Articles

I have an Estate Plan—What do My Successor Trustees or Personal Representatives Actually Do?

Monday, September 17th, 2018

The Successor Trustee If you have completed your estate plan using a living trust, you likely have named successor trustees of your trust.   A trustee is a person or trust company you select and name in your trust.  With a living trust that you create, you are the Grantor of the trust and you are […]

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IRS Updates the Tax Withholding Tables

Wednesday, August 1st, 2018

Congress recently changed the tax rates and brackets for 2018 and beyond, when it passed the Tax Cuts and Jobs Act (the “Act”). The rate changes, however, were not as radical as some had initially proposed. Instead, the major changes affecting many taxpayers stem from other provisions of the Act, such as nearly doubling the […]

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Extending the Filing Date of Your Income Tax Return When You Are in an IRS Installment Agreement.

Monday, June 18th, 2018

When a taxpayer agrees to pay the IRS through a monthly Installment Agreement, the terms of the agreement require that the taxpayer (1) timely file all required federal tax returns and (2) timely pay all federal tax obligations for the entire duration of the Installment Agreement.  This is known as being “in compliance.”  If a […]

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Getting Relief From the IRS as an Innocent Spouse

Friday, May 4th, 2018

A common problem we see is where the IRS is pursuing one spouse for taxes attributable to his or her spouse, or ex-spouse. These are particularly difficult in divorce situations since not only are many divorces sufficiently traumatic in and of themselves but adding the IRS to the mix makes it explosive. It is possible, […]

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IRS to End Offshore Voluntary Disclosure Program

Tuesday, March 20th, 2018

On March 13, 2018, Acting IRS Commissioner David Kautter announced September 28, 2018 will be the end of the IRS’s popular Offshore Voluntary Disclosure Program (OVDP), saying “Taxpayers have had several years to come into compliance with U.S. tax laws under this program . . . .  All along, we have been clear that we […]

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Should I Be Doing Any Special Year-End Tax Planning In Light of the Proposed Tax Legislation?

Wednesday, December 20th, 2017

Year-end tax planning with clients has been a staple in CPA practices for nearly as long as the tax code has been in effect.  With all the discussion of the proposed tax bills, in all their iterations and negotiations, and the seemingly endless crystal ball commentary on their effects, many have questioned whether they should […]

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Mandatory Retirement Account Distributions

Sunday, December 10th, 2017

You faithfully make your annual contributions to your IRA or 401(k) accounts.  You’ve been doing this for years, maybe decades.  Can you keep your retirement funds in your account indefinitely?  Of course not.  You generally have to start taking withdrawals from your IRA, Simple IRA, SEP IRA, or other retirement plan account when you reach […]

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How Will an IRS Lien Affect Me?

Wednesday, November 15th, 2017

If you have an outstanding balance due the IRS that remains unpaid after the IRS gives notice and demands payment, then a federal tax lien automatically arises.  The lien applies to all real and personal property of a taxpayer, including any after-acquired property. To protect its interest in a taxpayer’s property against other creditors, the […]

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Deadline To Make Late Portability Election Fast Approaching. Don’t Miss Out On this Estate Planning Opportunity—Act Before January 2, 2018.

Monday, October 30th, 2017

A “Portability” election allows a spouse to use their deceased spouse’s unused estate tax exemption by transferring the unused portion to their own estate plan. This will save death taxes from the estate when they later pass.  To utilize this benefit, a timely election is required to be made.  Taxpayers (and trustees, executors and PRs) […]

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If You Owe Money To The IRS, Your Credit Score May Be Going Up!

Tuesday, August 1st, 2017

For years, the three major credit reporting agencies (Experian, Equifax and TransUnion) have been including tax liens and civil judgments on credit reports—which obviously have had negative implications on credit scores.  But recent efforts by consumer advocacy groups, citing numerous errors resulting from this practice, finally convinced these agencies to stop doing so. As of […]

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