A new way to Shield An extra $1,000 !

Hey, guess what? The IRS just tossed in a sweet bonus for folks who hate dealing with taxes on their investments! Now you can shield an extra grand while prepping for retirement.Next year's 401(k) limit got a boost—up by 500 bucks, landing at...

Form 6765 is Getting a Makeover!

Avoid a Surprise and check your withholdings!

The Role of Accountants in Estate Planning: Ensuring a Smooth Transition of Assets

Estate planning is a crucial aspect of financial management that often gets overlooked until it's too late. While many people associate estate planning with lawyers, accountants play an equally essential role in this process. Accountants bring their...

6 Crucial Tips to Avoid an IRS Audit

Getting audited by the Internal Revenue Service (IRS) can be a stressful and time-consuming experience. To help you steer clear of this potential nightmare, I'm here to offer some valuable advice from my years of experience as an accountant. While...

What is Injured Spouse Relief

Injured spouse relief is a program that provides tax relief to spouses who have had to pay out-of-pocket expenses for qualifying medical expenses. These expenses can be related to the injury or illness of either spouse and can include things like...

Payroll Tax Debts And Personal Liability

Employers have a number of legal and financial obligations with regard to their employees. One such obligation is the payment of payroll taxes. Failure to pay these taxes can result in significant penalties and interest, as well as personal...

Innocent Spouse Relief Part 3 – Equitable Relief, 6015(f)

In our last blog post, we talked about Innocent Spouse Relief Part 2 – Injured Spouse Relief. This week, we will be discussing Equitable Relief, 6015(f). As the name suggests, this type of relief is meant to provide fairness in tax cases where one...

Innocent Spouse Relief Part 2 – Separation of Liability, 6015(c)

Separation of liability is a key part of the IRS's process for providing innocent spouse relief. This relief allows a taxpayer to be relieved of responsibility for paying taxes on a joint tax return if he or she can show that it would be unfair to...

Innocent Spouse Relief Part 1 – Innocent Spouse, 6015(b)

For people who are married and file a joint tax return, if only one spouse is responsible for the errors or omissions on that return, the IRS may be able to hold both spouses liable for any resulting tax deficiencies and penalties. This is known as...