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On January 23, 2017, the IRS announced it is opening the 2017 tax filing season. IRS Commissioner John Koskinen stated, "Getting to this point is a year-round effort for the IRS and the nation's tax community. The dedicated employees of the IRS look forward to serving taxpayers this filing season, and I want to thank all the tax and payroll community for their hard work that makes tax ...
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GiftLaw Note: Organization applied for tax-exempt status under Sec. 501(c)(3). Organization's purposes include helping an area where the unemployment rate is higher than national averages; providing locally-grown, healthy food to the community; and helping end domestic violence. Among Organization's many programs will be N, which will consist of the operation of two restaurants, P and Q. ...
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Case: Rhea Jones, 75, lives in a beautiful coastal town in northern California. Rhea's home occupies three magnificent acres of bluff property that overlooks the crashing waves of the Pacific. Since her home sits just steps away from the dramatic cliffs, Rhea frequently jokes to her friends about her "living on the edge" lifestyle. John, Rhea's husband of 50 years, built the ...
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Twelve national tax software firms have joined the IRS Free File Program. On www.irs.gov the "Free File Now Open" link takes taxpayers to the Free File page. People with 2016 adjusted gross income (AGI) of $64,000 or less may use Free File. If you have income greater than $64,000, you may still use the Free File Fillable Forms. These are the IRS electronic version of the paper tax forms. ...
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GiftLaw Note: Charity is a public charity under Sec. 509(a)(1) and 170(b)(1)(A)(i). Charity’s mission is to support the work of law enforcement officers across the country through educational, direct assistance and community outreach programs. Charity was recently formed and has just begun to attract support from public sources and publicize its programs. B shares Charity’s mission and ...
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Case: Rhea Jones, 75, lives in a beautiful coastal town in northern California. Rhea's home occupies three magnificent acres of bluff property that overlooks the crashing waves of the Pacific. Since her home sits just steps away from the dramatic cliffs, Rhea frequently jokes to her friends about her "living on the edge" lifestyle. John, Rhea's husband of 50 years, built the ...
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In FS-2017-1 the IRS published a summary of seven tax changes. Many of these changes will impact some of the 153 million Americans who file tax returns during 2017. The significant tax changes include the following: 1. Three Extra Days – The tax filing deadline is delayed due to April 15 falling on a weekend and Emancipation day in Washington, DC. Returns may be filed until April 18, 2017. ...
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Case: George Green was a man of humble beginnings. He was born in Bulgaria and lived with his parents on their farm. But George was a diligent student and was determined to become a successful business owner. After high school he obtained permission to come to America to go to college. George applied to several colleges and was accepted as a work-study student at a state college. He lived in the ...
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IRS Commissioner John Koskinen held a public media conference on January 5, 2017 and officially launched the tax-filing season. Koskinen emphasized, "This tax season, it is more important than ever to plan ahead." He highlighted a number of changes that will affect the anticipated 153 million taxpayers who file tax returns. The IRS expects 80% of those returns to be filed electronically. ...
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GiftLaw Note: A husband and wife, D and E, established a private foundation operating a scholarship program. To be eligible for the scholarship, an applicant must graduate from B high school, be selected as a National Merit Finalist and be admitted to C College. C College is located 3,000 miles from B high school and accepts roughly 10% of applicants for admission. The foundation's governing ...
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Introduction Alongside wills and trusts, beneficiary designations are becoming increasingly popular as part of a complete estate plan. By simply filling out a beneficiary designation form, individuals can bypass probate and designate who will receive a specific asset upon their death. Today, a variety of assets can be transferred through a simple designation form, including bank accounts, stocks, ...
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