Article Highlights: Separated Taxpayers Divorced Taxpayers Recently Married Taxpayers Widowed Taxpayers Filing Status Joint and Several Liability Who Claims the Children Alimony Community Property States Affordable Care Act Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions […]
Article Highlights: IRS Notices CP Series Notice Automated Notices Frequent Errors ID Theft Penalties and Interest What You Should Do What We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the […]
Article Highlights: Health Insurance Retirement Plans Special Rule for Military Spouses Qualified Transportation Fringe Benefits Flexible Spending Accounts (FSAs) Group Term Life Insurance Qualified Employee Discounts Employer-Provided Education Assistance Adoption Expenses Child and Dependent Care Benefits Health Savings Accounts Special Rule for Military Spouses Tax law includes several tax- and financially favored benefits that […]
Article Highlights: Divorce or Separation Agreements Can Specify Who Claims a Child. If You Pay Child Support, You Claim the Child as a Dependent. Avoiding Payroll Taxesby Treating an Employee’s Compensation as a Gift. Only Medical Expenses for Taxpayer, Spouse, and Dependents Are Deductible. Donation of the Use of a Time-Share Week Is a Charitable […]
While it’s true that every business is different from the next – and every entrepreneur will go on his or her own unique journey – there are still a few constants that we know to be true. The start-up phase, for example, is when you write a formal business plan. You secure financing, you select […]
Article Highlights Advance Preparedness Cloud Storage Copies of Returns or Return Transcripts Records of Personal Residence and Real Property Vehicles Personal Property Business Records Hurricanes, fires, floods, tornadoes and other unanticipated events can all destroy tax records and require taxpayers to reconstruct financial records lost during such a tragedy or disaster. Individuals will need these […]
It can be logical to assume that because you’ve moved out of the country, you no longer have to pay taxes on any money you earn. It can be logical… but it is also incorrect. Nearly all United States citizens must file a Federal Tax Return every year. This is true regardless of where in […]
Article Highlights: Repercussions of Incorrect Tax Returns Filing Amended Returns Statute of Limitations for Refunds Potential of Audit It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the […]
Article Highlights: Information Filing Due Dates Calendar Year Nonprofit Fiscal Year Nonprofits Which Form To File Extension of Time to File Late Filing Penalty Failure To File For 3 Years State Filing Requirements Most organizations exempt from income tax under section 501(a) must file an annual information return or submit an annual electronic notice (Form […]
Article Highlights Advance Preparedness Cloud Storage Copies of Returns or Return Transcripts Records of Personal Residence and Real Property Vehicles Personal Property Business Records Hurricanes, fires, floods, tornadoes and other unanticipated events can all destroy tax records and require taxpayers to reconstruct financial records lost during such a tragedy or disaster. Individuals will need these […]