5 Reasons to Amend a Previously Filed Tax Return

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The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number…

SALT Deduction – Battle Lines Have Been Set and Swords Have Been Drawn

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Article Highlights: • SALT Tax Limits • State Work-arounds • Converting Tax Deductions to Charitable Contributions • IRS Regulations • Taxpayer Beware  Tax reform has limited the federal itemized deduction for state…
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Do You Need to Renew Your ITIN?

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The IRS has announced that more than 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2018. An ITIN is a nine-digit number issued by the IRS to individuals who are required for U.S. federal tax purposes…
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States Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction

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Four states – New York, Connecticut, Maryland and New Jersey – have sued the federal government to void the tax-reform cap on the federal itemized deduction for state and local taxes, contending that limiting the deduction is unconstitutional.…
133,000 Injured Veterans Entitled to Tax Refunds

133,000 Injured Veterans Entitled to Tax Refunds

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As a result of the 2016 Combat-Injured Veterans Tax Fairness Act, more than 133,000 injured veterans may qualify for a federal tax refund. The minimum refund is estimated at $1,750, meaning the government will be paying out an estimated minimum…
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Credit for Family and Medical Leave Benefits

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Article Highlights: Written Leave Policy Variable Credit Qualifying Employee Qualifying Leave Time Limits General Business Credit The Tax Cuts and Jobs Act that was passed last year included a new tax credit for employers…
tax tips

Got a Letter from the IRS?

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Article Highlights:  Confirm the Letter Was Not Sent in Error Examine the Contents Avoid Procrastination, Which Leads to Bigger Problems Send Any Payments Consider Change-of-Address Complications Be Aware of ID Theft If…
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Summer Employment For Your Child

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Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Summer is just around the corner, and your children may be looking for summer employment. With the passage of…
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Preparing for Taxes for 2018 and Beyond

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Article Highlights: Increase In Standard Deduction Loss of Personal Exemptions Changes to Itemized Deductions Bunching Strategy Employee Business Expenses Business Expensing 20% Flow-through Income Deduction Change…
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You May Not Get a Tax Refund Next Year

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Article Highlights:  Payroll Withholding W-4 2018 Tax Projection Adjusting Withholding With all of the tax reform changes and the corresponding reductions in most taxpayers’ income tax withholding, there are serious concerns…