Client Mailbag- Gambling Winnings
Dear Mike; I just got back from a trip to Vegas and was lucky and had some good winnings. Are these gains taxable? Cool Hand Luke Dear Cool Hand [...]
IRS Waives Penalty for Many Whose Tax Withholding and Estimated Tax Payments Fell Short in the 2018 Tax Year
The IRS has just released news of waiving the penalty for many taxpayers whose tax withholding and estimated tax payments fell short in 2018. The following was posted by [...]
Crypto-Currency
In our ongoing series on year-end tax tips, we thought we would address Crypto-currency trading. Although the crypto craze seems to be slowing, we find many of our clients have [...]
Bunching Deductions
It’s that time of year again — time to start planning to cut your taxes. Our next few articles will feature ideas we have to try and reduce your [...]
Hurricane Relief
With the hurricane headed for the east coast we thought it would be a good idea for our clients in the path of the storm to see the IRS’ [...]
The Impact of the Tax Cuts Act on Retirement Plans and IRAs
The Tax Cuts and Jobs Act modifies several provisions related to retirement plans and IRAs. These include: the repeal of the special rule permitting recharacterization of Roth IRA conversions, [...]
The Impact of the Tax Cuts and Jobs Act on Home Ownership and Financing
As summer is winding down we are getting a lot of client questions about real estate transactions and how mortgage refinancing impacts their tax situation. We thought we would [...]
Tax Credits Help Offset Higher Education Costs
This summer is flying by and unbelievable it is almost back to school time. As you pack up your kids to head off to college we thought it is [...]
Settling Tax Debt- Making an Offer in Compromise
Taxpayers who owe money to the IRS often feel helpless and procrastinate, waiting for the IRS to force collection. There are many ways that a taxpayer can take the [...]
The Right to a Fair and Just Tax System: Taxpayer Bill of Rights #10
All taxpayers have the right to a fair and just tax system. This is one of 10 rights in the Taxpayer Bill of Rights, which clearly outline the fundamental [...]
I’m getting audited! Now what?
Full blown, old-fashioned audits have become rarer and rarer. You know the kind…everyone’s fear, where you are called into an IRS office for a face to face meeting. Unfortunately, [...]
Audit Series
As most of our clients know, a large majority of our practice surrounds tax planning and preparation. However, we are often asked to represent taxpayers that are undergoing IRS audits [...]