Tax Advice | TaxGenuity, Inc. - Tax Experts & IRS Problem Solvers

Homeowner Records: What to Keep and How Long

by TaxGenuity Tax Experts | Sep 12, 2019 | Tax Advice

Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property,...

Settling Tax Debt With an IRS Offer in Compromise

by TaxGenuity Tax Experts | Sep 10, 2019 | Tax Advice

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities for less than the full amount owed. That’s the good news. The bad news is that not everyone is eligible to use this...

List of Preventive Care Benefits Expanded for HSAs

by TaxGenuity Tax Experts | Aug 30, 2019 | Tax Advice

The list of medical care services for a range of chronic conditions allowed to be provided by a high deductible health plan (HDHP) was expanded effective July 17, 2019. These medical services and items are limited to the specific medical care services or items listed...

Avoid Refund Delays by Renewing Expiring ITINs Now

by TaxGenuity Tax Experts | Aug 26, 2019 | Tax Advice

ITINs (Individual Taxpayer Identification Numbers) are used by people who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. Under the Protecting Americans from Tax Hikes (PATH) Act, ITINs that have not been...

Higher Ed Institutions Affected by Proposed Regulations

by TaxGenuity Tax Experts | Aug 23, 2019 | Tax Advice

Proposed regulations were issued by the IRS on June 18, 2019, regarding the new 1.4 percent excise tax on the net investment income of certain private colleges and universities. While the new excise tax is estimated to affect 40 or fewer institutions, it applies to...

Two New Tax Scams to Watch out For

by TaxGenuity Tax Experts | Aug 19, 2019 | Tax Advice

Although the April filing deadline has come and gone, scam artists remain hard at work. As such, taxpayers should be on the lookout for scams that reference taxes or mention the IRS, especially during the summer and fall as tax bills and refunds arrive. The two new...

Who Can Represent You Before the IRS?

by TaxGenuity Tax Experts | Aug 16, 2019 | Tax Advice

Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid Preparer Tax Identification Number (PTIN). All enrolled agents must...