Category Archives: Tax Law
Preparing for a Natural Disaster
As we have seen over the last few months, natural disasters, such as Hurricane Florence, can strike at any time. While ensuring personal safety and the safety of one’s family is, of course, the most important concern at times like this, it is also important for taxpayers to consider the effects of a natural… Read More »
Paying Estimated Taxes
With the end of the year in view, small businesses and self-employed taxpayers are encouraged to remember the importance of making quarterly estimated tax payments. For help determining how much you owe in estimated taxes and whether you should be paying on a quarterly basis, or if you were recently notified by the IRS… Read More »
IRS Offshore Voluntary Disclosure Program to be Terminated
The IRS recently notified taxpayers with undisclosed offshore accounts that they only have until September 28th to take advantage of the agency’s Offshore Voluntary Disclosure Program (OVDP). Initially launched in 2009, this program is estimated to have helped nearly 56,000 taxpayers comply with U.S. tax law by assisting them when it comes to paying… Read More »
Deducting Charitable Contributions as Business Expenses
According to a recent announcement, the IRS is planning on issuing a series of regulations concerning the availability of charitable contribution deductions to business taxpayers. Fortunately, the proposed rule changes do not impact the availability of deductions for businesses that donate to charities or government entities and who receive state or local tax credits,… Read More »
Combat-Zone Contract Workers May Qualify for Foreign Earned Income Exclusion
As a result of the passage of the Bipartisan Budget Act, which was enacted in February, certain citizens and resident aliens who work for the military in designated combat zones could now be eligible for the foreign earned income exclusion benefit. To find out more about this tax break and whether you qualify, please… Read More »
The Compliance Assurance Process Program
The Compliance Assurance Process (CAP) program is a cooperative pre-filing program that was created in 2005 as a way to help taxpayers resolve tax issues before filing their returns. The IRS recently instituted some major changes to the program, which will go into effect in 2019. However, to help affected taxpayers assess and implement… Read More »
Renewing Your ITIN to Avoid Refund Delays
According to the IRS, more than two million Individual Taxpayer Identification Numbers (ITINs) will expire by the end of this year. Although the IRS has increased its staff in preparation for the influx of W-7 applications requesting renewal, it’s still a good idea for taxpayers who need to have their ITINs renewed to submit… Read More »
IRS Announces Plan to Revise Form 1040
In an effort to help streamline the tax return filing process, the IRS recently announced that it will begin implementing a plan to streamline 1040 forms for the 2019 tax season. The changes are expected to cut the document in half and make it much easier for users to understand and complete. For more… Read More »
Highway Use Tax Return To Have Been Submitted by August 31st
Recently, the IRS issued a notice to taxpayers reminding them that owners of heavy trucks must file the Heavy Highway Vehicle Use Tax Return by the end of August. Usually only those who own vehicles that weigh more than 55,000 pounds are required to file this return, although the amount that must be paid… Read More »
Some Veterans Eligible for Disability-Based Tax Refunds
In a recent publication, the IRS notified taxpayers that some veterans who received disability severance payments and included the payment as income on a tax return could be eligible for a refund. For help determining whether you qualify for a refund based on your disability, please contact a tax attorney for assistance. Who is… Read More »
