Category Archives: Tax Law
Misleading and Inaccurate Tax Information Circulating on Social Media
Social media platforms have made it easier than ever to stay in touch with family and friends and to keep abreast of the latest news. Unfortunately, these platforms are also used for more nefarious purposes, like spreading false and misleading tax information to the public, which in turn can lead to tax issues and… Read More »
Tax Relief for Florida Summertime Storm Victims
If you were affected by the recent storms in Florida, you could be eligible for tax relief. In recognition of the devastation caused by severe storms, tornadoes, and straight-line winds in Florida this summer, the IRS is offering affected taxpayers (both individuals and businesses) an extension to file returns and make tax payments, both… Read More »
Business Tax Payment Plans
Individual taxpayers who are unable to pay the taxes they owe to the IRS are often eligible for payment plans that allow them to pay those debts off over time, with fewer penalties. Many, however, are unaware that such options also exist for businesses, which can also qualify for long-term payment plans. Installment Agreements… Read More »
New Tax Scams Target Art and Charitable Donation Deductions
The IRS recently warned taxpayers of three new tax schemes that are currently being used by dishonest promoters and unscrupulous tax companies. Read on to learn more about these schemes and how to protect yourself come tax season. Improper Art Donation Deductions More and more taxpayers have become targets of schemes that distort tax… Read More »
Did You Miss the April Tax Deadline?
Although the April tax deadline for filing 2023 returns and tax payments has passed, those who missed this deadline still have options for filing. It’s also important to remember that for those who requested a filing extension, that extension only applies to filing their tax return, not to making payments to the IRS. Individuals… Read More »
The Filing Deadline For Tax-Exempt Organizations
As you probably know, the tax filing deadline for most individuals was in April. Many tax-exempt organizations, including those that operate on a calendar-year basis, however, had until May 16th to file their returns and certain annual information with the IRS. Failing to comply with these deadlines can result in significant penalties and fees,… Read More »
Income Tax Withholding Calculations for Periodic Retirement and Annuity Payments
The Department of the Treasury recently announced that it would be updating the federal income tax withholding rules for periodic annuity and retirement payments made after December 31st of this year. Determining how these rules could affect your own withholding calculations can be a complicated process, so if you have questions about the new… Read More »
If You Need to Obtain or Renew Your Passport – Be Sure to Resolve Your Tax Issues First
Under a new IRS policy, taxpayers with unresolved tax issues could be barred from renewing or obtaining a passport. For this reason, taxpayers who wish to avoid delays to their travel plans should take prompt action to resolve any tax concerns. For help identifying and resolving the tax issues that are keeping you from… Read More »
E-Filing Cash Transaction Reports
In addition to reporting income and deductions to the IRS, taxpayers must also report any cash payments that they receive in excess of $10,000. While it is possible to fulfill this obligation by completing and submitting a paper form, many taxpayers choose to file these reports electronically. Regardless of the method used, reporting these… Read More »
New Hardship Withdrawal Regulations Proposed
In a preamble to newly proposed regulations that were published in November, the federal government detailed several changes to the tax code that could affect hardship withdrawals in the future. For instance, according to the IRS, taxpayers with 401(k) plans and other employer-sponsored retirement plans, are now permitted to make loans and hardship distributions… Read More »
