IRS Tax Planning Ideas, Tips & News

For many individuals, their personal residence is likely their most valuable asset. If you wish to leave your residence to a specific person when you die, you need to include the passage of your home … [Read more...] about Consider Your Options When Leaving House to Heirs

The IRS strictly enforces its requirements to claim charitable contributions. And yet, taxpayers continue to ignore these rules and find themselves being audited by the IRS. Often, not only do these … [Read more...] about Charitable Contributions Lack Goodwill

Your business had a very challenging year. It incurred significant losses but you seemingly have the solace in knowing that you can offset your W-2 earnings and interest and dividend income with those … [Read more...] about Surprise – Why You Can’t Deduct Your S Corp Losses?

On July 24, the Treasury Inspector General for Tax Administration (TIGTA) issued a report criticizing the IRS for hiring more than 200 employees with previous conduct and performance issues. The … [Read more...] about IRS Rehires Fired Employees with Conduct Issues

We get about 4-6 new 1040 clients every tax year who used one of the more popular software programs that allow taxpayers to self-prepare their personal tax returns. They seek our assistance when they … [Read more...] about Self-Prepared Tax Returns

Unfortunately, it is not uncommon for a taxpayer to take actions without seeking professional advice, be disappointed with the results, and then seek professional assistance to undo the damage. Often … [Read more...] about Age Discrimination Settlement Lacked Tax Planning