Once you turn age 70 1/2, tax law mandates that you withdraw a required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution with a qualified charitable distribution (QCD), you can eliminate the…
With the passage of the Taxpayer First Act in mid-2019, the Treasury Department (i.e., the IRS) is required to establish a program to issue an IRS identity protection pin (IP PIN) to any U.S. resident who requests one.
Every year, the majority of taxpayers file their returns with the IRS between by the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason, tax season is followed…
Considering how many priorities, problems, and distractions a business owner deals with every day, it should come as no surprise that IRS payroll tax issues may arise. Whether you filed your payroll returns late or failed to make payroll tax…
When you’re struggling with tax issues and need urgent tax resolution assistance, East Coast Tax Consulting Group is your answer. From helping you with unfiled tax returns to negotiating back tax settlements to providing IRS audit defense, our skilled CPAs…
If you’re thinking of selling real property that will result in a gain, there are a number of issues that impact the amount of taxes you will owe, and you should be aware of the tax planning steps that can be…
Tax return mistakes are not uncommon. Since taxes can be extremely complicated and the documents required to file them properly are sometimes difficult to understand, mistakes occur more than you may expect. This is especially true for taxpayers filing their…
You’ve probably heard the old saying, “if it sounds too good to be true, it probably is.” It turns out that that advice is particularly applicable in the tax debt relief arena. Many taxpayers who are struggling with tax debt…
Individuals as well as corporations, partnerships, and trusts that have financial interests in or authority over one or more foreign financial accounts need to report these relationships to the U.S. Treasury, provided that the aggregate value of those accounts exceeds…
The IRS is a large and complex bureaucracy that wields an enormous amount of power over the lives of everyday Americans, most of whom have little understanding of how the IRS works or what it expects of them. This is…