by Arthur Geffen | Dec 20, 2023 | Dallas Probate Lawyer
R-2023-244, Dec. 19, 2023 WASHINGTON — In a major step to help people who owe back taxes, the Internal Revenue Service today announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated...
by Arthur Geffen | Dec 19, 2023 | Dallas Probate Lawyer
There are currently about 180 tax expenditures, also known as tax breaks, which can take the form of exemptions, deductions, credits, and preferential rates written into the U.S. Tax code. In 2023, those breaks totaled about $1.8 trillion. To put that in perspective,...
by Arthur Geffen | Dec 13, 2023 | Dallas Probate Lawyer
Tax credits could potentially save you thousands of dollars during the tax filing season. According to the IRS, a tax credit is a dollar-for-dollar amount you can claim on your tax return to reduce the income tax you owe. Eligible taxpayers can use them to reduce...
by Arthur Geffen | Dec 13, 2023 | Dallas Probate Lawyer
The Supreme Court agreed to consider a dispute involving the proper method for determining the value of hard-to-quantify life insurance payouts and whether they are considered corporate assets for the purpose of determining the federal taxable income of an estate. The...
by Arthur Geffen | Nov 20, 2023 | Dallas Probate Lawyer
The recently announced IRS inflation adjustments for 2024 taxes are all positive for investors and taxpayers, but financial advisors need to make sure their clients are taking advantage of the changes, said attorney Edward Renn of the Withers law firm in New York...
