Silver Lining for the Affluent in this Challenging Tax Season
February 16, 2022Gift tax returns are truly a gift for wealthy tax filers. Glitches confounding the IRS for a third pandemic year largely concern individual returns, not gift tax ones, which are filed far less frequently. Last year, donors could give $15,000 each to as many relatives, friends or other recipients as they wished.
New Ordinance Requires Written Contract for Domestic Workers
February 15, 2022New Chicago ordinance requires employers of domestic staff to provide a contract.
Tax Season 2022…Brace Yourself for Bumpy Ride
February 15, 2022Tax preparation professionals suggest: Do everything you can do electronically, especially if you’re due a refund. Keep the human element out and don’t expect to get through to the IRS by telephone.
IRS Suspends Automated Notices to Streamline System
February 15, 2022IRS Suspends Automated Notices In the latest push to try and organize a better 2022 tax season, the Internal Revenue Service is suspending more than a dozen automated letters it sends out to taxpayers. These include collection notices, balance due notices and unfiled tax return notices. The actions seem to be a direct result of… Read more »
Comprehensive Estate Plan is the Real Way to Say I Love You
February 07, 2022The Romance of a Comprehensive Estate Plan Jewelry and Chocolates are nice but to truly show you love-think of an estate plan! Yes, love is in the air this Valentine’s Day season. We are going on record to say nothing quite says I love you like a comprehensive estate plan! There is no better way to… Read more »
IRS Having Difficulty Processing Power of Attorney Forms
January 26, 2022The 2021 tax season is open! It is promising to bring a host of challenges. Tax professionals are largely ready to forge ahead to help their clients get through it, but now they may have trouble getting power of attorney forms processed. The IRS is still dealing with a backlog of millions of tax returns,… Read more »
Don’t Be Afraid, Be Proactive — Plan Your Estate Today!
January 19, 2022Be Proactive in Your Estate Planning If you don’t have an up-to-date estate plan and you happen to get hurt or sick and cannot manage your financial affairs, the courts will have to appoint someone to manage them for you Without an estate plan, when you pass away, your affairs will be settled by default… Read more »
Treasury says be ready for frustration this tax season
January 18, 2022Frustrating Tax Season Ahead According to Treasury Department Be forewarned, the Treasury is warning of additional headaches this tax filing season. Taxpayers should be prepared for delays as returns and refunds are processed. There will be difficulties in reaching the IRS. The Treasury officials said funding cuts and staffing shortages due to the ongoing health… Read more »
Tax Attorney vs. CPA: Why Not Choose Both?
January 10, 2022Can’t Decide Between Tax Attorney or CPA? Why Not Choose Both? Whether you need a professional to assist with tax issues on personal or business-related concerns, it can be difficult to determine which expert best fits your needs. The most reliable professionals to aid you with tax problems are the tax attorney and the CPA…. Read more »
Using Estate Planning to Cover a Child or Grandchild’s College Tuition
January 07, 2022Estate Planning Can Cover a Child or Grandchild’s College Tuition College tuition costs are escalating every day. This includes all the costs that go along with tuition. Remember expenses such as equipment, living expenses, school supplies, textbooks, and more. For many families, the thought of covering these costs is nothing short of daunting. However, estate… Read more »