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Sunday May 19, 2024
Family Limited Partnerships
A family limited partnership (FLP) is usually created by parents. It has several purposes. An FLP can save estate taxes and permit transfers to family members. While it is uncertain what the future exemptions and estate tax rates will be, large estates are nearly certain to face major taxes in the future. The FLP is a favored method for reducing estate tax.
Another benefit is protection of assets. The FLP interests can be given to children and other relatives. It is very difficult for any creditor to reach FLP assets. The protection also...
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IRS Cautions Taxpayers About Tax Credits
On May 14, 2024, the Internal Revenue Service (IRS) published a consumer alert. The IRS warned taxpayers that there are thousands of returns that include false claims for the Fuel Tax Credit, the Sick and Family Leave Credit and household employment taxes. These "thousands of dubious claims" may lead to audits. Taxpayers who made these claims will need to show documentation to qualify for the deductions or credits.
The IRS urges taxpayers who potentially have claimed an incorrect credit to have their return reviewed by a trusted tax preparer. IRS Commissioner Danny Werfel stated, "Scam artists and social media posts have perpetuated a number of false and misleading claims that have tricked...
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How to Find a Doctor
Can you recommend any resources to help me locate doctors in my area? I am looking for an orthopedic doctor for my elderly parent and a new internist for myself.
Finding and researching doctors is...
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