Fail to Pay your Taxes, Get your Passport Revoked

Individuals with significant tax debt should act promptly to avoid revocation of passports. The Internal Revenue Service today urged taxpayers to resolve their significant tax debts to avoid putting their passports in jeopardy. They should contact the IRS now to…

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Posted: 08/08/2019

IRS is sending Letters to Virtual Currency Owners

The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. “Taxpayers should take these…

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Posted: 08/05/2019

Buying a Home

People who buy a new home this year can only deduct mortgage interest they pay on a total of $750,000 in qualifying debt for a first and second home. It’s $375,000 if married filing separately. NOTE: For existing mortgages, if…

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Posted: 08/01/2019

Good Tax Planning includes good Recordkeeping

Tax planning should happen all year long, not just when someone is filing their tax return. Taxes are probably the last thing on your mind this time of year. Most people are just returning from vacation, just leaving for vacation…

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Posted: 07/23/2019