Estate Planning and Estate Taxes Pappas & Associates regularly advises clients on wealth transfers and the minimization of death taxes. As part of our Estates and Trusts services we prepare and advise clients on the following tax returns: Form 1041 – Estate or Trust Income Tax Return Form 706 – Federal Estate Tax Return All [...]

Every American or legal resident who makes a living has to file a Federal income tax return. There are always things that can be done during the year and particularly at year end that will either help you reduce your tax liability or increase your tax refund. In addition, having an experienced tax attorney or [...]

Because of the prolonged recession we expect to see many businesses report losses from their 2010 operations. Losses from S Corporations are deductible on a taxpayer’s Form 1040 only to the extent of the shareholder’s stock plus debt basis. Tax preparers should maintain the following two worksheets (courtesy Small Business Taxes and Management) for each [...]

The Obama administration has said that it is dedicated to closing the tax gap i.e. the difference between what taxpayers should pay in taxes and what they actually do pay in taxes. The IRS estimates this number to be as high as $300 billion per year. The deficit is growing and it is more acceptable to the American [...]

If you owe the IRS back taxes and/or haven’t filed your tax returns in several years, you are probably having a hard time sleeping at night. Either that or you’ve moved to Canada. Most people who are behind in their taxes truly want to get back in good standing with the IRS. Usually they don’t do [...]

Use the following checklist to help you or your tax preparer properly prepare your return and minimize your taxes. This checklist is sub-categorized to help you organize your tax information. As you receive or locate an item, check it off of the list. Personal Information Social Security Numbers Yours___________________________________________ Your Spouse’s____________________________________ Dependents’______________________________________ ________________________________________________ ________________________________________________ ________________________________________________ [...]

Tax representation is becoming like the condiments aisle at your local grocery store. There are just too many choices and no way to tell what’s best. Well, that’s what this post is for. Here are 10 do’s and don’ts to follow before hiring someone to represent you before the IRS: 1. Do ask for a [...]