Unannounced IRS Visits

The IRS announced in July of 2023 that they would suspend all unannounced visits to taxpayer’s homes and places of business. This decision was made as part of the new IRS Strategic Operating Plan. IRS Commissioner Danny Werfel was quoted about this change, “We are taking a fresh look at how the IRS operates to better serve taxpayers and the nation, and making this change is a common-sense step,” Werfel said. “Changing this long-standing procedure will increase confidence in our tax administration work and improve overall safety for taxpayers and IRS employees.” Read more about this update HERE.

New Tax Changes Affect Gifting Money to Minors

As the end of school approaches, many parents and grandparents consider college expenses for their children.  What once was an easy and low-tax way to give money to younger children will soon cost a good deal more.  Ashley Ebeling for Forbes explores the changes in the so called “Kiddie Tax” in her article, The Kiddie Tax Grows Up: Beware The IRA Trap

Short-Term Rentals

Ever thought about renting your home for holiday travelers or summer vacationers?  Or maybe during a music festival or race?  There are tax implications that come with this type of real estate.  Before you take the plunge, read this informative article by Mike D’Avolio, CPA, J.D. for the Journal of Accountancy.

Short-term rentals, the sharing economy, and tax

The IRS Always Sends A Bill First

safety-first-283x300Recently there has been a rash of phone scams concerning taxes.  Many people have paid money over the phone, believing that they would be in trouble with the US government if they did not.  As a certified public accountant, I wanted to make sure you understand that the IRS will always send you a letter first.  They do not make cold calls demanding money.  Please read this article to better inform yourself about the scams currently in play, and remember that the IRS will not call you, they will send a bill.

Phone Scams Continue to be a Serious Threat, Remain on IRS “Dirty Dozen” List of Tax Scams for the 2016 Filing Season