IRS Tax News Presents Mixed Bag
A recently issued Tax Report from the IRS includes topics on estate planning, taxpayer advocates, "Problem Solving Day" and other items.
As of January 1, the effective exclusion from Federal estate taxes rises to $675,000, and is expected to increase to $1 million as of 2006. Although this only applies to a small number of super-wealthy Americans who pass away with large estates, experts report that the tax burden is substantial enough to cause great concern among those affected.
In other news, the Taxpayer-Advocate Unit has now been given more automony to help solve taxpayer problems that could not be solved through other means, such as lost or missing refund checks.
This Saturday, IRS representatives will meet with taxpayers in 35 locations across the United States for another "Problem Solving Day," addressing various issues related to audit and attempting to create solutions for those in need.