Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to…
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Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as…
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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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You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if they sell inherited property. When an individual sells property,…
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Do you own or lease non-residential (think commercial) real property for your business or rent non-residential real property to others? If so, interior improvements you make to the property may be fully deductible in a single year instead of over…
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Have you been notified by the IRS that your Company will undergo a payroll tax exam? Are you worried about misclassified workers? As a business owner, you are obligated to collect and remit payroll taxes for your employees. But you…
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The mention of an IRS tax audit has long been a cause for concern for taxpayers. Sometimes the concern is justifiable, while other times it's a fear arising from mythologies created about the agency. People both overestimate and underestimate the…
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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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One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce. While they remain unemployed, they will have lost the opportunity to build up their retirement nest egg through their employers’ retirement…
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The Internal Revenue Service recently launched an updated identity verification and sign-in process that enables more taxpayers to securely access and use IRS online tools and applications. Taxpayers using this new mobile-friendly verification procedure can gain entry to existing IRS…
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