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Accounting && Auditing

Does the Government Own Your House? Understanding Eminent Domain and Homeownership in the U.S.

Homeownership is a cornerstone of the American dream, representing stability, financial security, and a sense of belonging. However, many homeowners may wonder about the extent of their ownership rights, particularly in relation to the government’s power of eminent domain. This article delves into the complexities of eminent domain, exploring the legal framework, historical context, and … Read more

Can You Get Audited for Claiming a Child?

Understanding the IRS Audit Process for Child-Related Tax Credits The Internal Revenue Service (IRS) conducts audits to ensure that taxpayers are accurately reporting their income and deductions. This includes verifying the eligibility of claimed dependents, such as children, for tax credits like the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC). Reasons for … Read more

Can the IRS Seize Property in a Trust?

The Internal Revenue Service (IRS) has the authority to seize and sell assets to satisfy unpaid tax debts. This includes property held in a trust. However, the IRS’s ability to levy on trust assets is limited by certain legal protections, including spendthrift provisions and nominee liability. Spendthrift Provisions Spendthrift provisions are clauses in trust documents … Read more

Will the IRS Take My Stimulus Check?

The Internal Revenue Service (IRS) has been authorized to distribute stimulus checks to eligible individuals and families as part of the government’s response to the COVID-19 pandemic. These checks are intended to provide financial relief during this challenging time. However, some individuals may be concerned about whether the IRS will offset their stimulus checks against … Read more

Can the IRS Take My 401(k) if I Owe Taxes?

Understanding the Protection of Retirement Accounts Generally, retirement accounts like 401(k) plans offer protection against creditors, including commercial entities like banks. This protection stems from the Employee Retirement Income Security Act of 1974 (ERISA), which designates that funds within a 401(k) legally belong to the plan administrator, not the account holder, until the point of … Read more

Understanding Taxes on Pension Income in Canada

Retirement planning involves careful consideration of various factors, including the tax implications of pension income. In Canada, pensioners are subject to income tax on their pension payments, but the amount of tax owed depends on several factors. This guide will provide a comprehensive overview of how taxes are calculated on pension income in Canada, helping … Read more

What’s the Difference Between a Roth 401(k) and a Roth 403(b)?

Retirement planning is a crucial aspect of financial well-being. Employer-sponsored retirement plans, such as 401(k)s and 403(b)s, offer tax advantages and the potential for long-term savings growth. Roth 401(k)s and Roth 403(b)s are specialized types of these plans that provide unique tax benefits. This comprehensive guide will delve into the key differences between Roth 401(k)s … Read more