An Open Letter To Our Representatives: Please Don’t Raise Taxes For Single Moms!

An Open Letter to Our Representatives: Please don’t raise taxes for single moms!

An Open Letter to Senator Mike Crapo (Chairman) and Senator Robert P. Casey, Jr. (Ranking Member) of the Senate Subcommittee on Taxation and IRS Oversight, and Congressman Kevin Brady, Chairman of the House Ways and Means Committee Please don’t raise taxes for single moms! As a single mom, I worry about money from the moment I wake up until my head finally hits the pillow at the end of the day. Even when I’m working more than one job, there always seems to be less money than I need to take care of everything my son needs. I’m a CPA…

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What Is A Blind Trust, Anyway?

What is a Blind Trust, Anyway?

There’s a lot of talk about blind trusts in the news, along with a lot of conflicting and incorrect information. So here’s how a real deal blind trust works. First piece of business: A trust is just an arrangement where one person manages assets (like money and investments) for another person. Next, let’s define the players. The trustor (sometimes called the settlor or the grantor) is the person who creates the trust, and fills it with assets. The trustee is the person who manages the assets in the trust. Trustees have a fiduciary duty – meaning a legal obligation –…

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Beware The Latest IRS Impersonation Scams

Beware the Latest IRS Impersonation Scams

“This is the IRS. Records show that you owe a $1,556 tax debt, that must be paid immediately or you could go to court or jail. For your convenience, you can send the funds on an iTunes gift card to this address…” If you’ve gotten a call like that, you’ve been the target of an IRS impersonator. Or maybe you’ve gotten an official looking email from the IRS, informing you of an outstanding tax debt due to a mistake in your tax return. The email instructs you to send a check made out to “IRS” within the next thirty days…

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Don’t Fall Prey To Tax Identity Theft

Don’t Fall Prey to Tax Identity Theft

Millions of Americans have already fallen prey to tax identity theft, and it looks like the problem is growing fast. In fact, one survey found that during the 2016 tax season, nearly 60% of CPAs had at least one client who had fallen victim to this fraud. What’s even more alarming: Most of the victims had no idea that the theft had occurred until they went to file their own returns. Here’s how the scam works: A criminal gets a hold of your basic personal information, including your social security number. Then he goes to the IRS website to get…

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