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The National Taxpayer Advocate Mid-Year Report

Every year, the Taxpayer Advocate Service submits a mid-year report to Congress that outlines serious problems facing taxpayers and makes recommendations on how to mitigate those problems. This article outlines the main takeaways from the report and solutions for the next filing season.

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How To Handle The IRS CP2000 Letter

Every year, thousands of people across America get a CP2000 letter from the IRS. In this article, we explain what the CP2000 process and how to handle the IRS. We also outline the exact filing steps to combat a CP2000 letter.

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Cary Tax Office Announcement

Cary Tax is Fully Booked but Still Here to Help

Tax season in full swing, Tax Advisor of Cary is fully booked until the April 18th deadline, but that doesn’t mean we can’t help! In this article, we will outline ways to request an automatic extension from the IRS and NCDOR so that we can help at a later date.

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Cryptocurrency basics Bitcoin, litecoin and ripple coins currency finance money on gra

CRYPTOCURRENCY TAX BASICS

A RELATIVELY NEW FEATURE ON THE FINANCIAL LANDSCAPE Crypto currencies are a relatively new feature on the financial landscape. Because of their novelty, there has been a lot of speculation and, frankly, wishful thinking regarding how the IRS would treat these currency transactions. Many provisions, e.g., “wash sales” and tax lot treatment, have not yet been finalized. But there are some things, as laid out in IRS Notice 2014-21, that

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Thinking of Selling Your Home?

Thinking of Selling Your Home? Understanding the Home Gain Exclusion: One of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Making the assumption that this gain exclusion will always keep you safe from tax can be a big mistake. Here is what you need to know. The rule’s basics As

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IRS PIN Announcement: DO NOT THROW OUT

Identity theft PINs are for 2015 not 2014 If you are one of the unfortunate victims of IRS identity theft you will need a one-time PIN to file your tax return. Without this numeric identifier, your 2015 tax return will be rejected. The IRS issues taxpayer victims this PIN in a written notice. What has happened IRS notices that have this one-time PIN are hitting the mailboxes of identity theft

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Understanding the Home Gain Exclusion

For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your principal residence. This exclusion can be taken once every two years as long as you meet a two-years out of five residency and ownership test before you sell the property. What you need to know Often tax planning is required to ensure you maximize this tax

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New IRS reporting rules impact anyone receiving property

Sometimes tax laws create a natural conflict of interest among taxpayers. Establishing property values in an estate after someone dies is an area that creates this conflict. A new tax law is now in place to address this problem. Here is what you need to know. The problem Estate goal: Value property as low as possible. Estates want to value property as low as possible to lower possible estate taxes.

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Tips to Maximize Car Donations

One of the biggest contributions a taxpayer can make is to donate a used automobile. But if not careful, the value of a donated vehicle could be a lot lower than you think. The rule When you donate a vehicle, the value of your donation is either the fair market value of your vehicle when you donate it OR the value received by the charitable organization for your donation. Unfortunately,

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Ideas to Help Audit Proof Your Return

No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers. Report everything that has an informational tax return. If you are like most Americans, you will receive numerous 1099’s, W-2’s, and 1095-A’s in the mail. The IRS receives them too. If your tax return does not meet or exceed this reported income

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