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Fail to Pay your Taxes, Get your Passport Revoked
Individuals with significant tax debt should act promptly to avoid revocation of passports. The Internal Revenue Service today urged taxpayers to resolve their significant tax debts to avoid putting their passports in jeopardy. They should contact the IRS now to avoid delays in their travel plans later. Gregory J. Cook, EA, CPAAccredited Tax Advisor Under…
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IRS is sending Letters to Virtual Currency Owners
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and…
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Buying a Home
People who buy a new home this year can only deduct mortgage interest they pay on a total of $750,000 in qualifying debt for a first and second home. It’s $375,000 if married filing separately. NOTE: For existing mortgages, if the loan originated on or before Dec. 15, 2017, taxpayers continue to deduct interest on…
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Good Tax Planning includes good Recordkeeping
Tax planning should happen all year long, not just when someone is filing their tax return. Taxes are probably the last thing on your mind this time of year. Most people are just returning from vacation, just leaving for vacation or planning a getaway. An important part of tax planning is recordkeeping. Well-organized records make…
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Final Regulations on Charitable Contributions and State and Local Tax Credits
The U.S. Department of the Treasury and the Internal Revenue Service has issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return. In a notice also issued today, the IRS stated that taxpayers may treat…
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For taxpayers living, working outside the U.S., file a return by June 17
Taxpayers living and working outside of the United States must file their 2018 federal income tax return by Monday, June 17. The June 17 deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship. An extension of time to file is available for those who cannot meet this filing deadline.…
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Taxpayers should include tax plans in their wedding plans
Couples getting married this year know there are a lot of details in planning a wedding. Along with the cake and gift registry, their first tax return as a married couple should be on their checklist. We have a few tips to help newlyweds consider how marriage may affect their taxes. Here are five simple…
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IRS ends faxing and third-party mailings of certain tax transcripts
The Internal Revenue Service has announced it will stop its tax transcript faxing service in June and will amend the Form 4506 series to end third-party mailing of tax returns and transcripts in July. Tax transcripts are summaries of tax return information. Transcripts have become increasingly vulnerable as criminals impersonate taxpayers or authorized third parties.…
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Our Photos on Google were viewed 2,083 times last month
When I went to Google My Business, I noticed a “Plan your visit” section where it said that people typically spend 45 minutes to 2 hours here. Google knows more than you think!
