IRS INCREASES AUDITS TO HIGH INCOMES

IRS increases audits to high incomes.  As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service announced that it will step up efforts to visit high income taxpayers who in prior years have failed to timely file one or more of their tax returns. Following the recent and ongoing hiring […]

REPORTING FOR LIFE INSURANCE POLICIES

Reporting for life insurance policies. The Internal Revenue Service issued final regulations on the new  information reporting requirements for certain life insurance contract transactions. The requirement was authorized under new section 6050Y, added to the Internal Revenue Code by the Tax Cuts and Jobs Act, the tax reform legislation enacted in December 2017. The final […]

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 […]

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 […]

IRS HELP FOR SMALL BUSINESSES

IRS help for small businesses. The IRS website has publications that can help provide tips and useful information for taxpayers, including detailed information for small businesses and IRS help. The IRS reminds small businesses of the many free products available at their website, located at IRS.GOV. Products ranging from online calculators, printable calendars, step by […]

TAX REFORM HELPING INCREASE INTEREST RATES

Tax reform helping increase interest rates. President Trumps tax reform helping increase interest rates. That must be the conclusion when one realizes that the economy is on all cylinders and about to go into overdrive. When the U.S. economy fires on all cylinders the eventual result is an overheating of the economic engine, and the […]