News

Trump’s Tax Reform Priorities Unveiled

The White House on Wednesday issued President Donald Trump’s goals and key features for tax reform, including slashed corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum taxes. Trump outlined his proposals in a one-page sheet of bullet points headed “2017 Tax Reform for Economic Growth and …read more

IRS Explains How Offer in Compromise Works

Taxpayers who have a tax debt they cannot pay may have heard that they can settle their tax debt for less than the full amount owed. It’s called an Offer in Compromise. Before applying for an Offer in Compromise, here are some things to know: In general, the IRS cannot accept a settlement offer if …read more

IRS Issues Tips on What to do After the Tax-Filing Deadline

IRS Issues Tips on What to do After the Tax-Filing Deadline Tax day has come and gone for most people, but some taxpayers may still be dealing with their taxes. The IRS offers these tips for handling some typical after-tax-day issues: Didn’t File by April 18? There is no penalty for filing a late return …read more

Important Facts about Filing Late and Paying Penalties

April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If taxpayers are due a refund, there is no penalty if they file a late tax return. Taxpayers who owe tax, and failed to file and pay on time, will most likely owe interest …read more

Tax Tips to Help You Determine What Makes a Gift Taxable

Tax Tips to Help You Determine What Makes a Gift Taxable Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving: 1. Nontaxable Gifts. The general …read more

IRS Urges Taxpayers Not to Rush; Choose Return Preparers Wisely

As the tax filing season deadline approaches, the Internal Revenue Service is reminding taxpayers to select who will prepare their 2016 federal tax return carefully. With the filing deadline less than two weeks away, appointments with some tax professionals may be limited. A reputable preparer will ask to see a taxpayer’s records and receipts and …read more

Top IRS Tips to Know about the Home Office Deduction

Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to claim a deduction. Here are six tips to keep mind about the home office …read more

Keep in Mind These Basic Tax Tips for the Sharing Economy

If taxpayers use one of the many online platforms to rent a spare bedroom, provide car rides or a number of other goods or services, they may be involved in the sharing economy. The IRS now offers a Sharing Economy Tax Center. This site helps taxpayers find the resources they need to help them meet …read more

“Where’s My Refund” Tool Best Way to Check Tax Refund Status

The Internal Revenue Service reminded taxpayers today that while more than 90 percent of federal tax refunds are issued in 21 days or less, some refunds may take longer. Many factors can affect the timing of a refund after the IRS receives the return. Also, taxpayers should take into consideration the time it takes a …read more

Tax Return triggers for Basic Estate Planning

Today’s landscape calls for tax practitioners to add value to a client’s experience beyond solely preparing their tax filings. Proactively identifying issues and uncovering opportunities are at the core of this practice. When it comes to estate planning – an often uncomfortable, sensitive topic – many clients fail to put a plan in place and …read more