Senior IRS Stakeholder Liaison Officer Identifies Errors Found on Self-Prepared Returns Usually Not Found on Professionally Prepared Returns The IRS Audit Under Reporting (AUR) Program … [Read more...] about Self-Prepared Tax Return Errors
How the Wealthy Can Avoid Mortgage Interest Limitations
Taxpayers and politicians in high property states cried "foul" when the property tax deduction was capped at $10,000 . . . but not a whimper was heard with respect to a mortgage interest deduction tax … [Read more...] about How the Wealthy Can Avoid Mortgage Interest Limitations
“King Harold” – Possibly Passes Billions of Dollars Tax Free to His Heirs
Shale King Harold Hamm passes stock valued today at $18 billion tax-free to his heirs using tax loopholes. Who Is Harold Hamm Harold Hamm is the owner of Continental Resources Inc., the … [Read more...] about “King Harold” – Possibly Passes Billions of Dollars Tax Free to His Heirs
“At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”
Another Signal from IRS that it is focusing on virtual currencies. New Question on Individual Income Tax Returns This year's individual income tax returns have a new question: At any … [Read more...] about “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”
Rental Property – Need for an LLC?
Do rental properties need to be placed in an LLC, or is having liability insurance sufficient to hold the property in your personal name? Background Scenario Far too often, individuals … [Read more...] about Rental Property – Need for an LLC?
Penalty Enigma-Failure to File a Gift Tax Return
What happens when a taxpayer fails to file the required gift tax return? How severe are the penalties for failure to file? Cautionary Note While we address certain aspects of the … [Read more...] about Penalty Enigma-Failure to File a Gift Tax Return
