The U.S. Department of the Treasury and the Internal Revenue Service have stated 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 regardless of the characterization [...]
The following article was published by the IRS. The Internal Revenue Service recently issued guidance that provides relief for certain small employers that wish to claim the Small Business Health Care Tax Credit for 2017 and later years. The Small Business Health Care Tax Credit can benefit certain small employers who provide health coverage to their [...]
[youtube https://www.youtube.com/watch?v=QNhweudHEWw]We are coming down to the wire – Tax Day is now just a day away. While most people have already filed their taxes, others are only just now ready to file. Still, there are those who will need to file an extension. The reasons for filing an extension are many, but are often due [...]
[youtube https://www.youtube.com/watch?v=7_516dpIZWU] Every year there is a subset of people who ask themselves if they have to file a tax return. The best way to find out the answer to this question is by checking out the Interactive Tax Assistant on IRS.gov/ITA and clicking on “Do I Need to File a Tax Return?” You will then [...]
[youtube https://www.youtube.com/watch?v=cTJcyeYzUec]It goes without saying that it takes the IRS much longer to process tax returns that have mistakes. That also means that those who make mistakes who are due refunds will likely have to wait much longer to get them. Here are the most common mistakes and how to avoid them: […]