Retirement is a journey that millions of Americans prepare for, with the 401(k) retirement savings plan acting as their vessel. For years, those aged 50 and older have enjoyed the capacity to bolster their retirement…
By Kelly Hanley, Esq. IRS EITC, CDCC, and Identity Theft The Treasury Inspector General for Tax Administration (TIGTA) recently released a report on the IRS’s efforts to ensure that claims for the expanded Child and…
by Kelly Hanley, Esq. New Targets: IRS Auditors Cracking Down on 1,600 Millionaires and Millions of Dollars in 2023 The Internal Revenue Service (IRS) recently made headlines with its announcement to aggressively pursue 1,600 millionaires…
Accounting methods are paramount when calculating income and expenses for taxation purposes. One such method is the Mark-to-Market (MTM) method, as explained in §475(f)(1) of the Internal Revenue Code (IRC). In this blog post, we…
In a significant move, the Internal Revenue Service (IRS) has announced a shift in its audit focus, targeting large partnerships and high-income taxpayers. This decision comes in the wake of the Inflation Reduction Act funding,…
Hurricane Idalia has left a devastating impact on various parts of the United States, particularly in Florida and South Carolina. As communities grapple with the aftermath, there is a silver lining: tax relief measures have…
Navigating the realm of inherited retirement accounts has always been a complex undertaking. The most recent developments only add to the intricacies. The Internal Revenue Service (IRS) disclosed its decision to delay enforcement of the…
The IRS Offer in Compromise (OIC) program allows qualifying taxpayers to settle their tax debts for less than the full amount owed, providing a path toward financial freedom. Yet, the process to get there is…
by Kelly Hanley, Esq. Federal Tax Lien Withdrawal Definition A “tax lien withdrawal” clears the public Notice of Federal Tax Lien, eliminating the IRS’s competition with other creditors for your assets. However, recent Tax Court…
“The new scheme involves a mailing coming in a cardboard envelope from a delivery service. The enclosed letter includes the IRS masthead and wording that the notice is “in relation to your unclaimed refund.” Like…