You’ve Been Appointed as an Executor of an Estate? Do You Know What Your Duties Are?
I can’t foresee anyone really wanting to be the executor of an estate of a deceased person. It usually is not the type of work that a dis-organized individual should undertake. It helps if you are a detailed and well organized individual.
The term “executor” and “personal representative” are often used inter-changeably. The bottom line is that this individual has a legal responsibility to protect all of the assets of the estate until the probate process (if required), is completed and all assets are distributed.
You have no obligation to serve as an executor of an estate. If you feel that you don’t have the time for it, or you simply have no desire to deal with certain beneficiaries, then you can decline. If the will provided for a backup executor, then that individual can serve. If not, a probate judge will appoint someone.
It’s not just the 3 big credit bureaus that know everything about you
September 29, 2017
If it wasn’t before, Equifax now certainly is a household name.
Since the big Equifax data breach, many consumers have engaged — perhaps for the first time — with each of the three major U.S. credit bureaus, scrambling to secure their identities after hackers stole the personal information of 143 million Americans.
But these are not the only consumer reporting agencies that possess sensitive consumer information. And they’re not the only places you should look to lock down your personal information.
Much like Equifax, Experian and TransUnion, some of the smaller credit agencies will allow you to freeze your credit files, including ChexSystems, Innovis, Clarity Services and CoreLogic. None of these firms will charge you to place a security freeze on your file.
The Internal Revenue Service is committed to providing assistance to all Veterans. We work with community and government partners to provide timely federal tax information for Veterans about tax credits and benefits, free tax preparation, financial education and asset-building opportunities available to Veterans.
Our Approach The Stakeholder Partnerships, Education and Communication (SPEC) office within the Wage & Investment Division has built a network of national and local partners. Organizations include corporate, faith-based, nonprofit, educational, financial and government. With so many tax benefits available today, taxes can serve as the starting point for a dream leading to stronger View full post…
Posted: August 21, 2017 Under: Client Info By: Gust Lenglet
The IRS, state tax agencies and the tax industry today urged tax professionals and businesses to beware of a recent increase in the W-2 e-mail scam targeting employee Forms W-2.
The W-2 e-mail scam – called a business email compromise or BEC – is one of the most dangerous phishing email schemes trending nationwide from a tax administration perspective. The IRS saw a sharp increase in the number of incidents and victims during the 2017 filing season.
Increasing awareness about business email compromises is part of the “Don’t Take the Bait” campaign, a 10-part series aimed at tax professionals. The IRS, state tax agencies and the tax industry, working View full post…
Posted: August 20, 2017 Under: Client Info By: Gust Lenglet
Avoid Having Too Much or Too Little Federal Income Tax Withheld if You Review Your Tax Withholding
The Internal Revenue Service today encouraged taxpayers to consider that they review your tax withholding, keeping in mind several factors that could affect potential refunds or taxes they may owe in 2018.
Reviewing the amount of taxes withheld can help taxpayers avoid having too much or too little federal income tax taken from their paychecks. Having the correct amount taken out helps to move taxpayers closer to a zero balance at the end of the year when they file their tax return, which means no taxes owed or refund due.
Spring showers bring summer flowers and weddings typically aren’t far behind. Newlyweds have a lot to think about and taxes might not be on the list. However, there is good reason for a new couple to consider how the nuptials may affect their tax situation.
The following is a guideline of how long you should keep various types of tax and business records. We believe that most documents are listed, but they are not all inclusive.
Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly under-reported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years or more in an audit. To be safe, View full post…
Posted: August 19, 2017 Under: Client Info By: Gust Lenglet
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