Your Guide to State, Local, Federal, Estate + International Taxation

IRS warns taxpayers of property lien scam

This month the IRS issued a Tax Tip warning taxpayers about fake property liens. This is just one of many scams out there designed to trick you into paying money for fictitious bills. Don’t miss: IRS issues warning to virtual currency owners Here are some of the attributes of the scam that the IRS wants …

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IRS issues warning to virtual currency owners

Recently, the IRS began sending letters to taxpayers involved in virtual currency transactions notifying them that they may have failed to properly report income or adequately report their transactions. These letters began going out in July and continued through at least the end of August. 10,000 taxpayers are expected to receive these letters. 5 tips …

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5 tips after changing your name due to marriage or divorce

So, you married the love of your life? Or maybe you left him in the gutter where you found him? Either way, the IRS wants you to know that whatever your name is, the name on your tax return must match the name registered with the Social Security Administration (SSA). Here are five things to keep in …

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Managing client expectations

When a trusted advisor tells you that the project you are waiting for will be done by the end of the week, you expect the project to be done by the end of the week. When Friday rolls around and you have not heard from your advisor, you may not be very happy about the …

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Long-term care planning and reporting

Long-term care insurance has become more prevalent in today’s financial planning tactics. This topic can create a great deal of confusion and uncertainty about what is the right decision to make. The main reason individuals are reluctant to consider long-term care insurance is the fact that it may never get used. The truth of the …

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6 Newlywed tax tips

Have you recently married? Do you plan on being married by the end of the year? Likely the last thing on your mind currently is taxes, but there are a few things you’ll want to take care of to avoid unnecessary stress at tax time. Learn more about tax planning as newlyweds Notify the Social Security …

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Late entity classification: IRS guidance

We have often seen clients struggle with their decisions as to what type of tax entity classification they should choose for their businesses. Sometimes business owners or shareholders may decide to change their business’s entity classification after the business has operated for one or more years. These changes may be due to several reasons such …

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Tax rules for selling your home

Now that the housing market is beginning to rebound, you may be considering putting your current personal residence on the market. But what do you need to know before you call your real estate agent? First, does the residence qualify as your “main” home? And secondly, will the sale result in a gain or a …

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Gaining favor among customers by absorbing sales tax

Like the rest of us, state governments want the money that is owed to them. In a growing trend, however, states are caring less about who is paying the money. Forty-five states and D.C. have sales tax requirements. It used to be the law that a seller with nexus must collect the tax from the …

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Gifting your assets: give or keep

When faced with the question of gifting your assets, there are multiple variables to consider. Keeping an asset causes it to be included in the estate of the deceased for estate tax purposes, whereas gifting an asset allows its future appreciation to grow outside of the estate with its intended beneficiary, possibly saving large amounts …

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