IRS Collection Notice Update: Be Prepared in 2024
The IRS announced it will resume issuing collection notices for 2020 and 2021 beginning in January 2024. To help taxpayers as the normal processes resume, the IRS will issue a special reminder letter starting next month. Understanding the Announcement: The IRS’s decision to resume collection notices is part of the broader effort to resume regular […]
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 […]
