by Pierre Philantrope | Mar 27, 2024 | Tax Tip
Many taxpayers are currently receiving correspondence from the Internal Revenue Service. Notices that were on hold because of Covid-19 and lack of funding to enforce compliance are resumed. Some taxpayers are now realizing that the Service did not overlook the past...
by Pierre Philantrope | Mar 13, 2024 | Tax Tip
There is a time period that the Internal Revenue Service can audit tax returns. There is is a statute of limitations on IRS audits and tax assessments. The time period is called Assessment Expiration Date (ASED). Once the limitations period expires, the IRS cannot...
by Pierre Philantrope | Mar 6, 2024 | Tax Tip
The principal residence gain exclusion is very valuable when an appreciated home is sold. Taxpayers should keep evidence of home repairs and improvements that increase their basis in the property to determine their gain on the sale. IRS Publication 523 has a long list...
by Pierre Philantrope | Feb 7, 2024 | Tax Tip
Taxpayers tax filing status is extremely important. They are 1) Single, 2) Married Filing Jointly, 3) Married Filing Separately, 4) Head of Household, and 5) Qualifying surviving spouse. Your filing status determines your filing requirements, your tax rates,...
by Pierre Philantrope | Jan 31, 2024 | Tax Tip
Married taxpayers who are injured spouses could still receive a refund when they jointly file their tax return even when the refund or part of the refund was applied or will be applied to pay a past due obligation of one spouse. You are an injured spouse if you...
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