The Internal Revenue Service has announced a new initiative to enhance tax compliance and ensure equity. The campaign will concentrate on wealthy taxpayers who have neglected to file their federal income tax returns in over 125,000 instances since 2017. Non-Filer…
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Filing your taxes is never a fun thing to do, but if you don't file a return you can expect the IRS will come calling. They have the authority to file a return on your behalf, with results that typically…
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We regularly receive emails from taxpayers with questions regarding their IRS tax problems. Since many taxpayers face similar issues, we have decided to share one question and our response on a monthly basis, in the hope it can help others…
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In 2021 you may have made substantial gifts to your children, grandchildren, or other family members as part of your estate planning. Or maybe you just wanted to help those close to you with some financial support. (more…)
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This could be another rough tax filing season for the IRS and taxpayers. Although this year’s tax season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still…
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Sometimes, it can feel like filing taxes is more of an art than a science. Tax laws are constantly changing. You must also rely on employers, banks, and other organizations for accurate information about your income and deductions. Despite your best…
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You are not alone. We’ve heard from some clients who are still waiting on refunds from returns filed early in the year. In normal times, unless there is an error, the IRS will issue most tax refunds in less than…
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The US income tax system is what the IRS calls “pay-as-you-go,” which means that you can’t sit down to file your tax return in the spring and pay all of the taxes you owe for the previous year at once.
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As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. (more…)
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Tax time can be one of the most hated times of the year. Just preparing the forms is enough to be an irritant, and if you owe the government money there’s a good chance that you’re downright annoyed. But neither…
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