PENSION PLANS AS A TAX DODGE

Pension plans as a tax dodge. Pensions as a tax dodge are making a comeback with wealthy business owners. That’s an area where traditional pension plan’s are getting new life. Pensions, also known as defined benefit plans, can be used by doctors, law partners and wealth managers to stash hundreds of thousands of dollars in […]

BILLIONAIRE SHETH LEAVING VISTA EQUITY

Billionaire sheth leaving vista equity. Central Texas billionaire Brian Sheth is resigning as president of Austin based Vista Equity Partners in the wake of a highly publicized tax evasion case against Vista Equity founder, chairman and CEO Robert F. Smith. Sheth, 45, will “depart the firm effective immediately,” Vista Equity said in a news release […]

TWO MILLION TAX ID NUMBERS TO EXPIRE

Two million tax id numbers to expire. The Internal Revenue Service has issued a reminder to taxpayers with an expiring Individual taxpayer Identification Number (ITIN) to submit renewal applications. Failing to renew an ITIN by the end of the year may cause refund and processing delays in 2020. In a renewed emphasis on security, due […]

SHUTDOWN CAUSED SERVICE ISSUES

Shutdown caused service issues. Thats the conclusion of the IRS watchdog who overseas many aspects of the IRS. Disruptions from last months partial government shutdown caused a “shocking” deterioration in the IRS telephone help for taxpayers in the first week of the filing season, the agency watchdog said in a report released. In the week […]

SHUTDOWN WILL HALT MANY IRS FUNCTIONS

Shutdown will halt many irs functions. Funding for many government agencies is scheduled to expire at midnight , which would trigger a partial shutdown of the federal government. The IRS is effected by the shutdown because it is not already funded through September 2019. Temporary funding for the IRS was enacted in the Continuing Appropriations […]

ALPINE MAN OWES FOR YEARS OF UNPAID TAX

Alpine man owes for years of unpaid tax. Fifty seven year old Kevin Scott Wynn has reportedly lived part of the time in Alpine and part of the time in Mesa since 1996 but if he’s found guilty of tax evasion and failing to file tax returns he may be living up to six years […]

FILING THE FINAL RETURN OF A DECEASED PERSON

Filing the final return of a deceased person. It isn’t that complicated if you follow some simple instructions. In general, the final individual income tax return of a decedent is prepared and filed in the same manner as when they were alive. All income up to the date of death must be reported and all […]

TRUMP’S TAX CUTS NOT PAYING FOR THEMSELVES

Trump’s tax cuts not paying for themselves. At least not yet. Since the economy has been kick started by the tax cut, it looks like the economic expansion may grow the economy, and only time will tell if that will be enough to offset the increase in the deficit, with additional tax revenues. The Treasury […]

TAX PROFESSIONALS DATA SECURITY

Tax professionals data security. This was the main topic at the Tax Security Summit 101. As cyber criminals continue to increasingly pursue tax professionals data, the IRS and the Security Summit partners released lessons learned by the tax community to help others avoid being targeted by identity thieves. In recent years, hundreds of tax professionals […]