IRS Announces Automatic Penalty Relief and $1 Billion in Refunds for 4.7 Million Taxpayers
In response to the challenges posed by the COVID-19 pandemic, the Internal Revenue Service (IRS) has introduced a new round of penalty relief, benefiting approximately 4.7 million individuals, businesses, and tax-exempt organizations. This relief is particularly targeted at those who did not receive automated collection reminder notices during the pandemic. Key Highlights: Penalty Relief Amounting […]
Discovering Financial Excellence: How Board Certified Tax Law Specialists and Tax Attorneys Can Help
Navigating the labyrinth of tax regulations requires a thorough grasp of income tax and taxation intricacies. A certified tax attorney or tax law specialist, recognized by their board certification from the state bar, brings a level of expertise essential for addressing unique tax challenges. Board certification is a mark of their eligibility and commitment to […]
How Medicare Deductions from Social Security in 2023 Influence Tax Implications for Beneficiaries
Understanding Medicare Deductions from Social Security in 2023 In the ever-evolving landscape of retirement support, Medicare and Social Security stand as cornerstones in the United States. As we step into 2024, the synergy between these two vital programs has undergone a transformative shift. A policy recalibration by the government has reshaped the calculation of Medicare […]
Navigating Long Term Care Insurance Policies: Are Long Term Care Benefits Taxable? Understanding IRS Guidelines and LTC Long-Term Care Insurance Benefits
Long-term care benefits are a critical aspect of financial planning, especially as we age. Understanding IRS Guidelines and the tax implications of these benefits can save you a considerable amount of money. It can also prevent any unwelcome surprises during tax season. This article aims to explore whether long-term care benefits are taxable, and under […]
What is the IRS Statutory Notice of Deficiency: Understanding CP3219A, IRS Letters, Form 5564, and Waiver Options
Introduction to IRS Notice of Deficiency: 90-Day Letter A Notice of Deficiency, often referred to as the “90-day letter,” is an official communication from the Internal Revenue Service (IRS) dispatched to taxpayers. This document serves as a legal notice, pinpointing discrepancies or issues in a tax return that necessitate resolution and may result in additional […]
