As a result of the 1998 IRS Restructuring & Reform Act taxpayers were given Collection Due Process Hearing rights which they must be advised of before enforced collection action can occur. (more…)
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Sometimes, life just gets in the way. You feel too busy or have experienced a life-changing event such as a divorce, illness, job loss, or death in your family that sidetracked you from timely filing your tax return. Maybe you’re…
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Have you received an IRS audit letter or notice and don’t know what you should do next? Sometimes the response you need to provide might be simple, while other times it can be extremely complex. (more…)
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You purchased several rental properties during the year and are looking for ways to reduce the income generated by the buildings. A cost segregation study may provide the tax benefits you want. (more…)
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A federal tax levy is the seizure of a taxpayer’s property used by the IRS to resolve a back tax debt. However, before the IRS is permitted to levy a taxpayer’s assets the taxpayer must be sent written notice and…
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Have you been like so many other taxpayers and procrastinated about setting up a retirement plan for your small business? Here’s why you shouldn’t wait any longer. You are paying income taxes that could easily be avoided. (more…)
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When filing your 2019 partnership tax return you need to remember that IRS procedures for auditing partnerships changed in 2018. The new audit rules can result in a partnership-level tax of 37 percent. (more…)
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With the median cost for an assisted living facility close to $50,000 and over $100,000 for nursing home care, it would be helpful to find a way to reduce the financial burden of these costs. Well, if you are able…
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As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) made many changes to how you save money for your…
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Once you turn age 70 1/2, tax law mandates that you withdraw a required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution with a qualified charitable distribution (QCD), you can eliminate the…
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