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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

The Internal Revenue Service posted a series of videos to explain how taxpayers can steer clear of scammers who claim to be able to help them with their tax debts while charging exorbitant fees and making outrageous claims.  We have all seen advertisements on TV and elsewhere for these scammers.  They are usually not lawyers or […]

The Internal Revenue Service is inundated with the volume of returns yet to be processed and phone calls for assistance, and is working hard to remedy the situation. While there are many factors contributing to this, it is overwhelming to the agency, according to Stephen Mankowski, tax chair of the National Conference of CPA Practitioners, […]

Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. You’ll need to choose a business structure before you register your business with the state. Most businesses will also need to get a tax ID number and file for the appropriate licenses and permits. Choose carefully. […]