Think you do not have anything to leave behind? Think Again! (Part 3 of 4) – Durable Power of Attorney

Ok, so now you have a Last Will and Testament where you have directed where your assets will go after you pass away and who will be responsible for administering your estate. But who will help you during your lifetime if you become incapacitated and need assistance handing your finances? Enter the Durable Power of […]

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Think you do not have anything to leave behind? Think Again! (Part 2 of 4) – Wills

Now that you have considered all of the various possibilities that you may amass a sizeable estate when you pass away, you then must consider to whom you would like the assets to pass to and, just as important, who will administer your estate. First, the decision of who will inherit from your estate. A […]

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Think you do not have anything to leave behind? Think Again! (Part 1 of 4)

We hear it time and time again. People considering whether or not to have estate planning documents done, but stopping short of following through because they think “I really do not have anything to leave behind” or “There is no need right now, I only have one bank account anyway”. While that may be true […]

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Tax Return Copies and Transcripts

The IRS recommends that taxpayers keep a copy of tax returns for at least three years. Doing so can help taxpayers prepare future tax returns or even assist with amending a prior year’s return. If a taxpayer is unable to locate copies of previous year tax returns, they should check with their software provider or […]

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Have You Looked At Your Estate Plan Lately?

You have most likely heard the phrase “the only certainties in life are death and taxes”, but have you thought about how the timing of death and the amount of taxes owed are not certain? “The Tax Cuts and Jobs Act of 2017 leaves the federal wealth transfer tax system in place, but temporarily doubles […]

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Did You Get A Letter Or Notice From The IRS?

First of all, DON’T panic until you read the letter or notice. Every year, the IRS sends millions of notices and letters to taxpayers, and some of them, believe it or not, are benign. Next, you should IMMEDIATELY forward the letter/notice to your tax preparer.  They are much more accustomed to these notices/letters and can […]

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Beneficiary Designations

Do you know who your beneficiaries are on your life insurance policies and retirement accounts?  Are you sure?  When was the last time you confirmed the beneficiaries of record on these assets? When you set up these assets, you designate primary and a contingent beneficiaries. Do you remember the beneficiaries you designated? Changes occur in […]

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Let’s Not Go Phishing

Sadly, the internet has brought new found problems as well as the tremendous benefits proven over the years.  With regard to the IRS, there are everyday challenges to protect taxpayers and their sensitive data.  You’ve heard it before, but the information in this blog bears repeating. In their attempt to avoid theft of taxpayer information […]

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Do You Need To Amend Your Income Tax Return?

So tax season is over and you have filed your returns.  You are finished with taxes for yet another year.  Yippee! That is until you go to your mailbox and find a corrected income tax statement.  A financial institution discovered an error in what was previously reported and the numbers have changed.  So now what […]

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Conclusion – Taxpayer Bill of Rights

We have addressed the first seven Rights that taxpayers have according to the Taxpayer Bill of Rights.  As we conclude this mini-series, we will look at the final three Rights. THE RIGHT TO CONFIDENTIALITY.  Taxpayers have the right to expect that any information they provide to the IRS will not be disclosed unless authorized by […]

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