New Year Thoughts

As most of you know, the majority of my practice is dealing with IRS problems and Estate Planning.  Today I want to pass along some thoughts about both of those areas. Even as the COVID-19 pandemic rages on, our problems have to be faced.  First, my IRS clients either owe past due taxes or haven’t filed returns.  This is a debt like any other debt, except that the IRS has greater collection powers than other creditors.  It also has many built-in options for retiring that debt.  These two statements are very important to remember.  Most of the Revenue Officers I deal with are very nice people who want to help the taxpayer get out of trouble.  Second, if you haven’t formulated an estate plan, you are doing a great disservice to your heirs and are giving up control of your estate after your death.  Why do I say these things now?  As the new year begins, the best thing you can do for yourself, if you have unpaid taxes, is to begin the process of resolving your IRS problem or if you have no will or Estate Plan, begin the process of formulating one.  You will rest easier and can begin the New Year on a positive note.  Why not make a meaningful New Year’s resolution to face that problem head-on and resolve it.