Offer in Compromise

Offer in Compromise

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Offer in Compromise FAQs We’re all responsible for paying our fair share of taxes each year. But what happens when the amount that you owe is simply out of reach? What happens if you failed to make payments in a timely manner and your financial…
IRS Clergy Tax Changes

Clergy Tax Benefits Under Fire

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Section 107 of the Internal Revenue Code provides that a minister of the gospel’s gross income doesn’t include the rental value of a home (parsonage) provided; if the home itself isn’t provided, a rental allowance paid as part of compensation…
Big Changes to the Kiddie Tax

Big Changes to the Kiddie Tax

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Years ago, to prevent parents from transferring their investment accounts into their children’s name to avoid taxes, Congress created what is referred to as the kiddie tax. This counteracted the strategy of taking income from the parents’…
Taxpayers Find Gift Tax Reporting Confusing

Taxpayers Find Gift Tax Reporting Confusing

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Gift taxes were created to prevent wealthy taxpayers from transferring their estates to their beneficiaries via gifts and thus avoid estate taxes when they pass away. But that does not mean only wealthy taxpayers need to be concerned with the…
A Mid-Year Tax Checkup May Be Appropriate

A Mid-Year Tax Checkup May Be Appropriate

Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought about by tax reform. One area of major concern is the…
Moving Deductions are Kaput

Moving Deductions are Kaput

Prior to the passage of tax reform, individuals who moved as the result of a job change or job relocation could deduct their unreimbursed moving expenses if the driving distance from their home to the new job location was at least 50 miles more…
Is Inheritance Taxable?

Is an Inheritance Taxable?

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A frequent question is whether inheritances are taxable. This is a frequently misunderstood question related to taxation and can be complicated. When someone passes away, all of their assets will be subject to inheritance taxation, and whatever…
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How Long Should You Hold On To Old Tax Records?

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Article Highlights: The general statute: 3 years Longer durations in some states Fraud, failure to file and other issues that extend the statute’s duration Keeping the actual return Ordering copies of previously filed returns This…
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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…
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Should I Use a Credit Card to Pay My Taxes?

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With tax filing season out of the way, paying off those tax bills that weren't paid by April 18th is the next major concern for people. While there are a few options for payment agreements if you can't afford to write a check for the full amount…