by Arthur Geffen | Jun 27, 2022 | IRS, Tax
Taxpayers who would rather crawl through broken glass than call the IRS about an amended return got some cheery news last week: More tax forms can now be amended electronically. See: ...
by Arthur Geffen | May 12, 2022 | Child Tax Credit, Tax
Families eligible for the expanded child tax credit who still haven’t received payments can still sign up to get the money through an updated portal unveiled by the White House on Wednesday designed to make the process even simpler. The portal, GetCTC.org, will allow...
by Arthur Geffen | Oct 27, 2021 | Estate Tax, Tax, Tax Planning
Inheritance can make your taxes tricky. If you inherit property or assets, as opposed to cash, you generally don’t owe taxes until you sell those assets. These capital gains taxes are then calculated using what’s known as a stepped-up cost basis. This means that you...
by Arthur Geffen | Feb 25, 2021 | IRS, Tax
Since 2015, Congress has required the IRS to enter into contracts with private debt collection agencies (PCAs) to collect unpaid tax liabilities from taxpayers the IRS does not have the resources to collect. In 2019, as part of the Taxpayer First Act (TFA), Congress...
by Arthur Geffen | Jan 12, 2021 | Tax, Tax Planning
Use a spousal limited access trust (or SLAT) Of all of the proposed changes, the most significant is the reduction of the estate and gift tax exemption from $11 million to $5 million. This decrease can be avoided by transferring wealth now. One option is the spousal...
by Arthur Geffen | Jan 11, 2021 | Estate Tax, Gift Tax, Income Tax, Tax
With the results of the Georgia runoff election in the Democrats Control the House, the Senate and the White House. So, the potential for harsh tax legislation increasing taxation of the wealthy, along the lines of prior Democratic proposals, might be likely to...
