A new client recently walked into our office. He had been self-preparing his personal tax returns for quite a few years using TurboTax and received an audit inquiry from the IRS. He did what many … [Read more...] about $10,000 Self-Prepared Form 1040 Error
Required Minimum Distributions (RMDs) – The Basics
Once age 70 ½ is reached, you need to take your first required minimum distribution (RMD) from your IRA accounts. You turned 70 ½ in 2017 if you were born between July 1, 1946 and June 30, 1947. You … [Read more...] about Required Minimum Distributions (RMDs) – The Basics
US Treasury Bond Planning
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
IRS To Allow Truncated SSNs
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
Increasing State Income Taxes – Panacea or Pain
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
What? The IRS does not follow its own publications?
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?
