Archive | February, 2017

The Alternative Minimum Tax — Not Just for the Wealthy

When first introduced, the alternative minimum tax (AMT) was widely acknowledged to be a rich person’s ‘s tax — a fallback tax for those wily taxpayers with big incomes and numerous deductions. However, as finances evolved and incomes grew, more and more people found themselves subject to the AMT, even after the introduction of automatic […]

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Washington Hotline – February 21, 2017

WASHINGTON NEWS IRS Warns With “Dirty Dozen” List This week the IRS published five “Dirty Dozen” list warnings. Each year, the IRS highlights various tax scams. This education helps taxpayers avoid tax trouble by using only the proper tax filing strategies. The five scams on the “Dirty Dozen” list are frivolous arguments, hiding assets offshore, […]

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Washington Hotline – February 14, 2017

WASHINGTON NEWS IRS Warning on Inflated Refunds and Preparer Fraud In two letters this week (IR-2017-23 and IR-2017-26) the IRS warned taxpayers about inflated refunds and tax preparer fraud. Some tax preparers promise excessive refunds. This issue is part of the “Dirty Dozen” tax schemes highlighted each year by the IRS. IRS Commissioner John Koskinen […]

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