by Leslie R. Murphy, EA | Sep 15, 2026 | Uncategorized
Quick Answer: The IRS classifies a down payment for a house as a non-taxable personal gift, which places all reporting obligations on the giver, exempting the homebuyer from paying income tax. Under federal tax law, transferring funds above annual threshold...
by Leslie R. Murphy, EA | Sep 11, 2026 | Uncategorized
Quick Answer: The IRS’s new AEP program expands First Time Abatement by automatically removing certain penalties for eligible taxpayers who meet the three-year compliance-history rules. For eligible 2025 tax-year returns and 2026 quarterly filings, that can...
by Leslie R. Murphy, EA | Sep 9, 2026 | Uncategorized
Quick Answer: No, you cannot request additional filing time beyond October 15 because federal tax rules strictly cap your individual extension period to six months. Beyond limited legal carve-outs for expats, deployed military personnel, or disaster victims, the...
by Leslie R. Murphy, EA | Sep 1, 2026 | Uncategorized
Quick Answer: The baseline withdrawal order moves from taxable brokerage accounts to pre-tax IRAs/401(k)s, finishing with tax-free Roth accounts. However, an optimal strategy dynamically coordinates all income sources (wages ending, Social Security, Medicare...
by Leslie R. Murphy, EA | Aug 27, 2026 | Uncategorized
Quick Answer: The Supreme Court recently stripped the IRS of its automatic advantage in legal disputes. Because judges now review tax rules independently, the agency faces a much higher risk of losing in court, giving you strong bargaining power to...
