Category Archives for Tax News
Tax Planning for TCJA Expiration: What You Need to Know
It’s that time of year when tax professionals begin reaching out to clients to plan for the upcoming tax season. This year, however, tax planning for TCJA expiration presents unique challenges due to
Read MoreProtect Yourself from IRS Tax Scams
The IRS's New Coalition Says It Has Your BackAs tax scams become more sophisticated, the IRS is stepping up its efforts to protect you, the taxpayer, from falling victim. The agency has launched the
Read MoreIRS Cracks Down on Non-Filers: Are You Prepared?
The IRS is turning up the heat on IRS non-filers, and if you haven't filed your tax returns since 2017, you could be in their sights. With the new resources provided by the Inflation Reduction Act, the
Read MoreSupreme Court Rules for IRS on Estate Tax and Life Insurance Proceeds
The Supreme Court unanimously ruled that life insurance proceeds used to buy back a deceased shareholder’s stock must be included in the estate's value for tax purposes.Background of the CaseThe case
Read MoreIRS Audit Focus Remains on Middle-Class Taxpayers
A recent report reveals that the IRS audits more middle-class taxpayers than high-income earners, contrary to President Biden's promises.The Audit FindingsThe Treasury Inspector General for Tax Administration
Read MoreIRS Warns of New Tax Scams Spread by Social Media
The Internal Revenue Service cautioned consumers to beware of tax scams spread by social media that prompted thousands of taxpayers to file overblown claims and held up their tax refunds.The scams center
Read More5 Tax Strategies for Real Estate and Homeownership
Homes often represent the biggest asset and area of expense for clients, making it crucial for tax professionals like my Tax Problem Solver team to help homeowners unlock savings and income opportunities
Read MoreIRS Data Breach Response: Essential Steps for Taxpayers
Understanding the Littlejohn IRS Data BreachThe Internal Revenue Service (IRS) has notified over 70,000 taxpayers about a significant security breach, originating from the actions of former IRS contractor
Read MoreSenior Tax Breaks: Essential Benefits After 50
Understanding Senior Tax Breaks: A Guide for Ages 50 and OlderDid you know that several tax credits, deductions, and rules are specifically tailored based on your age? For instance, age might determine
Read MoreIRS Corporate Jet Audits: Increased Scrutiny on Tax Deductions
Under the Radar No MoreThe Internal Revenue Service recently announced a campaign to investigate the use of corporate jets by large businesses and wealthy individuals. Although the announcement was made
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