I’ll Will it to You: Should Parents Tell Adult Children About Their Estate Plan
I’ll Will it to You We’ve all seen the happy little Grandma in a movie scene, sitting with her darling granddaughter who is drooling over her precious pearls and heard Grandma tenderly say “I’ll Will it to you Janey dear.” Some of us have probably even been told we will be “willed” something by our own parents or grandparents. Hearing this as an adult, we’d assume that when Grandma or Grandpa’s time on earth expires, we will get that item free and clear because they “willed” it to us. Since most people do not itemize every...
Read MoreWarning: “Miserable” 2015 Tax Season is Here
Warning: “Miserable” 2015 Tax Season is Here According to a recent article on CNN Money, the 2015 tax season could potentially be the worst since 1985. The 1985 tax season is considered a disaster due to computer failure, lost returns and delayed refunds. Sounds like fun, doesn’t it? Why is this happening? As we mentioned in some previously posts, the IRS budget had been cut yet again and the tax code is getting more complex, requiring the agency to take more care in reviewing the complicated returns. The IRS budget is roughly 10% less in 2015 than it was in 2010, without...
Read MorePhishing: IRS Tax Scams 2015
Phishing: IRS Tax Scams 2015 We recently warned our followers about the recent IRS tax scam alerts about phone scams and are back today to let you know about another one of the scams the IRS lists as part of the “Dirty Dozen” tax scams for the 2015 filing season: phishing. Phishing is a problem across the board, not just from scammers posing as the IRS, so its important that everyone understand and learn to recognize the signs of a phishing attempt. In our post from December 18th, 2013, we taught you all about cyber security, specifically with regard to protecting your business...
Read MoreDirty Dozen Tax Scams 2015: Phone Scams
Dirty Dozen Tax Scams 2015: Phone Scams The IRS recently published their “Dirty Dozen Tax Scams” for the 2015 filing season one at a time. The first scam on their list: phone scams. Apparently aggressive and threatening callers impersonate IRS agents and threaten police arrest, deportation, and license revocation among other things. They know just how to make people feel desperate enough to give them financial information on the spot. The IRS puts phone scams at the top of their list because they have been so common during the past few months. They also point out that the scam...
Read MoreTaxpayer Advocate’s Annual Report to Congress
Taxpayer Advocate’s Annual Report to Congress The National Taxpayer Advocate, Nina E. Olson, recently released her annual report to Congress. This report creates a dialogue within the IRS and the highest levels of government to address taxpayers’ problems, protect taxpayers’ rights, and ease taxpayers’ burden. The report lists the most serious problems encountered by taxpayers, gives legislative recommendations and reports on the most top 10 most litigated issues in federal courts. Olson emphasizes four key points in the preface to the report. “First, the budget environment of the last...
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