Every taxpayer has a set of fundamental rights known as the “Taxpayer Bill of Rights.”  These rights are in the tax code.  Here we will group them into 10 categories in hopes that you will better understand your rights as a taxpayer.  The first five rights will be listed this month and the second five rights will be listed in next month’s newsletter.

1. The Right to be Informed.  Your have the right to know what is required to comply with the tax laws.  You are entitled to clear explanations of the laws and IRS procedures on all tax forms, instructions, publications, notices and correspondence.  You have the right to know about IRS decisions affecting your accounts and clear explanations of the outcomes.
2. The Right to Quality Service.  You have the right to receive prompt, courteous and professional assistance in your dealings with the IRS and the freedom to speak to a supervisor about inadequate service.  Communications from IRS should be clear and easy to understand.
3. The Right to Pay No More Than the Correct Amount of Tax.  You have the right to pay only the amount of tax legally due, including interest and penalties.  You should also expect the IRS to apply all tax payments properly.
4. The Right to Challenge the IRS’s Position and Be Heard.  You have the right to object to formal IRS actions or proposed actions and provide justification with additional documentation.  You should expect that the IRS will consider your timely objections and documentation promptly and fairly.  If the IRS does not agree with your position, you should expect a response.

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5. The Right to Appeal an IRS Decision in an Independent Forum.  You are entitled to a fair and impartial administrative appeal of most IRS decisions, including certain penalties.  You have the right to receive a written response regarding a decision from the Office of Appeals.  You generally have the right to take your case to court.

YEAR-END PLANNING

Required Minimum Distribution for those over 70.5 – if you have IRAs or 401Ks, you must take a distribution from your account no later than 12/31/2016.  Failure to do so could result in a fine equal to 50% of your RMD amount.  Most of you can opt to designate all or part of your RMD to a U.S. recognized charitable institution.  This will remove the distribution from your taxable income yet still meet the requirement of taking a distribution.  Allow sufficient time for the paper work to be processed and the distribution made to the charity.  This MUST be done BEFORE 12/31/2016.

We wish all of you a Happy Thanksgiving, 2016!