IRS

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability or doing so creates a financial hardship. We consider your unique set of facts and circumstances: We generally approve an offer in […]

Posted on January 14, 2023 in IRS

America’s most attractive retirement plan just became more accessible. A new law lets owners of 529 college savings plans redirect unused dollars to a tax-free Roth account, making the latter, the Cadillac of retirement strategies, more available to a new generation of savers. Under legislation signed into law last month, investors can roll up to […]

Posted on October 22, 2022 in IRS

Inflation will drive up more than 60 tax provisions for 2023, including the tax rates, according to the Internal Revenue Service. Revenue Procedure 2022-28 details the annual adjustments for tax year 2023, with filing in 2024, including: Standard deduction. For married couples filing jointly — $27,700, up $1,800 from the prior year; for single and married filing […]

Posted on August 5, 2022 in IRS

National Taxpayer Advocate Erin Collins expressed concern Wednesday in a midyear report to Congress about continuing delays by the Internal Revenue Service in processing tax returns filed on paper last year, pointing to far higher numbers than the IRS itself claimed just a day ago. Collins said that at the end of May, the agency had a […]

Posted on June 8, 2022 in IRS

If you’re on the receiving end of an inheritance, odds are the money is coming to you out of the deceased’s retirement account. And you may be asked — or sometimes told — to set up an Inherited IRA. Inherited IRAs (investment retirement accounts) are accounts a person sets up with the funds bequeathed to […]

Posted on April 30, 2022 in IRS

Internal Revenue Service Commissioner Charles Rettig told lawmakers the IRS has been working hard this past filing season during a congressional hearing Thursday as he heard first-hand testimony from their constituents about the problems they encountered. “IRS employees want to do more to help taxpayers,” he said in his opening statement. “We want to be […]

Posted on April 11, 2022 in IRS

The Internal Revenue Service mainly uses lien foreclosures when it’s going after the primary residences of people with overdue tax debts, but taxpayers don’t get the same legal protections as they would enjoy under the seizure process, according to a new report. The report, released last week by the Treasury Inspector General for Tax Administration, […]

Posted on March 23, 2022 in IRS

Internal Revenue Service Commissioner Charles Rettig pledged to do more to improve taxpayer service after Congress approved a $675 million funding increase. “Taxpayer service remains the most significant IRS priority, and we have implemented many new, innovative strategies in an effort to improve our overall level of service and processing of our unprecedented current and […]

Posted on December 30, 2021 in IRS

Cryptocurrency has gone mainstream. Once seen as an esoteric investing fad, currencies like bitcoin and dogecoin are as ubiquitous in the marketplace as tech stocks and Treasury bonds. But as crypto has attracted more novice investors, this burgeoning new market has led to a host of tax complexities, and federal regulators have their sights set […]

Posted on December 1, 2021 in IRS

The year 2021 has been a tumultuous one for tax professionals, with continuing pandemic-related developments as well as new legislation, regulations, court decisions and IRS pronouncements. While the major developments are familiar to most, there are some that might have been missed due to the busy nature of the profession during the past year.Below are […]