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IRS Waives 60-day IRA Rollover Requirement

On October 20, 2014, a taxpayer cashed in an annuity contract held in an IRA and intended to roll the proceeds over into an IRA account. However, funds from the annuity were mistakenly deposited into a non-IRA account by her…

February 27, 2018

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Trump’s 2019 Budget Further Cuts IRS Funding

President Donald Trump recently released his fiscal year 2019 IRS budget request to Congress for a total of $15 billion in funding. As you are aware, the tax code was recently overhauled with the enactment of the new tax law. …

February 27, 2018

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Trump Nominates Tax Attorney to Lead IRS

President Donald Trump’s administration recently announced the nomination of Charles Rettig to be the next IRS Commissioner. Rettig’s nomination is significant because he would be the first IRS Commissioner in 22 years with a background in tax practice. Rettig is…

February 21, 2018

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Question Arises Over Statute of Limitations for 2013 Tax Returns

The IRS Trouble Solvers™ recently received the following question via our website regarding one of our past blogs about the Statute of Limitations on 2013 tax returns: “I filed an extension in April 2015 for my 2014 tax return. I…

February 21, 2018

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Is the IRS Prepared to Answer Questions About New Tax Law?

Taxpayers may encounter difficulty in getting their questions answered from the IRS this year as the new tax law passed in December 2017 is fully implemented. According to a post on the Wolters and Klewer Tax and Accounting Blog, the…

February 15, 2018

Proposed Legislation Would Allow Deduction for Property Taxes Prepaid in 2017

In a previous blog, we noted that the IRS signaled that it will likely disallow the deduction of prepaid state and local real property taxes in 2017 if the tax liability issue had not yet been assessed when it was…

February 15, 2018

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Misappropriated Money Treated as Income by U.S. Tax Court

If you improperly use money that is entrusted to you, should that money be treated as income to you?  The answer is yes, according to a recent case in the United States Tax Court.  In the case of Sun v….

February 14, 2018

If You Prepaid Your Real Estate Taxes in 2017, Are They Still Deductible on Your Tax Return for 2017?

The new tax law recently signed by President Trump limits annual itemized deductions for all non-business state and local taxes, including property taxes, to $10,000.00 after 2017. Because many people’s property taxes are greater than $10,000.00 per year, many individuals…

February 14, 2018

report-new-tax-law-could-mean-future-headaches

Report: New Tax Law Could Mean Future Headaches

Most American workers may be pretty excited about the fact that the tax cuts passed by Congress in December 2017 will mean more money in their paychecks.  However, a new report from Fox Business states that the withholding amounts for…

February 07, 2018

Can I Avoid Paying Back Taxes by Declaring Bankruptcy?

There are several different types of bankruptcies, including a Chapter 13 (repayment plan for individuals), a Chapter 11 (repayment plan for businesses) or a Chapter 7 (liquidation). In a Chapter 13 or a Chapter 11, the taxes are typically paid…

November 21, 2017

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