Category: Taxes

IRS Collection Notice Update: Be Prepared in 2024

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

December 22, 2023
IRS Announces Automatic Penalty Relief and $1 Billion in Refunds for 4.7 Million Taxpayers

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

December 22, 2023
Discovering Financial Excellence: How Board Certified Tax Law Specialists and Tax Attorneys Can Help

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

December 18, 2023
How Medicare Deductions from Social Security in 2023 Influence Tax Implications for Beneficiaries

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

December 15, 2023
Navigating Long Term Care Insurance Policies: Are Long Term Care Benefits Taxable? Understanding IRS Guidelines and LTC Long-Term Care Insurance Benefits

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

December 11, 2023
What is the IRS Statutory Notice of Deficiency: Understanding CP3219A, IRS Letters, Form 5564, and Waiver Options

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

December 8, 2023
October 2023 Update – The IRS has resumed sending CP501, CP503, and CP504 collection notices in limited circumstances.  

October 2023 Update – The IRS has resumed sending CP501, CP503, and CP504 collection notices in limited circumstances.  

The IRS has resumed sending out some automated collection notices to taxpayers with outstanding balances due. For nearly two years more than a dozen automated collection letters and notices associated

December 4, 2023
Hiring a Tax Audit Attorney: A Guide to Harnessing the Expert Assistance of an IRS Audit Attorney for Your IRS Tax Audit

Hiring a Tax Audit Attorney: A Guide to Harnessing the Expert Assistance of an IRS Audit Attorney for Your IRS Tax Audit

Navigating the complexities of IRS audits can be daunting and stressful, as missteps may result in serious legal and financial consequences. This is where the expertise of a tax professional

December 1, 2023
What is a Tax Resolution Service? Why Do You Need One? Expert IRS Tax Relief: Consult with the Best Tax Professionals for Resolving IRS Problems and Managing Tax Troubles

What is a Tax Resolution Service? Why Do You Need One? Expert IRS Tax Relief: Consult with the Best Tax Professionals for Resolving IRS Problems and Managing Tax Troubles

Tax resolution services play a vital role in assisting individuals and businesses facing tax challenges, providing expertise in areas such as tax return complications, payroll tax issues, and state tax

November 27, 2023
Claiming Deductible Medical Expenses: A Comprehensive Guide to Tax Deductions, Including Medical and Dental Expenses under Publication 502

Claiming Deductible Medical Expenses: A Comprehensive Guide to Tax Deductions, Including Medical and Dental Expenses under Publication 502

Ensuring a comprehensive understanding of deductible medical expenses is particularly vital as the tax landscape may change from year to year. The Internal Revenue Service (IRS) outlines specific criteria for

November 24, 2023

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