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The Declared Heirs

From the Desk of Lauran L. Stevenson The Declared Heirs Judge Kevin Eide has officially determined that the musician’s sister and five half-siblings are heirs to his massive fortune. In a ruling made public last Friday, Judge Eide ordered that Prince’s sister, Tyka Nelson, and Omarr Baker, […]

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The Song That Never Ends: Legal Battles in Prince’s Estate

From the Desk of Lauran L. Stevenson The Song That Never Ends: Legal Battles in Prince’s Estate Last week the court convened to consider four motions. The most important motion, from a procedural standpoint, was the motion to formally declare Prince’s sister and five verified half-siblings as […]

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The Often-Overlooked Home Office Business Deduction

From the Desk of Lauran L. Stevenson The Often-Overlooked Home Office Business Deduction As part of National Small Business Week (April 30-May 6), the IRS highlighted a series of tips and resources available for small business owners. One tip was about the Home Office Deduction, which is […]

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When the IRS Knocks

From the Desk of Lauran L. Stevenson When the IRS Knocks The IRS has created a special new page (“How to know it’s really the IRS calling or knocking on your door”) on IRS.gov to help taxpayers determine if a person visiting their home or place of […]

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President Trump’s New Tax Proposal

From the Desk of Michael T. McCormick President Trump’s New Tax Proposal President Trump outlined his new tax proposal on Wednesday that the Administration intends to submit to Congress. “Today we are putting out core principles,” Treasury Secretary Steven Mnunchin told reporters. According to Wolters Kluwer News […]

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What to Do When an IRS Letter Arrives: “Tips” from the IRS

From the Desk of Lauran L. Stevenson What to Do When an IRS Letter Arrives: “Tips” from the IRS Recently, the IRS issued several tax tips on how to handle correspondence from their office. Below are some suggestions from the IRS on how to best handle a […]

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Private Collection of Some Overdue Taxes

From the Desk of Lauran L. Stevenson Private Collection of Some Overdue Taxes Starting this month, the IRS will begin sending letters to a select group of taxpayers whose overdue federal tax accounts are being assigned to one of four private-sector collection agencies. This is a new […]

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IRS Issues Guidance on New Option for Claiming Research Credit for Small Startups

From the Desk of Lauran L. Stevenson IRS Issues Guidance on New Option for Claiming Research Credit for Small Startups On March 30, 2017, the IRS issued interim guidance explaining how eligible small businesses can take advantage of a new option enabling them to apply part or […]

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IRS Announces New Offer in Compromise Rules

From the Desk of Lauran L. Stevenson IRS Announces New Offer in Compromise Rules The IRS announced new rules regarding an Offer in Compromise (“OIC”) application. All OIC applications received on or after March 27, 2017 will be returned if the taxpayer has not filed all required […]

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Problems Continue in Prince’s Probate

From the Desk of Lauran L. Stevenson Problems Continue in Prince’s Probate The heirs have been determined, but disagreements as to the distribution of the multimillion dollar estate seem to never end. Prince’s heirs are: his sister Tyka Nelson; half-siblings Sharon Norrine and John Nelson; Omarr Baker […]

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