Category Archives: Tax Law
How Tax Reform Could Affect Taxpayers with Able Accounts
Last year’s tax reform bill made a number of significant changes to the tax code. One of these changes involves ABLE accounts, as people with disabilities are now permitted to place more funds into these types of accounts and may also be able to qualify for the Saver’s Credit for low-income workers. If you… Read More »
IRS Offers Relief to Taxpayers Subject to Transition Tax on Foreign Earnings
The new tax law, passed late last year, made a number of changes to the tax code, one of which, was the imposition of a transition tax on untaxed foreign earnings of overseas companies owned by U.S. shareholders. According to the new law, these types of foreign earnings that are held in the form… Read More »
Payment Options Available to Taxpayers Who Filed Their Taxes But Didn’t Pay
The IRS gives taxpayers an extension when it comes to filing their tax returns. However, this extension does not apply to any liabilities owed by taxpayers, so all payments were supposed to be submitted by mid April. Many taxpayers were unable to meet this deadline and so are now receiving tax bills because, although… Read More »
New Deduction-Related Changes Enacted
Late last year, Congress made significant changes to U.S. tax law when it passed the Tax Cuts and Jobs Act. Many of these changes will affect not only individual taxpayers, but also their employers. For instance, under the terms of the new amendments, all miscellaneous itemized deductions that were formerly subject to the two… Read More »
Challenging Wrongful IRS Levies
When taxpayers fail to pay tax debt, the IRS is permitted to issue a levy against them, which permits the agency to seize and sell the taxpayer’s property, including wages, vehicles, real estate, personal assets, and the contents of financial accounts in order to cover the liability. Previously, those against whom a levy was… Read More »
The Importance of Double-Checking Your Withholding Amount
The Tax Cuts and Jobs Act, which went into effect this year and so will affect 2018 tax returns filed next year, made significant changes that will affect how tax withholding is calculated. For instance, the new amendments increased standard deductions, discontinued other deductions, changed tax rates, increased the Child Tax Credit, and eliminated… Read More »
Maximize Tax Savings with Charitable Giving
Although most taxpayers are generally aware that they can save money during tax season through charitable giving, few are aware of just how many charity-related deduction options are available to taxpayers. For example, taxpayers who donate money or goods to a tax-exempt charity before December 31 can deduct the amount donated on this year’s… Read More »
I Missed the Deadline, Can I Still File My Taxes?
Most taxpayers were required to submit their 2017 taxes by April 17th. There are, however, exceptions for certain individuals, who are permitted to turn their taxes in later without even requesting an extension. To find out more about whether you qualify for late filing, you should consider contacting an experienced tax attorney who is… Read More »
Reporting Virtual Currency Transactions
With the advent of virtual currency, also known as digital currency, preparing income tax returns has become a bit more complicated. This is because, like transactions in any other kind of property, income from virtual currency transactions is both reportable and taxable. Those who fail to property report these types of transactions can be… Read More »
Requesting an Online Extension
While all tax returns were due on April 17th this year, there are options for those who may have trouble meeting this deadline. For instance, the Free File option allows taxpayers to apply for an automatic six month extension. These extensions are automatically granted, so those who request it will have until October 15th… Read More »
