Need an estate tax closing letter from the IRS?

An estate tax closing letter is a confirmation that the Internal Revenue Service will provide to the fiduciary of an estate after they have finishing reviewing and have accepted a Form 706. According to the IRS website, a fiduciary should wait at least nine months after the filing of the Form 706 to request the …

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Education tax benefits in Arizona have changed

Getting educated solely from the School of Hard Knocks or the University of Life is something Uncle Sam would like to help us avoid.  To that end we have 529 plans and other education tax benefits. What are they? Simply put, a 529 plan is an investment account that offers tax benefits when used to …

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Potential tax issues with non-fungible tokens

The IRS gives guidance on virtual currency, however tax treatment of non-fungible tokens (NFTs) specifically has not been addressed. NFTs are considered to have a complete life cycle. It’s life cycle includes its creation, use, sale or exchange, contribution to a charity and total loss of value. How should tax professionals treat the gains, losses …

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IRS penalties to be aware of

When tax obligations are not met you as a taxpayer will owe a penalty to the IRS. A notice will be sent to you by mail detailing the penalty, reasons for the charge and the steps to proceed. There are different types of penalties for different violations. Here’s what you need to understand to avoid …

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Are you still waiting for your tax refund?

Have you filed your 2020 tax return and are expecting a tax refund? Are you still anxiously awaiting that refund, and hearing stories of your friends, neighbors and co-workers already receiving theirs? This is frustrating to say the least for many taxpayers and causing concerns. Just know that you are not alone. Don’t miss: More …

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More tax scams to be aware of

One thing’s for sure. Nothing is certain except death and taxes…and thieves trying to scam you out of your money. Another year, another IRS “Dirty Dozen” tax scam list. Adding to the annual list of popular scams, the IRS is warning Americans to be on the lookout for fraudsters masquerading as tax professionals peddling the …

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Amended vs. superseded tax return

Most of us know what an amended tax return is.  But what about its lesser-known sibling the superseded tax return? In short, a superseded tax return is a return filed subsequent to the originally filed tax return but filed within the filing period of the original return including valid extensions. The return is filed using …

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EB-5 Immigrant Investor program expires

The EB-5 program was created in 1990 to stimulate the economy by utilizing foreign investors. The program administers employment-based fifth preference visas to qualified participants. Investors, along with their spouses and unmarried children under 21, are eligible to apply if they 1) make the necessary investment in a commercial enterprise in the U.S., and 2) …

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Have you checked your tax withholding lately?

You don’t need me to remind you that a lot has changed in the world in the last few years. We have had major tax law changes. People have changed jobs or seen many changes to the jobs they have kept. People have had new kids or had kids grow up and leave the house. …

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Recently moved? Update your address with the IRS.

As COVID-19 swept across the county, and even the world in 2020, it brought with it many changes that we would all need to adapt to. One of the most significant effects of the pandemic has been the spike in demand for housing across the country. In fact, one poll found that 56% of Americans …

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