What if My W-2 is Wrong or Never Received? – By John R. Bullis

Kim Pilant John's Articles

If you received a W-2 form showing information that is not correct (wrong wages amount, wrong income tax withheld, etc) you should contact the employer and ask for a corrected W-2.  No one is perfect.  Since mistakes can happen, it is important to save your pay stubs and compare the W-2 you receive with the total of the pay stubs. …

Another Waste of the Court’s Time – By John R. Bullis

Kim Pilant John's Articles

Gregory MacDonald represented himself (he acted as his own attorney) in a U.S. Tax Court proceeding.  He disputed the IRS finding he was not entitled to an earned income credit of $438 and he claimed he was entitled to the special recovery rebate credit of $400. He filed form 1040-EZ for 2008 as a single person with only $5,800 of …

TIGTA is Going After Telephone Scammers – By John R. Bullis

Kim Pilant John's Articles

Maybe you or someone you know has received a telephone call saying “…you owe IRS and must pay right away… or you will regret it”. The Treasury Inspector General for Tax Administration (TIGTA) reported to Congress in their semiannual report about the IRS telephone impersonation scam.  The report was for the six months ended Sept. 30, 2016.  It said “…more …

Why IRS is Busy – By John R. Bullis

Kim Pilant John's Articles

If you need to talk to IRS to get information or answers to questions about a Letter or Notice you received, good luck!  Plan to wait on the telephone listening to their “music” possibly for a long period of time. IRS is busy and doing the best they can.  The Justice Department announced recently that the final agreements with Swiss …

What’s an IDGT – By John R. Bullis

Kim Pilant John's Articles

An estate planning tool that might be considered in certain circumstances is an “Intentionally Defective Grantor Trust” also known as an IDGT. It is a valid trust.  The “defective” part means it is not valid for income tax purposes.  Since it is a Grantor Trust, it means all income, deductions, credits etc. are reported on the individual income tax return …

What is a “SCIN”? – By John Bullis

Kim Pilant John's Articles

A Self Cancelling Installment Note (SCIN) is a special estate planning item. If the owner of property, usually common stock in a business, wants to “freeze” (set the value) of the stock for death tax purposes, it might be appropriate to consider using a SCIN.  However, there are some special rules to observe (what a surprise). A SCIN is a …

ROTH IRA Distributions to NON Spouse Beneficiary – By John R. Bullis

Kim Pilant John's Articles

When the owner of a ROTH IRA dies and the beneficiary is not the surviving spouse, special rules on required minimum distributions apply. The Non Spouse Beneficiary (ie child, etc) is to receive distributions from the ROTH IRA: Total distribution by the end of the fifth calendar year after the year of the owner’s death OR Distributions over a period …