Although the IRS performed well under difficult circumstances, Erin Collins, IRS National Taxpayer Advocate, dubbed 2021 the most challenging year taxpayers and tax professionals have ever experienced in her annual report to Congress issued in January. Among top...
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Month: January 2022
One Good Tax-Related Increase
For those taxpayers who plan to reduce their estates by giving annual gifts during their lifetimes, the IRS recently announced that they will be able to increase the donation from $15,000 to $16,000 this year (per taxpayer, per donor). With a federal estate tax of...
Taxpayers Can Protect Their Identities with an IRS Identity Protection PIN
The IRS Identity Protection Personal Identification Number (IP PIN) is a six-digit number assigned to eligible taxpayers to help prevent other people from using their social security numbers or taxpayer identification numbers fraudulently. To obtain an IP PIN online,...
IRS Top 10 Criminal Cases of 2021
From bitcoin exchange owners to a former pastor, the IRS identifies the top 10 criminal cases of 2021 which includes frauds that were committed against charitable organizations, unsuspecting consumers of solar products, illegal investment scams known as Ponzi schemes,...
Malta Pension Funds Deemed Taxable in the U.S.
Receive a pension distribution from a Malta pension fund? If you are a U.S. citizen, you will be unhappy to learn that the distribution is taxable for U.S. purposes, following the discovery of abuse by U.S. taxpayers with no prior connection to Malta. Through a...