as an example. The law passed a few years ago and was fully in […]
Opening up your mail to find a letter from the Internal Revenue Service (IRS) likely leads to stress. Unless you are expecting a tax return in the form of a check — that is likely the only time anyone is excited to get a mailing from the Uncle Sam. For […]
There are some activities that are synonymous with summertime: barbeques, boat rides, and family road trips are a few that often come to mind. In some cases, summer fun can lead to tax savings. Three examples to watch for include: Spring cleaning and donations. Just before summer kicks off, many clean […]