About the Author Deborah Kurfiss

Deborah Kurfiss is a copywriter, social media consultant and content marketer primarily working in Silicon Valley. Previously, Deborah practiced law.
April 4, 2019By: Deborah Kurfiss

Private collection agencies are now being assigned to collect selected delinquent accounts for the IRS. These agencies have placed some taxpayers in such stressful positions that it is hard for them to meet their living expenses.

February 1, 2019By: Deborah Kurfiss

The sweeping changes of the Tax Cuts and Jobs Act (TCJA) that went into effect at the beginning of January 2018 included a 20% pass-through deduction to non-corporate taxpayers with “qualified business income.” What is known as the “pass-through rules,” taxpayers can find them in 26 U.S. Code § 199A – Qualified Business Income (QBI). The purpose of § 199A was to give individuals with qualified business interests a break similar to the 21% income tax bracket enjoyed by C corporations, which are taxed as separate entities.  26 U.S. Code § 199A will expire in 2026 unless extended.

January 9, 2019By: Deborah Kurfiss

The Bank Secrecy Act (31 USC 5324) was passed in the 1970s to address the problem of money laundering and other crimes that require large transfers of money. Under the auspices of this act, financial institutions must report financial transactions over $10,000.  Criminals found ways to sidestep this monitoring, such as by making several deposits under the $10,000 limit, otherwise known as structuring transactions. According to the IRS, “A structured transaction is a series of related transactions that could have been conducted as one transaction, but the financial institution and/or the transactor intentionally broke it into several transactions for the purpose of circumventing the reporting requirements of the Bank Secrecy Act (BSA).”

December 19, 2018By: Deborah Kurfiss

As the year comes to a close, and we all look forward to the holidays, the state of New Jersey is offering something that will light up some of its residents with even more joy. The New Jersey Division of Taxation or “Division,” has mailed letters to all taxpayers, both individual and businesses, who may be eligible for tax amnesty on delinquent accounts. For those who have fallen behind on their taxes or have failed to file, the New Jersey Division of Taxation is offering a very narrow window of opportunity to get right with the state without penalties and with reduced interest.