IRS
IRS Plans to Go Paperless by 2025 Tax Season
By the 2025 filing season, the IRS will digitally process 100 percent of tax and information returns that are submitted by paper, as well as half of all paper correspondence, non-tax forms, and notice responses.
The Tax Payoff for Life Insurance
Although Congress has chipped away at many traditional tax shelters in recent years, the main benefits of life insurance remain intact.
Pros and Cons of the “Kiddie Tax”
If you’re not careful, this often-misunderstood tax provision can result in a sizeable income tax liability for the family.
Maryland Digital Ad Tax Case Leaves States in Limbo, But Digital Taxes Aren’t Going Away
Businesses should be aware that as states become more fiscally creative, there will be more tax complexities and a bigger burden as the patchwork of regulations across the country get sorted out...
AICPA Makes Recommendations on Improving IRS Appeals
The AICPA believes that it is important that all taxpayers have convenient accessibility to an Appeals conference if they choose to do so.
IRS Ends Unannounced Visits by Agents
Effective immediately, unannounced visits will end except in a few unique circumstances and will be replaced with mailed letters to schedule meetings.
Colorado Businessman Gets 15 Months for $737K Employment Tax Evasion
A Colorado man has been sentenced to 15 months in prison for evading the payment of more than $700,000 in employment taxes he owed to the IRS.
Once Again, the IRS Delays RMD Rules for Inherited IRAs
The IRS last week gave taxpayers additional relief from the confusing rules for certain required minimum distributions.