Editor's note

I've handpicked articles and stories that resonate with both my clients and myself, with the goal of providing you with valuable, practical insights that you may find both informative and useful.

Thursday, September 30, 2021

Audit: IRS Needs to Improve How It Wipes Taxpayer Data from Devices

 Computer and laptop hard drives that aren’t properly scrubbed could allow exposure of private taxpayer data.

A report from the U.S. Treasury Inspector General for Tax Administration found flaws regarding how the IRS sanitizes—or gets rid of—taxpayer data contained on agency-owned desktop computers and laptop hard disks.

Read more at NextGov - 2 min. read

IRS: New Contracts Awarded to Private Collection Agencies

WASHINGTON — The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts. The new contracts begin Thursday following today's expiration of the old contracts.

Beginning Thursday, Sept. 23, 2021, taxpayers with unpaid tax bills may be contacted by one of the following three agencies:

CBE Group, Inc.
PO Box 2217
Waterloo, IA 50704
800-910-5837

Coast Professional, Inc.
PO Box 526
Albion, NY 14411
888-928-0510

ConServe
PO Box 307
Fairport, NY 14450
844-853-4875

The IRS will always notify a taxpayer before transferring their account to a private collection agency (PCA).

Read more at IRS.gov - 5 min. read

Monday, September 27, 2021

How the wealthy are preparing for higher taxes

 As Democrats get closer to raising taxes, financial advisors and their well-off clients are taking steps now to avoid some of those steeper levies later.  “Our clients are concerned,” said Michael Nathanson, CEO and chair of The Colony Group. “This would be among the largest tax increases in history.”

Read more at CNBC - 4 min. read

Saturday, September 25, 2021

North Carolina Woman Sentenced to 36 Months in $1.49 Million Tax Preparer Case

According to the United States Attorney's Office, Middle District of North Carolina, Nikki Decole Cunningham-Quick - a tax preparer and owner of Nikki's Tax Service in Raeford, North Carolina - routinely included false items on federal income tax returns of some clients, including the use of false dependents, false income, and false education credits. According to court records, the tax loss from the fraudulent returns she prepared totalled $1,494,924.26.

Wednesday, September 22, 2021

A looming crackdown on a popular retirement tax strategy has some investors worried

 via MarketWatch

Roth conversions are one way Americans can save on their tax liabilities in retirement - but the House recently proposed a bill that would curb these conversions for high earners.  While this may appear to be bad news for some workers, there is a silver lining ...

Read more - 5 min. read