Credit for Other Dependents

2020 – 05/07 An offer in compromise (OIC) is an agreement between a taxpayer and the IRS to settle the taxpayer’s tax debt for less than the full amount owed. OICs must generally be accompanied by an application fee which was recently raised from $186 to $205. In a Guidance Memorandum, the IRS has announced…

2020-12/02 It’s been estimated that there are roughly 5 million family-owned businesses in the United States. Annually, these companies make substantial contributions to both employment figures and the gross domestic product. If you own a family business, one important issue to address is how to best weave together your succession plan with your estate plan….

2019 – 11/19 If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur. These expenses may include…

2022 – 04/01 If your assets include foreign bank and financial accounts, you must annually file a Report of Foreign Bank and Financial Account (FBAR). The IRS is reminding affected taxpayers that the deadline to file an FBAR generally is April 15. Specifically, taxpayers must file FBARs if they have financial interest in or signature…

2019 – 11/22 In certain cases, the IRS is required to use private debt collection agencies (PCAs) to collect the amounts owed. The IRS wants the public to be aware that, with identity theft heating up, scammers pretending to be from PCAs are placing random calls, demanding payment from unsuspecting taxpayers. Here’s what you need…