IRS Tax Planning Ideas, Tips & News

You find yourself in a position where you or an elder parent has U.S. Treasury Bonds as part of an investment portfolio and you are wondering if the bonds should be redeemed. You are concerned … [Read more...] about US Treasury Bond Planning

In an effort to reduce identity theft, the IRS issued proposed regulations that would permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement, … [Read more...] about IRS To Allow Truncated SSNs

Discussions about eliminating the state and local income tax deduction as part of President Trump’s agenda for a new tax act have taxpayers in New York, New Jersey, Connecticut, and California up in … [Read more...] about Increasing State Income Taxes – Panacea or Pain

Our tax law is overly complicated. Many of its laws have exceptions, and sometimes those exceptions have exceptions. If you are a DIYer and rely upon the IRS’s published materials to prepare your tax … [Read more...] about What? The IRS does not follow its own publications?

The Internal Revenue Service has its issues. Nobody will deny that. After Equifax announced one of the largest security breaches ever, the IRS announced in September that it signed a $7.25 million … [Read more...] about IRS Terminates Equifax Contract

A taxpayer recently informed us that he did a Roth conversion. After completing the conversion, he asked if the IRS could “undo” the conversion under the “step transaction” doctrine. As a side note, … [Read more...] about Traditional IRA Converted to Roth IRA – Watch Your Step