The IRS not only has to deal with taxpayers that are as harmless as you can imagine (think your grandma who wouldn’t hurt a fly), but increasingly, they also have to deal with taxpayers who are involved in such things … read more
The Internal Revenue Service has re-launched the “Get an IP PIN” tool on IRS.gov. By adding multi-factor authentication, the IRS hopes to prevent future fraudulent applications and automated attacks. An Identity Protection Personal Identification Number (IP PIN) is given to … read more
According to the IRS, the phone scammers are back at it; targeting taxpayers with aggressive and threatening phone calls. Scammers making unsolicited calls claiming to be IRS agents are using false credentials, false badge numbers and victims’ personal information to … read more
In the past, beneficiaries who sold inherited assets may have reported different (higher) values of assets than what was originally reported on the estate tax return. To stop this, the IRS issued proposed and temporary regulations that now require a … read more
An executor who is required to file a federal estate tax return (Form 706) is also required to file the new Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent, with the IRS to report the final value of … read more
On August 2, 2016 the U.S government proposed making it harder for wealthy business owners to transfer assets to heirs without paying estate and gift taxes. The Treasury Department’s plan would place new limits on a common tactic used to … read more
A recent study performed by The Tax Foundation has produced an approximate total cost, in time and dollars, of tax compliance in the United States. For those not familiar with The Tax Foundation, they are an independent and non-profit organization … read more
You may or may not have read the news lately, but there has been a battle between Intel and the IRS which could lead other companies to have big tax “windfalls”. The discrepancy comes from recording and reporting stock-based compensation … read more
Many are aware of the reporting requirement to the federal government for bank deposits of more than $10,000.00. A person who purposely tries to evade these reporting requirements is guilty of a crime known as “structuring” even if the money … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
- Don’t Mess with the IRS – Their Budget Includes Guns
- MySocialSecurity Website Ups Its Security Protocol
- IP PIN Tool Returns to IRS Website
- Scammers Impersonating IRS to get Your Money
- What Beneficiaries Need to know for Form 8971
- What Executors Need to Know for Form 8971
- Will this Estate Planning Loophole be Closed?
- The Economic Cost of Tax Compliance
- What’s at Stake in Battle of Intel vs. IRS?
- New Procedure to Request Return of Property Seized by IRS in Structuring Cases