IRS Warns Tax Payers About Tax Refund Delays

By ||Categories: Tax Plans, Taxes, Tips|

If you’re thinking of claiming— or have already claimed— the Earned Income Tax Credit or the Additional Child Credit, the IRS wants to make sure you know your tax refund will be delayed. This year, the IRS has released several notices reminding taxpayers that their refunds will be delayed if they claim these credits. The IRS [...]

IRS Urges Travelers Requiring Passports to Pay Their Back Taxes or Enter Into Payment Agreements

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A few weeks ago, the IRS put out an official news release urging travelers requiring passports to pay their back taxes or enter into payment agreements. And the reason behind this notice? A new procedure that could put your passport at risk if you owe back taxes. This new procedure comes from the provisions within the [...]

Donald Trump’s Tax Reform on Estate and Gift Taxes

By ||Categories: Tax Plans, Taxes|

The Tax Cuts and Jobs Act that passed in December made some major changes to laws surrounding federal estate and gift taxing— changes that might turn out to be great news for those concerned about their legacy planning. When one passes money on after their death or gifts money during their life, this money is subject [...]

Suspension of Compliance Actions for Taxpayers Serving in a Combat Zone

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While the Internal Revenue Service is one of the strictest agencies in the government, they also understand that certain citizens may be under extreme circumstances that make it difficult for them to deal with tax issues. That’s why the IRS has certain exception policies for those undergoing extenuating circumstances, including those serving in or working with [...]

The PATH Act

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The Protecting Americans from Tax Hikes Act, aka the PATH Act, is a new law that was designed to protect taxpayers against tax fraud. The law was passed in December of 2015 and it extended some expiring tax provisions, made some expiring provisions permanent, and created new one provisions. This means that you might notice some [...]

Upcoming Filing Deadline for Wage Statements

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There’s an important new deadline that all employers need to take note of: January 31st. That’s the new deadline for sending all wage statements and independent contractor forms to the Social Security Administration and the IRS. In the past, wage statement and independent contractor forms only needed to be sent to employees by January 31st. If [...]

IRS Announces Opening of 2018 Filing Season: Tax Season to Begin January 29

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Last week, the IRS finally announced the opening date of the 2018 filing season: January 29. That’s the date the IRS will begin accepting tax returns from the almost 155 million Americans that are expected to file this year. In the official IRS statement, they stated that the reason the date is on the 29th this [...]

A Breakdown of the Tax Cuts and Jobs Act

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All the talk around the new tax plan has finally solidified into action: the new tax reform bill, The Tax Cuts and Jobs Act, has passed in both the House and the Senate. The law passed on December 22nd and was immediately signed into law by President Trump. This bill marks the first major tax overhaul [...]

Tax Evasion, Fraud, and the Statute of Limitations

By ||Categories: Tax Evasion, Taxes|

Every American should be educated about tax evasion and tax fraud. Tax fraud and tax evasion don’t have to be malicious or even intentional to be considered a crime— accidental tax evasion and fraud are also criminal actions. Because taxes can be confusing, and filing errors are easy to make, it’s important to know about these [...]