Managing Gains and Losses in a Turbulent Year
Article Highlights: Rough Year for the Stock Market Year End Approaching Annual Capital Losses Are Limited Be Aware of Wash Sale Rules Off-Set Short-Term Gains with Long-Term Capital Losses Planning for Zero Tax on Long-Term Capital Gains Converting a Traditional IRA to a Roth It’s been a rough Fall for the stock market. So much […]
IRS Accepts Audit Reconsideration in Bronx, NY
IRS Accepts Audit Reconsideration in Bronx, NY IRS Revised Audit Outcome – 08-30-2006 Taxpayer Situation: The taxpayer was audited for 2002-2004 and chose not to seek representation. The taxpayer was accessed with 85,495 in additional taxes for the years 2002-2004, Resolution Outcome: Legacy Tax & Resolution Services successful negotiated an Internal Revenue Service Audit Reconsideration for […]
Time is Running Out to Take Your 2022 RMD
Article Highlights: 2022 RMD What Are RMDs? Age 72 Distributions IRAs and Qualified Plans Computing the RMD Required Minimum Distributions (RMD) are required taxable distributions from qualified retirement plans and are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to indefinitely keep […]
IRS Accepts Expired Statute in Oweco, NY
IRS Accepts Expired Statute in Oweco, NY IRS Installment Agreement – 08-29-2006 Taxpayer Situation: Taxpayer owed the IRS for tax years 1988- 1995 Taxpayer was current with the filing of all his tax returns. Taxpayer Statute of Limitations was about to expire on all outstanding debts. IRS requested an updated financial information request Resolution Outcome: Legacy Tax […]
Year End Tax Planning Issues
Article Highlights: Benefits Sunsetting After 2021 Benefits Sunsetting After 2022 Not Needing to File May Be an Opportunity Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Roth IRA Conversions Avoid Required Minimum Distribution (RMD) Penalties Recognizing Capital Losses Take Advantage of the Zero Capital Gains Tax Rate Make Business […]
IRS Accepts Installment Agreement in New York City, NY
IRS Accepts Installment Agreement in New York City, NY IRS Installment Agreement – 08-29-2006 Taxpayer Situation: The taxpayer owed the IRS for tax years 1996- 2005. Taxpayer was current with the filing of all his tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Internal Revenue Service Installment Agreement for a client in New York […]
IRS Reduced Installment Agreement in Syracuse, NY
IRS Reduced Installment Agreement in Syracuse, NY Reduced Installment Agreement – 08-26-2006 Taxpayer Situation: Taxpayer owed the IRS for tax years 2002, 2003, and 2004. Taxpayer was current with the filing of all her tax returns. The taxpayer found it challenging to make the $685 monthly payments and was one bad month away from default. Resolution […]
December 2022 Individual Due Dates
December 1 – Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2022. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2022 should call for a tax planning consultation appointment. December […]
IRS Accepts Innocent Spouse in Queens Village, NY
IRS Accepts Innocent Spouse in Queens Village, NY IRS Innocent Spouse – 08-15-2006 Taxpayer Situation: Taxpayer’s ex-spouse filed fraudulent returns 2003-2005 claiming education credits resulting in over $18,000 in refunds. IRS audited the return, disallowed the education credits and assessed both husband and wife separately. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Innocent […]
Video Tips: Giving Tuesday Is Coming; Now Is A Good Time to Review Tax Benefits for Charitable Giving
he Tuesday after Thanksgiving marks Giving Tuesday when many people choose to make charitable donations. People making charitable contributions on Giving Tuesday, or at any time during the year, should review whether their gift is tax-deductible.