Archives for IRS

What Is an Offer in Compromise with the IRS?

May 17, 2018 | by | Comments Off on What Is an Offer in Compromise with the IRS?

An offer in compromise can make you happy: “Oh boy, the IRS said yes, and my tax debts are over!” Or it can frustrate you. Let’s go over how to navigate the IRS settlement guidelines and see what an offer in compromise entails. Here’s the good news: An OIC can be a fresh start from your IRS debt. You no longer have to worry that the IRS will seize your wages or bank accounts. Your credit score will no longer show any tax liens against you — the IRS releases them all. IRS collections are put on hold and the
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accounting, bankrupt, compromise, cpa, cpa firm, debt, firm, IRS, oic, tax, taxation, wfy, and wright ford young.

Estate and Gift Tax 2018 Inflation Adjustments

October 26, 2017 | by | Comments Off on Estate and Gift Tax 2018 Inflation Adjustments

On October 19th, the IRS issued Revenue Procedure 2017-58, the annual inflation adjustments for 2018 for many tax provisions, including exemptions for estate, gift and generation-skipping transfer (GST) taxes as well as the annual exclusion amount for gifts as follows: Estate, Gift and GST Tax Exemption Increases to $5,600,000. For estates of decedents who pass away during 2018, and for gifts made during 2018, the combined estate and gift tax exemption will increase to $5,600,000, up from a total of $5,490,000 for estates of decedents in 2017.  The generation-skipping transfer exemption increased as well to $5,600,000. In 2018 an individual can
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Categories: Industry News and Newsletter and Updates.
Tags: cpa, estate, exemptions, gifts, IRS, tax, trust, wfy, and wright ford young.