Article Highlights Overview Innocent spouse relief Separation of liability Equitable relief Fairness Facts and Circumstances Confidentiality If you are or were married and filed your federal tax return jointly with your spouse, and you were unaware of potential errors or underreporting on that tax return for which the IRS is now billing you, you may […]
Article Highlights Audit Methods Additional Audit Funding Taxpayers Earning Less Than $400,000 Earned Income Tax Credit Taxpayers With Total Positive Income Above $1 Million Partnerships Foreign Bank Accounts Employee Retention Credit A key component in promoting the highest degree of voluntary compliance on the part of taxpayers is enforcement of the tax law. By pursuing […]
Article Highlights: Service Member and Spouse Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home Sale Gain Exclusion Moving Deduction Death Gratuity Payments Child Credit Earned Income Tax Credit IRA Contributions Reservist’s Travel Expenses Qualified Reservist’s Early Retirement Plan Withdrawals Retired Military Disability Compensation Extension of Deadlines […]
As the current 30-year mortgage rate hovers at 8%, and the 10-year treasury approaches 5%, it’s crucial to understand the implications of rising interest rates on personal finances. Depending on your life stage and financial situation, these changes can bring both benefits and challenges. By incorporating effective tax planning strategies, you can mitigate the impact […]
Article Highlights: Tax Return Mistakes are Common Fixing Tax Return Mistakes Amended Return Superseding Return Don’t Procrastinate in Responding to IRS Common Family Tax Mistakes Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated, and the paperwork required to file proper tax returns is often convoluted. […]
Article Highlights Starting a Business What Expenses Qualify as Start-up and Organizational Costs Tax Treatment of Start-up and Organizational Costs Common Start-up and Organizational Costs Summary Starting a business can seem daunting to the prospective entrepreneur. A step-by-step plan to get started can alleviate some of the angst. The cost of getting started is one […]
Article Highlights: What is unclaimed property? How can you find unclaimed property? Is the unclaimed property you find taxable? What are your chances of finding unclaimed property in your name? Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of […]
In the dynamic world of start-ups, securing funding is the lifeblood of growth and innovation. However, as interest rates begin to rise, entrepreneurs find themselves facing a new set of challenges. In this article, we’ll explore the multifaceted impact of rising interest rates on start-up fundraising and delve into strategic approaches to navigate this shifting […]
Article Highlights: October 16, 2023 is the extended due date for 2022 federal 1040 returns. Late-filing Penalty Interest on Tax Due Other October 16 deadlines If you could not complete your 2022 tax return by April 18, 2023 and are now on extension, that extension expires on October 16, 2023. Failure to file before the […]
October 2023 Individual Due Dates October 2 – Fiduciaries of Estates and Trusts File a 2022 calendar year return (Form 1041). This due date applies only if you were given an extension of 5½ months. If applicable, provide each beneficiary with a copy of their Schedule K-1 (Form 1041) or a substitute Schedule K-1.s October […]