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7 years ago
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The latest IRS telephone scam involves taxpayers receiving calls from criminals who are claiming to need to collect taxes with demands for this payment to be made with a pre-paid gift card. These criminals are able to fake the IRS phone number that shows on taxpayers' caller id devices and often per... [read more]
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7 years ago
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Although millions of people each year earn cash refunds from the Internal Revenue Service (IRS) via the Earned Income Tax Credit (EITC), many others, including many people with disabilities, are not taking advantage of this generous program.
In late January 2018, the IRS issued a Notice encou... [read more]
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7 years ago
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Included in the new tax bill, signed by President Trump on December 22, is a provision that could provide some temporary relief for families with high medical expenses.
Federal law currently allows families with medical expenses exceeding 10 percent of their adjusted gross incomes to deduct c... [read more]
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7 years ago
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ABLE accounts are a great new savings tool for individuals with disabilities, but not all people with disabilities are eligible to open these accounts. The rules for determining eligibility are for the most part uncomplicated, although one requirement is proving controversial.
Created by Con... [read more]
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7 years ago
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In passing the Achieving a Better Life Experience (ABLE) Act in 2014, Congress created a new way for potentially millions of people with special needs to save for disability related expenses without jeopardizing their eligibility for federal public benefit programs.
In fact, these savings pla... [read more]
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8 years ago
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Grandparents may be tempted to leave an IRA to a grandchild because children have a low tax rate, but the "kiddie tax" could make doing this less beneficial.
An IRA can be a great gift for a grandchild. A young person who inherits an IRA has to take minimum distributions, but because the dist... [read more]
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8 years ago
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Special needs trusts can be an invaluable tool for families that have a child with special needs. One often overlooked aspect of a special needs trust (SNT), however, is how the trust is taxed. This consideration is important because the tax savings can be substantial depending on how the trust is ... [read more]
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8 years ago
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Sometimes seniors find themselves owing past-due federal taxes they cannot afford to pay. Although notices from the IRS can be especially frightening, there are solutions.
If the sum owed is less than $50,000, the IRS will accept monthly payments over five years. For example, if $6,000 is ow... [read more]
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8 years ago
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In a move that could be confusing to seniors who are vulnerable to scams, the IRS will begin using private debt collection agencies to collect past-due taxes. The new program will begin in April 2017.
Authorized by a law Congress passed in December 2015, the IRS may now contract with private ... [read more]
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