Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
Around this time of year, many people have filed and forgotten about their 2017 tax returns. But you could get an abrupt reminder in the form of an IRS penalty.
Three Common Types of IRS Tax Penalties Read More »
Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some longstanding deductions. In response, the IRS recently issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second mortgages will, in many cases, remain deductible.
Deducting Home Equity Interest Under the Tax Cuts and Jobs Act Read More »
America’s taxpayers have specific rights when they interact with the IRS. These ten rights are known collectively as the Taxpayer Bill of Rights. These rights cover a wide range of topics and issues, and lay out what taxpayers can expect in the event they need to work with the IRS on a personal tax matter.
Taxpayer Bill of Rights: Ten Rights for All Taxpayers Read More »
The IRS reminds taxpayers who may be impacted by hurricanes and other natural disasters that now is a good time to begin preparing for one. National Hurricane Preparedness Week runs from May 6-12. The IRS also wants taxpayers to know that the agency is here to help, including offering a special toll-free hotline for those
Disaster Readiness Guidance During National Hurricane Preparedness Week Read More »
In an increasingly globalized society, many people choose to open offshore accounts to deposit a portion of their wealth. When doing so, it’s important to follow the IRS’s strict foreign accounts reporting requirements. In a nutshell, if you have a financial interest in or signature authority over any foreign accounts, including bank accounts, brokerage accounts,
Foreign Accounts Call for Specific Reporting Requirements Read More »
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your
Get an Early Tax Refund by Adjusting Your Withholding Read More »
The Internal Revenue Service has updated the tax year 2018 annual inflation adjustments to reflect changes from the Tax Cuts and Jobs Act (TCJA). The tax year 2018 adjustments are generally used on tax returns filed in 2019.
Inflation Adjustments Under Recently Enacted Tax Law Read More »
Combat zone tax benefits now available to Armed Forces members who served in the Sinai Peninsula; IRS accepting retroactive tax refund claims back to 2015 U.S. Armed Forces members who served in the Sinai Peninsula of Egypt may qualify for combat zone tax benefits retroactive to June 2015, according to the Internal Revenue Service.
Combat Zone Tax Benefits Read More »
Years and years ago, the notion of having a company cafeteria or regularly catered meals was generally feasible for only the biggest of businesses. But, more recently, employers providing meals to employees has become somewhat common for many midsize to large companies. A recent tax law change, however, may curtail the practice.
The New Deal on Employee Meals and Entertainment Read More »
The child credit has long been a valuable tax break. But, with the passage of the Tax Cuts and Jobs Act (TCJA) late last year, it’s now even better — at least for a while. Here are some details that every family should know.
Child Credit to Get Even More Valuable Read More »