News & Resources

Recent Law Just Signed Allows IRS to Use Private Debt Collectors (again)

On December 7th, President Obama signed a 5-year infrastructure spending Bill that once again allows the IRS to use Private Debt Collectors in collecting tax debt from taxpayers.  Most of the additional money being raised will be used towards fixing America’s highways.  LMGW found this Forbes article helpful in summarizing the Bill and what to expect…

Forbes article

Let us know if you owe back taxes to the IRS or if you’ve been contacted via letter by a 3rd party debt collector.

Reporting Gambling Income and Losses

Whether you play the lottery, roll the dice, play cards, or bet on the ponies, all of your gambling winnings are taxable and must be reported on your tax return. If you gamble, these tax tips can help you at tax time next year: Here’s what you need to know about figuring gambling income and loss. Read more

Do you need year-end tax planning?

With the holidays approaching, we are reminded that 2015 is almost over. This year has again brought many changes in our tax laws, some that went into effect in 2015, some that will become effective in 2016, and some that Congress is still debating.

It’s time for year-end tax planning to focus on possible strategies you can implement to reduce your tax bill now and in future years. Tax planning could help if: Read more

Lending Money? Make it a Tax-Smart Loan

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications down the road.

Let’s say you decide to loan $5,000 to your daughter who’s been out of work for over a year and is having difficulty keeping up with the mortgage payments on her condo. While you may be tempted to charge an interest rate of zero percent, you should resist the temptation. Here’s why. Read more

Individual Shared Responsibility Provision

The Affordable Care Act includes the individual shared responsibility provision that requires you, your spouse, and your dependents to have qualifying health insurance for the entire year, report a health coverage exemption, or make a payment when you file. Read more