Year-end 2018 presents challenges and opportunities for tax planning that have not been present before. With 2018 seeing the implementation of the vast majority of the Tax Cuts and Jobs Act (TCJA) provisions, tax professionals will have to be ready to adopt new strategies to assist taxpayers in maximizing tax savings under the new laws. The IRS also released guidance on the new provisions that presents opportunities. These changes on top of standard year-end planning, and potential legislation, could make for a busy end to 2018. And now, with the mid-term elections in the rearview mirror, and the House flipping to Democratic control with an expanded GOP majority in the Senate, legislative action during the lame duck session and beyond is unpredictable.
To help taxpayers avoid scams in which criminals impersonate IRS employees, the IRS has published a Fact Sheet setting out the ways it does, and does not, contact taxpayers. Since 2013, the Treasury Inspector General reports that more than 10,000 victims have collectively paid over $54 million to scammers posing as IRS officials. IRS impersonation […]
Houstonians lost many valuable papers during the flood of Hurricane Harvey. Some of these papers are relatively easy to replace. But others are not, such as an original will. It can be an expensive nuisance to have a new will prepared. That is one reason why you should keep your original will in a safe […]
The radio announcer captures your attention with, “Do you owe more than $10,000 to the IRS? If so, call [XYZ] Company and they will: (1) resolve all your problems, (2) get IRS off your back, and (3) remove most (if not all) of your tax debt.” It sounds too good to be true and it […]