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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

Income Tax Definition of a “Real Estate Professional”

In order to qualify as a real estate professional in the eyes of the IRS, the taxpayer has to prove that he or she spent 750 hours in the real estate profession. This can be verified in many different ways, but the cleanest way is through contemporaneous records. However, holding a full-time job has always been a …read more

Life Insurance: It Was Never Just About Taxes

“Don’t let the tax tail wag the planning dog!” The key to planning is to remember that a client’s goals are paramount and taxes are a secondary consideration. So, if the tail shouldn’t wag the dog when taxes are “high,” why would should it be allowed to do so when taxes may be “low” or …read more

IRS Guide to Community-Based Free Tax Preparation

The Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs help people every year. Through these IRS-sponsored programs, millions of lower-to-moderate income individuals and families get their taxes done free. The IRS works with local community groups to train and certify VITA and TCE volunteers to offer this service. Eligible taxpayers, …read more

With Close Trump ties, private equity eyes tax and financial reform

(Bloomberg) Private equity has the President-elect on speed dial. That may benefit the $2.5 trillion industry as several key issues are put in play. Wilbur Ross, who made his private equity fortune restructuring bankrupt companies, will as Commerce secretary be the voice of U.S. business in Donald Trump’s cabinet. Blackstone Group LP Chief Executive Officer …read more

Affordable Care Act: What Employers with Fewer than 50 Employees with Fewer than 50 Employees Need to Know

Affordable Care Act: What Employers with Fewer than 50 Employees Need to Know As an employer, the number of employees you have during the last calendar year determines which parts of the health care law apply to your organization. If you are an employer with fewer than 50 full-time employees, including full-time equivalent employees, here …read more