Nevada Offer in Compromise: What You Need to Know
An Offer in Compromise is an agreement between you and the State Government to settle your back taxes for less than you owe. An Offer in Compromise is strictly based on numbers; basically, your income versus your expenses and the equity in your assets. If you can prove to the State you do not have […]
Why Does the IRS Ask If You Have Lived Out of the Country Six Months in Last 10 Years?
One of the standard questions on the Form 433A is: Have you lived out of the country for more than six months in the last 10 years? Why does the IRS ask this? Reason: Under Internal Revenue Manual 5.1.19.3.7 residing outside the US for any continuous absence of six month or more suspends the Statute […]
If You Are Not Filing and Your Transcripts Show a Mortgage, Are You an Audit Waiting to Happen?
Below is the typical scenario that we see: You are self-employed and have not filed tax returns. You do not file because your income is not reported to the IRS. But you forget that you own a home and pay mortgage interest. Your bank is required, and will report, to the IRS, the amount of […]
Owe an IRS Debt? Losing Your Tax Refunds to the IRS Every Year? Consider These Changes.
If you have an IRS debt and have been receiving refunds every year, the IRS will keep the refund and apply it to your unpaid debt. For some this is a forced savings plan and helps get the debt paid off faster. For those that are on an Installment Agreement and want to keep more […]
I have not filed my taxes with the IRS but should have refunds. Will I Get My Refunds?
What if you had a job, had adequate withholdings but have not filed, will you get your refunds? There is good news and bad news. The good news is the IRS will accept your back returns. The bad news is you are likely not getting any refunds beyond three years. Here’s some other things you […]
You Remember Filing the Return but The IRS Does Not Have It. Who Wins?
You remember filing the return, but the IRS says they do not have it. Who wins? Unfortunately, the IRS does! Until they acknowledge a return is on file, as far as the IRS is concerned, it is not file. Even if you have proof of the mailing, unless the proof is electronic and you can […]
10 Things to Know When Getting Current with Unfiled Returns
Falling behind on filing your taxes can be scary, filled with questions and doubt about how to make it right with the IRS. Fortunately, there are steps that can be taken to satisfy the IRS and get you back into the system without making it worse. Here are 10 things you should know about getting […]
Video Tips: Tax Things You Need to Know about Inheritances
Inheritances can come in different forms–some are taxable while some are not. Tax treatments for different types of inherited securities can vary and lead to unexpected results without proper planning. Watch this video for a quick view of how your inheritances can be taxed.
Taxation and Sales of Inherited Property Get Beneficial Treatment
Article Highlights: Taxation of Inherited Property Inherited Basis Date of Death Value Alternate Valuation Date Joint Tenants Married Gain or Loss on Sale Certified Appraisals Deducting Loss on Sale of Inherited Home If you are the recent beneficiary of an inheritance, you may be wondering if you will need to pay tax on the cash, […]
Navigating the Legacy: A Comprehensive Guide to Estate Planning for Baby Boomers
The baby boomer generation, a demographic cohort born between 1946 and 1964, is on the cusp of a significant transition. As they approach later stages of life, the importance of comprehensive estate planning cannot be overstated. This generation, one of the largest in history, faces a unique set of challenges and opportunities when it comes […]