This is a reminder, with a few days left in the year, to make sure you take advantage of your retirement contributions. In October 2022, the Internal Revenue Service (IRS) announced contribution limitation adjustments for employee retirement plans in response…
Watch “In The Legal Know” with Vincent J. Russo Vincent appeared on CFN Live on December 20th, 2023 to discuss“Year End Charitable Giving: IRS Tips” https://youtu.be/-YLyiKnZyFg Vincent J. Russo discusses how to maximize gifts with IRA funds, what you need…
This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/-YLyiKnZyFg It is that time of year. There are just a few days left for charitable giving in 2023. Believe it or not, on December 16th, the IRS issued…
Individual Tax Deadline Extended to May 17 for 2020 Returns The IRS and Treasury Department have announced that the deadline for filing individual 2020 returns has been extended from April 15, 2021 to May 17, 2021. "This continues to be…
In the simplest terms, a Grantor Trust is a trust that authorizes a grantor (the person who set up the trust) to retain certain powers with respect to the property transferred to the trust and the trust administration. These powers…
On October 4, 2017, the U.S. Department of the Treasury announced that it is recommending the complete withdrawal of the proposed regulations under Section 2704 of the Internal Revenue Code, which would have placed restrictions on liquidation of an interest…
As tax preparers, we see all kinds of taxpayers—organized, not organized, and some in the middle. Whether you come prepared with an accordion folder of neatly organized documents or an old shoe box with scraps of paper, you should be cautious in the way you keep your tax records.
Stories and warnings of identity theft, financial fraud, and scams are an everyday occurrence; these instances are a real concern to millions of Americans. The rise of identity theft, fraud, and scams should caution us to evaluate how we store our important data, such as our tax records.
Tax season is fast approaching and many taxpayers are reviewing their paperwork to figure out what documents are necessary and what can be discarded. This can be a daunting experience that leaves many with the question: how long should I keep my tax returns?
The length of time you should keep a tax-related document typically depends on the action, expense, or event which the document records. Generally, you should keep your records until the statute of limitations runs out.