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The Top Tax Developments of 2021

The year 2021 has been a tumultuous one for tax professionals, with continuing pandemic-related developments as well as new legislation, regulations, court decisions and IRS pronouncements. While the...

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The infrastructure bill could be a game changer for cryptocurrency

Cryptocurrency has gone mainstream. Once seen as an esoteric investing fad, currencies like bitcoin and dogecoin are as ubiquitous in the marketplace as tech stocks and Treasury bonds. But as crypto...

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IRS Plans to Improve Taxpayer Service with Budget Increase

Internal Revenue Service Commissioner Charles Rettig pledged to do more to improve taxpayer service after Congress approved a $675 million funding increase. “Taxpayer service remains the most...

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IRS lien foreclosures don’t offer same protections as seizures

The Internal Revenue Service mainly uses lien foreclosures when it’s going after the primary residences of people with overdue tax debts, but taxpayers don’t get the same legal protections as they...

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IRS pledges to overcome challenges from overburdened tax season

Internal Revenue Service Commissioner Charles Rettig told lawmakers the IRS has been working hard this past filing season during a congressional hearing Thursday as he heard first-hand testimony from...

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INHERITING AN IRA? LOTS OF RULES TO KNOW.

If you’re on the receiving end of an inheritance, odds are the money is coming to you out of the deceased’s retirement account. And you may be asked — or sometimes told — to set up an Inherited IRA....

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Taxpayer advocate sees much larger backlog than IRS reported

National Taxpayer Advocate Erin Collins expressed concern Wednesday in a midyear report to Congress about continuing delays by the Internal Revenue Service in processing tax returns filed on paper...

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IRS unveils inflation adjustments for next year

Inflation will drive up more than 60 tax provisions for 2023, including the tax rates, according to the Internal Revenue Service. Revenue Procedure 2022-28 details the annual adjustments for tax year...

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College Savings Plan Money Left Over? Solution: Tax Free Roth

America’s most attractive retirement plan just became more accessible. A new law lets owners of 529 college savings plans redirect unused dollars to a tax-free Roth account, making the latter, the...

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OFFER IN COMPROMISE EXPLAINED

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability or doing so creates a financial...

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