Donor-Advised Funds (DAFs) have emerged as a powerful tool that not only allows philanthropists to make a positive impact but also offers substantial tax benefits. By understanding the advantages of DAFs, you can optimize your giving strategy for the causes you care about. Here’s an overview of the tax benefits of donor-advised funds. What are […]
How to Request a Tax Transcript From the IRS
When it comes to financial matters, accurate documentation is key. The IRS maintains various types of transcripts that provide a detailed record of your tax-related activities. Whether you need a tax transcript for tax filing, loan applications, or personal financial planning, understanding how to request IRS transcripts is crucial. In this guide, we’ll walk you […]
Ask Phil: No More Surprise RO Visits
Today, Affordable Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses an important update regarding surprise RO visits. The IRS just announced that it is discontinuing home visits as an enforcement method. This means the days of intimidating revenue officers (ROs) knocking on your door are over. Instead, you will receive IRS Letter 725-B, which serves […]
How State Residency Affects Your Taxes
When it comes to taxes, the old adage “location, location, location” takes on a new meaning. State residency plays a significant role in determining the taxes you owe, as each state has its own tax laws, rates, and regulations. Things get even more tricky if you work and live in two different states. In this […]
IRS Ends Surprise Visits from Revenue Officers
The IRS recently announced it is ending its longstanding practice of surprise in-person visits to taxpayers. AffordableCEO David King and Lead Tax Attorney Philip Hwang provide helpful insight on what communication you can expect to receive from a Revenue Officer moving forward and what you can do to resolve your tax burden with the […]