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Author Archives: George Munro

IRS Collection Policy Update – Changes to Streamlined Installment Payment Plans

Posted on by George Munro

The IRS recently updated rules under 26 U.S.C. § 6159 regarding streamlined installment payment agreements to expand the number of eligible taxpayers and ease certain requirements. The current changes are a test program lasting through September of 2017. The IRS … Continue reading

Estate Tax Update – Proposed Regulations to Limit Valuation Discounts

Posted on by George Munro

  On August 2, 2016, the Department of the Treasury circulated proposed regulations under Section 2704 of the Internal Revenue Code which significantly reduce a taxpayer’s ability to claim lack or marketability and lack of control “discounts” when valuing property … Continue reading

The PATH ACT – Permanently Extending the Qualified Small Business Stock (QSBS) 100% Gain on Sale Exclusion

Posted on by George Munro

Many small business owners face a large tax liability in the year of selling their business.  A typical business owner will work in the business for many years, dutifully paying all applicable taxes.  Then, when cashing out to retire, the … Continue reading

ObamaCare Premium Tax Credit Penalty Relief

Posted on by George Munro

Many taxpayers will not be entitled to a federal income tax refund this spring. Instead, they will have to write a check to the IRS due to freshly implemented rules under the Patient Protection and Affordable Care Act (i.e., ObamaCare). However, a recently published IRS … Continue reading

Newsflash: Tax Court Deems Attempted IRA Investment To Be Taxable IRA Distribution

Posted on by George Munro

In order to invest in real estate, private placements, or other unique investments with your self-directed IRA, you must use an IRA custodian that allows specialized, self-directed IRA investments rather than a traditional IRA custodian such as Charles Schwab, Vanguard, … Continue reading