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Hello, readers! Today, we will break down some complex tax news into simple terms. The IRS has recently announced a major initiative to enhance tax compliance and fairness. Here’s what you need to know: 1. High-Income Earners in the Spotlight The IRS is intensifying its focus on individuals with incomes over $1 million and significant…

The IRS Fresh Start program is a lifeline for those struggling with tax debt. It’s designed to help individuals and small businesses meet their tax obligations without adding unnecessary burdens. Here’s a simple guide to understanding this program and its steps. What is the IRS Fresh Start Program? The Fresh Start program is a set…

If you own or operate a business in the U.S., you may have heard of the Corporate Transparency Act (CTA). This new law was passed by Congress in 2021 as part of the National Defense Authorization Act. The CTA requires certain businesses to report information about their beneficial owners, who are the individuals who directly…

Tax planning may not sound like the most exciting topic, but it’s crucial to managing your finances. Like you plan your weekends and social activities, tax planning is about organizing your money to ensure you keep as much of it as possible. This blog post will explain why tax planning is essential and how it…

A tax attorney is a lawyer who specializes in tax law and is licensed to practice law in the state where they are admitted to the bar. Tax attorneys have expertise in the complex laws and regulations that govern taxes and can provide legal representation to taxpayers facing tax-related issues. An enrolled agent (EA) is…

FBAR stands for “Foreign Bank Account Report,” a report required by the U.S. Treasury Department for American citizens and residents with financial interests in or signature authority over foreign financial accounts if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. FBAR has filed annually with the Financial Crimes…

An Offer in Compromise (OIC) is a legal agreement between a taxpayer and the Internal Revenue Service (IRS) that allows the taxpayer to settle their tax debt for less than the full amount owed. The IRS may accept an OIC if it determines that the taxpayer cannot pay the full amount of their tax debt…

The crypto market is down 46% from its all-time high in May, but shrewd investors are celebrating the dip in prices. Because the IRS classifies digital currencies like bitcoin as property, losses on crypto holdings are treated much differently than losses on stocks and mutual funds, according to Onramp Invest CEO Tyrone Ross. With crypto tokens, wash sale…

It’s very common for family members to become caregivers for other family members or help them financially when medical care or long-term care is needed. It’s also common for these families to leave money on the table by not taking all the tax breaks they could. The care could take many forms. An adult child…

One of the most important aspects I’ve learned about practicing law is having the ability to communicate effectively and consistently. No matter how solid a resolution may seem on paper, without proper communication, the implementation can go awry quickly. For attorneys, we must be aware of our client’s concerns and anxieties; walking a mile in…