Did You Overlook Something on a Prior Tax Return? 

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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…

Reconstructing Individual Tax Records

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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,…

When Can You Dump Old Tax Records?

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Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the…

Are You Caring for a Disabled Family Member? Read This.

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Article Highlights: Caring for Disabled Family Members Qualified Medicaid Waiver Payments Exclusion Qualifications Mandatory Exclusion Earned Income Earned Income Tax Credit Tax Court Ruling Many taxpayers prefer…

Be on the Outlook for Tax Reporting Forms

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Article Highlights: Form W-2 Form W-2G Form 1099-G Form 1099-MISC Form 1099-DIV Form 1099-INT Form 1099-B Form 1099-S Form SSA-1099 Form RRB-1099 Form 1099-R Form 1098-T Form 1095-A Form 1099-NEC …

Haven't Filed Tax Returns for Multiple Years? Here's What You Need to Do Next

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You'd be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it's absolutely something that you're supposed to do like clockwork every single year. Of course, there is a myriad of different reasons…

Many Taxpayers Will See Smaller Refunds This Year

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Article Highlights: Child Tax Credit  Dependent Care Benefits Recovery Rebates Employee Retention Credit Congress has for years used the tax return as a means of providing benefits to taxpayers in need and incentives to stimulate…

Consequences of Filing Married Filing Separate

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Article Highlights Reasons to File Separate Filing Threshold Community Property State Income Joint & Several Liability Social Security Benefits Taxation Threshold Capital Loss Limitation Sec 179 Limitation Rental…

Common Family Tax Mistakes

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Article Highlights Family Member Transactions Renting to a Relative  Below-Market Loans Transferring Home Titles Gifts Basis Life Estate Incorrect Withholding Child Files Incorrect Return When it comes to transactions…

The IRS Achieves a 90% Conviction Rate, or: "Why You Shouldn't Cheat on Your Taxes"

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There's an old saying that reminds us that there are only two certainties in this life: "death, and taxes." Whoever coined that phrase couldn't have known how true it was, particularly when it comes to the latter portion. The Internal Revenue…