Receiving notification from the Internal Revenue Service that there’s some kind of problem is one of the most bone-chilling situations an American taxpayer can experience. Just receiving an envelope with a return address from the IRS can strike fear. There are many different reasons that the IRS might reach out, but some are more common than others. Here are the top issues … [Read more...] about Most Common Types of IRS Tax Problems
Making Two IRA Rollovers in One Year Can Be Costly
Article Highlights: One Rollover per Year RuleExceptionsTax ConsequencesDisqualified Rollover Early Withdrawal Penalty Tax law permits you to take a distribution from your IRA account, and as long as you return the distribution to your IRA within 60 days, there are no tax ramifications.However, many taxpayers overlook that you are only allowed to do that once in a … [Read more...] about Making Two IRA Rollovers in One Year Can Be Costly
Tax Reform Enables Deferral of Taxable Gains Into Investments in Opportunity Zones
Article Highlights: Tax Cuts and Jobs ActReinvested GainsEnhanced BasisQualified Opportunity FundsPartnershipsQualified Opportunity Zones Those who have a large taxable gain from the sale of a stock, asset, or business and who would like to defer that gain with the possibility of excluding some of it from taxation should investigate a new investment called a … [Read more...] about Tax Reform Enables Deferral of Taxable Gains Into Investments in Opportunity Zones
Hardship Exemption Rules for Not Having Health Insurance Eased
Article Highlights: Shared Responsibility PaymentExecutive OrderHardship ExemptionExemption Certification Number The Affordable Care Act (Obamacare) included a “shared responsibility payment,” which in reality is a penalty for not having health insurance. Along with this penalty came a whole slew of exemptions from the penalty, including some that were designated as … [Read more...] about Hardship Exemption Rules for Not Having Health Insurance Eased
Three Common Family Tax Mistakes
Article Highlights Family Member TransactionsRenting to a Relative Below-Market LoansTransferring Home TitlesGiftsBasisLife Estate When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are three commonly encountered situations and the tax ramifications associated with … [Read more...] about Three Common Family Tax Mistakes