The IRS has expanded their program on streamlined processing of installment agreements under a test program that is scheduled to run until September 30, 2017. For the first time, streamlined processing standards will apply to individual taxpayers with an assessed balance of tax, penalty and interest between $50,000 and $100,000. During this test, more taxpayers […]

Wills serve several functions, and nearly every adult should have one. If any of the below criteria apply to you, you should have a will: If you have minor children, and you want a say as to who will care for them upon passing, you need a will. A Will enables you to nominate a […]

Due to the government shutdown, American citizens and resident aliens living abroad should be prepared to wait even longer than those living in the U.S. to file their tax returns and receive refunds. U.S. taxpayers must report and pay taxes on their worldwide income. Those earning money abroad are required to report their income in […]

On May 23, 2018, the IRS issued Notice 2018-54,[1]making it abundantly clear that when it comes to state efforts to circumvent the recently enacted state and local tax (SALT) deductions cap, “taxpayers should be mindful that federal law controls the proper characterization of payments for federal income tax purposes.” Section 164 of the Internal Revenue […]

Glen E. Frost, Esq., CPA, Managing Partner Donald Trump has proposed to make several tax changes when he enters office in January, 2017. It is important to examine the possible tax changes that could result from the new plan so that taxpayers are aware of the potential advantages and disadvantages the new tax plan may […]

With international tax compliance on the IRS’s radar, it was revealed publicly to reporters on August 2, 2017, that the IRS Criminal Investigation Division (IRS-CI) is assembling a new, dedicated international tax enforcement unit. The new initiative is expected to be fully operational by October 1. U.S. persons’ worldwide income and foreign financial assets are […]

What is Bitcoin? Bitcoin is a form of electronic digital currency. Bitcoins can be used to buy goods electronically from thousands of vendors. Others are looking at Bitcoin as a potential investment, and are holding them as an investment to benefit from future appreciation. Bitcoin has created a new asset class, and it is continuing […]

Millions of U.S citizens have hobbies such as photography, travel, sewing, crafting, hunting, floral design, and coin collecting. By the IRS definition, a hobby is an activity that is not pursued for profit. On the other hand, a business is an activity that is carried out with the intention and expectation of earning a profit. […]

A stretch IRA is an estate planning strategy that extends the life of an Individual Retirement Account (IRA) by allowing the original beneficiary to distribute the assets to a designated second generation beneficiary. This strategy allows the IRA to be passed on from generation to generation while extending its tax-deferred growth for years or decades […]

Eli S. Noff, Esq.CPA, Partner The IRS is now actively in the process of issuing Notices CP508C to hundreds of thousands of U.S. taxpayers–placing all notified taxpayers’ passports in serious jeopardy. Several news outlets this week report that the U.S. State Department confirms that it has already acted on its part in the process and […]