I am often asked: how do you get an offer in compromise accepted? What is the most important thing to remember when submitting an offer in compromise? Tell your “Story” the right way! In 13 years of law practice and many successful Offers in Compromise, I tell you… Read More
Tax debt can be stressful and overwhelming with no end in sight. There are many options to consider, some better than others given your particular set of circumstances. Sometimes you need professional help to see the best course and sometimes you have self-help options to explore yourself. Whatever… Read More
The Tax Cuts and Jobs Act of 2017, eliminated the old NOL rules of 2-year carrybacks, carryforward 20 years. Instead, it disallowed NOL carrybacks for all post-2017 losses and extended the 20 year carryforward to an unlimited carryforward (limiting the offset to 80% of taxable income). Now, under… Read More
The IRS should avoid to a soon-to-be distressing event for taxpayers. Professor Keith Fogg of Harvard Law (and head of its Tax Clinic) recently wrote an article discussing a time-bomb blog post by Erin M. Collins, the National Taxpayer Advocate. Professor Fogg details in good order her comments… Read More
The IRS takes sight on cryptocurrency; a new tax question concerning cryptocurrency transactions now on Schedule 1 of IRS Form 1040. Beware how you answer: https://cointelegraph.com/news/irs-crypto-tax-return-question-be-careful-how-you-answer. And possibly consider filing a Disclosure Statement with your tax return, see: https://cointelegraph.com/news/crypto-tax-disclosures-can-help-with-internal-revenue-service.
The CARES Act waives the requirement that taxpayers take RMDs for 2020 from IRAs, 401(k) plans and other defined contribution plans. Taxpayers who already took 2020 RMDs may be able to roll them over to their other retirement plans or IRAs and avoid paying income tax on the… Read More