As tax season nears, you may find yourself with questions regarding who should file tax returns or how trust income tax should be remitted. We aim to answer some frequently asked questions related to trusts and taxes. No trust can escape income taxation; all trusts are taxed at various levels on income generated. Each trust...Read More
The IRS audit notice can ruin your day remember this! So can the IRS go back in time to audit you? Internal Revenue Service audits usually go back three years, but exceptions exist. BOOK A FREE CONSULTATION NOW!Read More
According to the Internal Revenue Service’s IRS rule 1.104-1, you are not required to pay taxes on the settlement amount that you receive for a wrongful death claim. The IRS classifies the wrongful death as a non-taxable settlement because it is part of a claim resulting from personal injury or physical illness. Understanding the taxable...Read More
Setting up a repayment plan is crucial as soon as you realize you have unpaid taxes. Have you known that you owe the IRS? The most important thing for a taxpayer to do in order to reduce penalties and costs associated with an IRS notification is to act immediately. Contacting the IRS often needs to...Read More
Filing for bankruptcy is a significant financial decision that can provide relief to individuals overwhelmed by debt. However, it comes with restrictions and consequences that you must understand. After filing bankruptcy, there are several actions you are not allowed to take. For example, you cannot discharge specific debts such as recent taxes, child support, or...Read More
The labyrinthine tax laws are always intimidating for any individual or any business operator. Thousands of taxpayer jump into a quarrel with the Internal Revenue Service annually, and consequently, many end up in the tax court. Knowing the most commonly litigated tax issues will help you be better positioned to keep yourself and your business...Read More
The Fair Debt Collection Practices Act (15 U.S.C. The federal law SSS 1692 & following governs the ways in which debt collectors can try to collect a debt. They includes, among other things: Debt collectors are prohibited from using unfair and deceptive tactics The time at which debt collectors may contact you is regulated. Collectors...Read More
The IRS has announced a major move to ensure fairness in tax compliance. They will be launching a series of audits that focus on the use of business aircraft. The Inflation Reduction Act funding is driving this initiative to ensure that high-income individuals, and corporations, are tax compliant. Understanding the implications of audits will help...Read More
Book A Free Consultation You may have some questions as the tax season approaches. For example, you might be wondering who is responsible for filing tax returns or how trust income tax is paid. This article will address some of the most common questions that you might have regarding your trust’s taxation. All Trusts Are...Read More
Really What Happens if the Joint Taxpayers Separate or Divorce? NOTHING. The IRS is still after both spouses for the taxes they owe. The IRS will pursue both taxpayers if they do not pay their back taxes. IRS can collect from both taxpayers if they don’t pay or make payment arrangements. The IRS can pursue...Read More
