Posts Tagged ‘Power of Attorney’


5 Easy Steps to Take When Being Audited By the IRS

computer key in a keyboard with letter, number and symbols

You open your mail and you get the notice.  You are being audited by the IRS.  Now what do you do?  First, relax.  Then follow these 5 Easy Steps.

 

1) Read the Notice

I know this sounds basic but you would be surprised at how many people ignore letters from the IRS … Continue reading »


Why I Asked My Daughter to Give Me a Power of Attorney

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Recently my daughter turned 18.  In Connecticut this is considered the age of majority.  In other words, she can make her own decisions.  Well, that’s what the law says.  However, she’s still living under my roof, so, well, she’s got to deal with me.  It’s probably more accurate to say however, that I have to deal with her.

A Power of Attorney … Continue reading »


How a Small Partnership Can Get The Failure to File Penalty Waived

Face it, no one likes to get letter from the Internal Revenue Service (“IRS”).

This is particularly true when you are being assessed a penalty.

The IRS has many different penalties.  One penalty they have is the failure to file penalty.

For partnerships or Limited Liability Companies (“LLC”s) that file a Form 1065 the penalty for failure to file is $195 per month times the number of partners. The good news is that the maximum number of … Continue reading »


How to Save $267,892 of Income Tax, Penalties and Interest

A new client came to us late last summer.

She dropped off a notice from the Internal Revenue Service (“IRS”). It indicated her and her husband owed $267,892 of back taxes, penalties and interest. I don’t know about you, but that’s a lot of money to me.

As we reviewed the paperwork she provided, it quickly became apparent she did not declare the sale of … Continue reading »


4 Easy Ways for Taxpayers to Take the Hippocratic Oath

All Physicians must take the Hippocratic Oath.  This is an oath where they swear to practice ethically. Although there is some debate about the translation, the main theme is, ‘First, Do No Harm.’

All taxpayers need to take the Hippocratic Oath so they do no harm with their tax plan.


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