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 28, 2021 | Income Tax Credits
The Earned Income Tax Credit (EITC) or Earned Income Credit (EIC) is a refundable tax credit targeted to working people with low to moderate income. A refundable credit means that you can take advantage of the credit even if you do not owe any tax. Unlike with a...
by Arthur Geffen | Jan 14, 2021 | Income Tax
Millions of people received unemployment benefits in 2020 amid the economic fallout from the pandemic.Families also received an additional $600 in weekly benefits up to the end of July 2020, thanks to the CARES Act. Many will owe taxes to the federal government and...
by Arthur Geffen | Jan 12, 2021 | identity theft
WASHINGTON – The Internal Revenue Service today expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities. The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent...
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...
