What happens if a financial institution and qualified retirement plan administrator makes a distribution to you, but you forget to cash the check? That is the exact situation the IRS recently addressed in Revenue Ruling 2019-19. In the issues presented,…Read more

Although difficult, one of the most important conversations that you can have with your loved ones is about your private wishes for medical and end-of-life care.  Many people assume that their families will make the choices that they would want…Read more

With the increasing commercial success of ancestry and health genetic tests, the question has arisen whether amounts paid to obtain information about one’s genetic health are deductible under the Internal Revenue Code (IRC).  In August, the IRS answered that question…Read more

Finding out or determining that something got left out of your return after you filed can get fixed. Tax regulatory bodies will ask a bigger question as to ask what and why the omission occurred. If the matter at hand…Read more

A lot of folks forget to put the assets in the trust to protect them from probate. Learn what can and can NOT go into a trust from our own Anne Wenger.

The IRS starts to look at social media in most cases when the taxpayer owns an online storefront. Such sales transactions don’t get reported automatically to the IRS, or at least not consistently. So if the IRS sees your tax…Read more

Another benefit of using a trust structure centers on helping heirs who possess a less than stellar past in managing their own assets. If you question whether they can responsibly manage the assets they’d inherit, a trust can be created…Read more

Cash-intensive businesses are at a greater likelihood to be audited for the primary reason that cash does not lend itself to third-party reporting. The IRS Form 8300, which documents such transactions greater than $10,000 is the government’s attempt to combat…Read more

Crypto currencies are going to be a red flag for a while, like cannabis. You can minimize your risk by making sure you don’t have any other red flags in your return. Make sure your business expenses are reasonable. Ensure…Read more

By Anne Wenger Many benefits other than tax sheltering can come from using a trust, including creditor protection.  If your child consistently demonstrates an inability to manage their assets well, putting assets in a trust structure to shield them from…Read more