For Advisors
Friday April 25, 2025
Advisor Resources
We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends. The GiftLaw services are made available to all advisors as a free service. We are available to assist in helping you provide clients with clear and understandable gift illustrations.More |
Washington News
On April 16, 2025, the Internal Revenue Service (IRS) explained the penalty relief options for taxpayers who missed the filing deadline. The IRS encourages taxpayers to file and pay taxes if they are able to do so. Taxpayers who make partial payments toward their tax debt can reduce the accrued interest and penalties.
Some taxpayers may also qualify for penalty relief. There is a First Time Abate administrative waiver for taxpayers who are in good standing with the IRS.
History of Tax Filing — The first requirement is that you have filed for the past three years and there were no penalties assessed. If you filed for years 2021, 2022 and 2023 and did not have any penalties, you may qualify for First Time Abate relief.
Additional Requirements — Taxpayers also may have to pass additional tests. Taxpayers cannot have four or more Failure to Deposit penalty waiver codes. They...More |
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GiftLaw Pro
GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...More |
Deduction Calculator
The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan...View Presentation |
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Case of the Week
Barbara Banker started with nothing. She lived in a midsized town and worked in the local hardware store. The store owner noticed her industrious efforts and strong work ethic. When he decided to...More |
Private Letter Ruling
Organization applied for tax exempt status under Sec. 501(c)(3). Organization is a digital assets organization formed to build and maintain an open-source blockchain protocol for non-fungible tokens...More |
Article of the Month
Donating a vehicle, including cars, trucks, motorcycles, airplanes and boats, can be a generous way to support a cause while also securing a tax benefit. For individuals with tangible assets like a...More |
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