Final Regulations confirm: Making large gifts now won’t harm estates after 2025

WASHINGTON — The Treasury Department and the Internal Revenue Service today issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. Treasury Decision 9884, […]

Getting Ready for 2019 Taxes

Get Ready for Taxes: WASHINGTON – The Internal Revenue Service today urged taxpayers to act now to avoid a tax-time surprise and ensure smooth processing of their 2019 federal tax return. This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. To that end, a […]

Do Not Be A Victim of a Ghost Tax Preparer or Tax Fraud

By law, anyone who is paid to prepare or assist in preparing federal tax returns must have a valid 2019 Preparer Tax Identification Number, or PTIN. Paid preparers must sign the return and include their PTIN. But ‘ghost’ preparers do not sign the return. Instead, they print the return and tell the taxpayer to sign […]

Getting ready for Tax Year 2019  

More of Taxpayer First Act of 2019

First Version According to one critic,[who?], the first Taxpayer First Act of 2019, H.R. 1957 would make it illegal for the Internal Revenue Service (IRS) to create free tax preparation software in an effort to prop up businesses like TurboTax and H&R Block.[1][2] The bill has bipartisan support.[3] Its passage by the House of Representatives […]

Taxpayer First Act of 2019 – First of Two Revisions

Trump Signs New Law To Protect Innocent Small Business Owners From IRS Seizures   For the first time in nearly 20 years, Congress has reined in civil forfeiture, which lets the federal government permanently confiscate property without ever filing criminal charges. Following unanimous approval by Congress, President Donald Trump last week signed the Taxpayer First […]

New Tax On Lawsuit Settlements — Legal Fees Can’t Be Deducted

Many plaintiffs will face higher taxes on lawsuit settlements under the recently passed tax reform law. Some will be taxed on their gross recoveries, with no deduction for attorney fees even if their lawyer takes 40% off the top. In a $100,000 case, that means paying tax on $100,000, even if $40,000 goes to the […]

Private Collection Company

If a private collection company contacts you on behalf of #IRS, here’s how to find out if it’s legitimate. Trust me you will already know if you owe the IRS money.  Do not fall for anyone calling you as a scam.  If you get a call from someone saying you owe money and you have […]

Tax Cuts and Job Acts This link will take you to the new Tax Cuts and Job Acts Bill being signed by our president

Long History of the Enrolled Agent – Expanded Role of the Enrolled Agent

Long History of the Enrolled Agent It was at this 1973 convention that Vice President Lee Wurst shared the research he had uncovered on the long history of the enrolled agent. Enrolled agents were first recognized on July 7, 1884 by an Act of Congress signed into law by President Chester A. Arthur, which came […]