Experienced-Diligent-Effective
Articles and News
IRS Statute of Limitation on Collecting Taxes
For some the only hope of relief from unmanageable federal tax debts may be the statute of limitations on collection. In theory, the IRS has only 10 years from the date of assessment to collect. However, this 10-year limitation has many exceptions, waivers and overlapping extensions such that in all but the simplest of cases computing the correct “collection statute expiration date” is quite difficult.
IRS Can Revoke/Deny Passports
The IRS can deny and/or revoke passports. This is new ground in tax enforcement for the IRS. It will make it harder for taxpayers with serious tax problems to flee the country. However, we think Congress was far more concerned with getting a delinquent taxpayer's attention. Here's why:
Proposed Retirement Plan Changes
Proposed changes to Retirement Plans. The coming federal budget will include a few changes to retirement accounts, including a new retirement plan called the myRA.
Changes in Tax Deductions and Credits
It's tax filing season. And again this year, we had some tax laws extended by Congress through 2016 or 2019, but some were actually made permanent. I'm going to discuss those tax provisions that have been extended or made permanent for individual taxpayers.
Estate Tax Exemption
Most people never pay estate taxes because of the exemptions that apply to the tax, and the estate tax exemptions for 2015 and 2016 may save taxpayers millions of dollars. that would otherwise go to the IRS. How much is the estate tax exemption for 2015 and 2016?
Net Investment Income Tax
The NIIT applies at a rate of 3.8% to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts.