Taxation

Thursday, June 25, 2020

What Is a Collection Due Process Hearing with the IRS?


The IRS, like every person and organization, is not infallible. They make mistakes. They miscalculate. They try to take collection actions when they may have miscalculated the amount owed. Because these things do happen, the Collection Due Process hearing is made available to taxpayers who disagree with the amount of tax the IRS claims they owe.
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Monday, June 22, 2020

Tax Considerations While Estate Planning


In order to maximize the vast benefits of estate planning, there are many different considerations one must take into account. You must reflect on who you want to leave your assets to and you must take a hard look at the best way to do this.
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Thursday, May 21, 2020

What You Need to Know About the 2020 Tax Deadline Extension


The effects of the COVID-19 (Coronavirus) pandemic have been felt across the globe. The U.S. economy has been badly hit and many Americans are suffering financially due to the economic downturn. This is why the U.
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Friday, April 17, 2020

What Is an Offer in Compromise?


Receiving a tax bill is dreaded. It can easily be a substantial bill and one that you might not have prepared for.
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Tuesday, April 14, 2020

How to Prepare for Business Audit


With tax season upon us, one dreaded word looms in the air: Audit. While everyone seems to live in fear of a tax audit, not many people actually know what goes on during an audit.
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Wednesday, January 8, 2020

Why Hire an Attorney for a Tax Audit?


The dreaded tax audit seems to loom over all of those working to finalize their tax returns for the IRS. If you receive a notice from the IRS that you have been selected for audit, you are most likely stressed out about it. Read more . . .


Wednesday, November 13, 2019

Gift Tax Returns


If you have a larger estate and have thought about or begun the estate planning process, you may have considered ways to avoid estate tax. Large estates are taxed on their value when the testator dies and leaves his assets to beneficiaries. One way people look to avoid the estate tax is by doing things like gifting assets during their lifetime.

In order to help prevent people from skirting estate tax obligations through lifetime gifts, a


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Friday, November 8, 2019

What Happens During an IRS Audit?


“IRS audit” is a phrase dreaded among most of the United States. Even for those of us who keep the most meticulous of tax records and properly file everything, the prospect of an audit is a stressful one. If you receive a letter in the mail from the IRS notifying you of an audit, panic may have set in. To help assuage some of your anxiety and prepare yourself for what is to come next, it is a good idea to familiarize yourself with what actually happens during an Read more . . .


Wednesday, October 9, 2019

Estate Tax Returns


The executor of an estate is tasked with filing tax returns for the estate, if necessary. The estate of a deceased individual is considered to be a separate legal entity for purposes of federal income tax.
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Tuesday, August 13, 2019

Tax Fraud


Tax fraud is a pervasive crime in the United States that carries harsh penalties. The U.S. government does not take it likely on those looking to defraud them. They will go after the wealthy and those in lower socioeconomic levels if there is suspected tax fraud.
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Friday, May 17, 2019

Delinquent Foreign Bank Account Report


A Foreign Bank Account Report (FBAR) refers to FinCEN Form 114. It is a form that must be filed with the IRS by a US citizen and resident who owns or has signatory authority over a financial account that is outside of the country. You must report your foreign bank accounts to the IRS whenever the total value of all of your foreign bank accounts reaches an amount that is greater than $10,000 at any point of time throughout the year. Whether it is a savings account, checking account, or a securities or brokerage account, the foreign bank account must be reported to the IRS I a timely manner. If you have a delinquent FBAR, there are special procedures you must follow to file the past due report.
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