Every year the IRS lists out the most aggressive scams of the year under its “Dirty Dozen” list. This list highlights various phishing and other scams that taxpayers might encounter. The current IRS list includes the following scams: Phishing: At the top fo the list is Phishing – fake e-mails/websites that try to steal personal […]
Month: September 2020
Delayed Payment of Employer Taxes
On Aug 8, 2020, President Trump signed a memorandum directing the Treasury to provide specific relief with reference to the social security withholding. For the purposes of the notice, all employers required to withhold and pay social security withholding are affected by COVID 19 and would be considered “Affected Taxpayers”. For affected taxpayers, the withholding […]
More on the TCJA & Gift and Estate Tax
The Tax Cuts & Jobs Act of December 2017 doubled the lifetime exclusions under the Gift and Estate tax to $11.4 Million (adjusted for inflation) in 2019. An individual’s estate comprises of the total net value of his assets. According to Gift Tax rules, the first $11.40 Million would be free (For 2019 – this […]