In March 2023, the IRS issued Revenue Ruling 2023-2, which introduced a significant alteration in the way assets in irrevocable trusts are handled for tax purposes. According to the new rule, assets placed in an irrevocable trust that are excluded from the grantor's taxable estate...
All taxpayers are protected by the Taxpayer Bill of Rights, which includes the right to finality. This means you are entitled to know how long the IRS has to act on certain matters, and when a process is officially closed....
The IRS announced that there will be no changes to common payroll and reporting forms for Tax Year 2025 as part of the phased rollout of the One Big Beautiful Bill Act (OBBBA)....
Most people don’t think about their rights when they’re dealing with the IRS—but they should. Whether you’re filing a return, responding to a notice, or sorting through a more complex issue, the Taxpayer Bill of Rights outlines what you can expect from the IRS at...
Understanding the tax benefits available to military personnel, veterans, and their families can lead to valuable savings. The IRS offers several provisions tailored specifically to this community:...
Here’s what to know if you’re going through a separation or divorce. If you’ve recently separated or finalized a divorce, you’ve got a few tax-related updates to consider before the end of the year. ...
Getting a letter from the IRS can be unsettling, but it doesn’t have to be a headache. Most of the time, the IRS is just trying to clear something up or get additional information. Here’s what to do if one shows up in your mailbox:...
Who qualifies for the extended deadline? You get this two-month extension (from April 15 to June 16) automatically if either of these apply: You live and work outside the U.S. and Puerto Rico, or You’re serving in the military outside the U.S. and Puerto Rico. To use...
Over the past several weeks, we’ve broken down some of the most common scams individuals are facing—many with big tax consequences. These schemes aren’t just about lost dollars. They’re about shaken trust, stolen time, and emotional stress most folks never saw coming. Here’s what we covered: ...
Facing an IRS audit can be stressful, but staying calm and organized is crucial. Begin by thoroughly examining your tax return, ideally with the help of the preparer or, if you filed independently, a qualified tax professional. The objective is to identify any red flags...
