November 2, 2017
The amount of the penalty is based on when you file the correct information return or furnish the correct payee statement. The penalty for not filing a correct information return is separate from the penalty for not providing the correct payee statement.
October 30, 2017
The indictment in the district court for Washington D.C. states that Manafort laundered more than $18 million to buy luxury gods and services without paying any tax on the income. This enabled the GIP strategist to support a “lavish lifestyle. “
September 27, 2017
The new tax plan doesn’t provide much detail on how the tax cuts will be paid for and who exactly will benefit. It also throws some important decisions back into Congress’ lap.
August 30, 2017
First of all, to qualify as IRC §1202 Stock, the stock must be in a domestic C-Corporation. The stock cannot be held by an S-Corporation or a limited liability company (LLC). Another caveat is that the corporation may not have more than $50 million in ...
August 28, 2017
As Hurricane Harvey brings massive floods and destructive winds to Texas, victims are in need of relief and aid.
August 18, 2017
Each year during tax time the “most overlooked” tax deductions get a lot of press. And every year the lists include the same deductions, such as state sales tax, student loan interest, job hunting costs, and moving expenses.
March 2, 2017
The IRS says that more than $1 billion in federal income tax refunds from 2013 has gone unclaimed so far, and will be lost to the nearly 1 million taxpayers who failed to claim them. Taxpayers have three years to file for an income tax refund, after which
February 25, 2017
It’s tax time and many Americans are waiting on their income tax refunds. But some taxpayers are still waiting to file because of lost or missing W-2 forms. If you are asking either of these questions, the IRS has answers: What if I lost my W-2 form? What if my work never sent me a...…
February 24, 2017
On the income tax reform agenda: Tax rate cuts, fewer brackets, repeal of AMT, cap on itemized deductions, elimination of personal exemptions, Sec 179 changes, 15% corporate income tax rate, repatriation tax, repeal of estate tax.
February 18, 2017
In an effort to fight fraud, the IRS delayed all returns with either of those credits this year. But the good news is, the IRS says it has started processing them and they should start being direct deposited the week of ...
February 17, 2017
Even tax professionals know how confusing taxes can be. For individual taxpayers, it can be like performing a root canal without any dental experience. For those with tax obligations in multiples states, or with more complex incomes and investments ...
February 17, 2017
Many refunds that included the EITC or Child Tax Credit had been held since the filing season started in late January due to new requirements of the 2015 Protecting Americans from Tax Hikes (PATH) Act.