Aug 22, 2023
The IRS recently updated the public on how it’s been spending its cash infusion, including new online accounts and mobile-friendly forms. It also announced an end to surprise visits from tax collectors. “We’ve started transforming IRS operations,” IRS Commissioner...
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Aug 15, 2023
Who would have predicted this plotline: Agreeable and extroverted individuals are more likely to distribute wealth to their children unequally, while more calculating introverts appear likelier to divide their estate evenly among multiple heirs. Consultant Matthew...
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Aug 8, 2023
Some people seem to think the IRS will overlook just about anything. But a dead horse? That’s hard to miss. When a California-based horse enthusiast and IT business owner’s last horse died in 2008, being horseless didn’t stop her from continuing to claim business...
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Aug 7, 2023
A recent study shows 28% of U.S. households think they’re on track for retirement but are actually at risk of falling short. Extremely surprising: High-income households are most likely to fall into this trap. The Center for Retirement Research at Boston College led...
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Jul 25, 2023
How does the IRS determine who gets flagged for potential tax fraud activity? The agency judges taxpayer actions against a list of over 60 “badges” or indications of fraud ranging from misrepresenting expenses and deductions to lying, bribery and concealment. Of...
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Jul 18, 2023
Business owners and shareholders have some leeway on their compensation structures, to a point. The IRS has long held a standard called “reasonable compensation” that it uses to determine if, like Goldilocks, you got it just right. The trick to acing reasonable...
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