A tax-smart way to develop and sell appreciated land

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit — including […]

IRS announces a major change to normal operating practices

IRS Commissioner Danny Werfel has just announced a change that reverses a decades-long practice by IRS revenue officers. Effective immediately, most unannounced visits to taxpayers’ homes or businesses by revenue officers will end and be replaced with mailed letters to schedule in-person meetings. Previously, unarmed revenue officers would sometimes make unannounced visits to collect unpaid […]