Am I Required To Include My Discharged Student Loan In My Taxable Income?

mwalkerwade Posted in Education Expenses, Taxable Income, Taxpayer AdvocateTagged 1 Comment on Am I Required To Include My Discharged Student Loan In My Taxable Income?

Usually… Yes.  However, let’s see what the IRS has to say right now on this subject. I will highlight a few points below; but, you’ll have to read the Forbes article IRS Issues Tax Guidance On Discharged Student Loans (Jan 15, 2020) for the details. You should not report the amount of the discharged loan […]

Is There a Fairer Tax System for America?

mwalkerwade Posted in Income Tax, Taxable Income, Taxpayer AdvocateLeave a Comment on Is There a Fairer Tax System for America?

I’ve been a certified tax preparer since 2003, and the tax code has done nothing but get more complicated for everyone, less favorable for the low and middle class, and is down right unfair to people who actually saved for retirement via any tax-deferred savings account. The extreme poor, who benefit from the taxes we […]

IRS Inadequacies -You Need To Know This

mwalkerwade Posted in 2011, audits, e-file, message to clients, Tax errors, tax services, Taxpayer AdvocateTagged , Leave a Comment on IRS Inadequacies -You Need To Know This

With the technology and requirement of e-file in place, the IRS customer service and document processing activities are more automated than ever. It’s easier to file your taxes, we’re not printing tons of paper copies any more, and the turn around time of the average refund has gone from 6 weeks to 2 weeks – […]