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IRS to Enlist Debt Collectors to Recover Overdue Taxes

Tax Planning Advice - Sobul Primes Schenkel CPA Los Angeles

After several years of warning taxpayers of fraudulent telephone calls and e-mails from individuals posing as Internal Revenue Service debt collectors, the Internal Revenue Service has been instructed by Congress to contract with private collection agencies to attempt to collect the oldest and largest delinquent taxes. The IRS has selected four companies, CBE Group, ConServe, Performant and Pioneer Credit Recovery Read More »

How Long Do I Need to Keep Tax Returns and Related Records?

One of the most frequently asked questions that we get from clients is “ How long do I have to keep all of my records and tax returns?”. The general rule for copies of tax returns is – indefinitely. With the advent of scanning and electronic storage programs, this is slightly less onerous than in previous years. Documentation related to Read More »

New Tax Return Due Dates for 2016 Tax Returns

The Internal Revenue Service has made several changes in due dates for some Federal tax returns, effective for the filing of 2016 tax returns, due in 2017. The changes affect Partnership, LLC and C Corporation tax returns. The due dates for S Corporation returns, individual income tax returns and estimated tax payments have not changed, however, there is one due Read More »

IRS Proposes New Regulations to Limit Discounts for Gifts Of Family Owned Entities

For the last few decades, one of the most popular methods for transferring assets to a next generation was the gifting or sale of partnership, LLC or closely held corporate interests, the valuation of which could take advantage of “discounts” due to “lack of marketability” and “lack of control”, and result in the transfer of assets at a significant discount for estate and Read More »

Fraudulent IRS “Collection Calls”

For the third newsletter in a row, we are including some old and some new information on a telephone scam which continues to be a problem, based on the increasing number of calls which we are receiving from our clients.  Previously, the calls were made by a “live” person, claiming to represent the U.S. Treasury or the Internal Revenue Service, Read More »

Does Extending Your Personal Income Tax Return Increase the Odds of an IRS Audit?

Personal Income Tax Extensions and IRS Audits, Los Angeles CPA

Rumor has it among our clients that extending your tax returns may increase the likelihood of an IRS audit.  Is there any truth behind it?  The fact of the matter is, there’s really no way to know for sure. Although the IRS releases information on audit rates based on income levels and types of tax returns, they have never released Read More »

IRS Security Awareness Tax Tips

IRS Security Awareness Tax Tips, Los Angeles CPA

Following a number of high-profile security scares, the IRS has begun to publish tips for taxpayers to protect personal information from identity theft. One of the most helpful posts is “Seven Steps for Making Identity Protection Part of Your Routine,” published on IRS.gov. Be sure to monitor your financials closely and follow up with us if you have any questions Read More »

Mortgage Interest Deduction for Unmarried Couples

The Ninth Circuit Court of Appeals has recently concluded that the $ 1.1 million home mortgage interest limitation for unmarried co-owners of a qualified residence applies on a per-taxpayer basis. This reverses an earlier tax court decision, in which the limitation was applied on a per-residence basis. The case involved California domestic partners, who had purchased a home in Beverly Read More »

Fraudulent IRS Collection Calls

Fraudulent IRS Collection Calls, Los Angeles CPA

We continue to receive calls from clients concerning telephone callers identifying themselves as being from the Internal Revenue Service, and demanding checking account or credit card information to pay outstanding tax balances and penalties. The callers are very aggressive, claiming that a warrant is outstanding for the individual’s arrest, or that law enforcement will be notified if payment is not Read More »

Year-End Charitable Gift Tips from the IRS

IRS Tips on Charitable Donations. Los Angeles CPA

The IRS has provided tips and reminders to individuals and businesses making year-end gifts to charity. They highlighted the rules for claiming deductions for charitable contributions of clothing and household items along with the guidelines for monetary donations. Clothing and Household Items The IRS reminded taxpayers that donors must get a written acknowledgment from the charity for all gifts of Read More »