-
Preview of Postcard Tax Return
U.S. Department of the Treasury says, “Cutting red tape has been a core tenet of the Trump Administration’s economic policies.” The Tax Cuts and Jobs Act protects important benefits for both American families and businesses, while simplifying our tax code for the benefit of all taxpayers. While the Act includes $5.5 trillion in gross tax cuts,…
-
Tax reform allows people with disabilities to put more money into ABLE accounts, expands eligibility for Saver’s Credit
People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers, according to the Internal Revenue Service. The Tax Cuts and Jobs Act, the tax reform legislation enacted in December, made major…
-
SSA Provides Special Extra Earnings for Military Service
Since 1957, if you had military service earnings for active duty (including active duty for training), you paid Social Security taxes on those earnings. Since 1988, inactive duty service in the Armed Forces reserves (such as weekend drills) has also been covered by Social Security. Under certain circumstances, special extra earnings for your military service…
-
IRS Issues Notice on State and Local Tax Deductions
The U.S. Department of the Treasury and the Internal Revenue Service issued a notice today stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes. Notice 2018-54 also informs taxpayers that federal law controls the characterization of the payments for federal income tax purposes…
-
Spring is Finally in Full Swing!
Summer will be here before we know it! And with June comes the Second Quarter Estimated Tax Filing for individuals with self-employment income. Updates from Cook and Company Nonprofit tax-exempt organizations using the calendar year as their tax year must file information returns by May 15. New IRS online tool offers expanded access to information…
-
Arab Alabama says Goodbye to Local Bank
When I came to Arab in 1986, I opened a bank account at Security Bank & Trust two doors down from the office on Main Street. You see, Al LaGrone, the founder at my firm, was also one of the original founders of the bank. I had a good relationship with all of the bank…
-
Crooks Direct Taxpayers to IRS.gov to Verify Calls
The Internal Revenue Service has warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick taxpayers into paying non-existent tax bills. I urge taxpayers to remain alert to tax scams year-round, especially immediately after the tax filing season ends. Even after…
-
Didn’t file by April 18?
There is no penalty for filing a late return after the tax deadline if a refund is due. Penalties and interest only accrue on unfiled returns if taxes are not paid by April 18. The IRS provided taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the…
-
IRS Processing Systems Back Online
We got everyone’s returns or extensions filed today without delay or interruption. The IRS system outage did NOT impact any of our clients. At 8:08 pm the IRS sent an email to me stating the following: IRS Provides Additional Day to File and Pay for Taxpayers Through Wednesday, April 18 …. The Internal Revenue Service…
