WHAT SLOWS DOWN A TAX RETURN PART TWO

What slows down a tax return part two. Another myth that some taxpayers seem to believe is that they need to wait for their 2020 tax return to get processed and finished prior to filing their 2021 tax return, or all refunds are delayed due to the number of 2020 tax returns still being processed […]

SIX MONTH EXTENSION TO FILE TAXES

Six month extension to file taxes. Most citizens want to get a tax refund as fast as possible, so they file prior to the filing deadline, which in 2022 is on April 18th. Yet those who have incomplete records, who owe some in taxes, or have other outstanding years to deal with, sometimes find they […]

GOLD COINS AT HOME TAX COURT CASE PART TWO

Gold coins at home tax court case part two. This is the second part of the McNulty case where gold coins in a IRA where kept at home, and the tax implications of that. McNulty’s joint returns with her husband for the two years were prepared by a CPA, but they did not consult the […]

DISCHARGED STUDENT LOANS NOT REPORTED

Discharged student loans not reported. Many changes to the tax code happen, and the economic cycle certainly plays a big role in that. When the economy is down, the government of the United States, and generally most all governments, try to accomodate citizens, by passing laws to help them get by in uncertain times. Covid […]

REGULATIONS ON ESTATES AFTER 2025

Regulations on estates after 2025. The Treasury Department and the Internal Revenue Service 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 […]