Taxpayer Tips: Best Practices for U. S. Tax Court

Taxpayers contesting IRS assessments of additional taxes, penalties and interest have a number of different options to contest and appeal those assessments. One of those options includes bringing a case to the United States Tax Court (Tax Court). Here are some Tax Court practice tips for taxpayers: 1. Know What Tax Court Is Congress created the Tax […]

Which Retirement Income Tax Strategy Is Right for You?

For many people, thinking about retirement simply means contemplating enjoyable ways of spending time during their golden years. What some people may not account for, however, is the impact taxation can have on savings, investments, and cash withdrawals. Just as it is important to plan your investments—and it is never too soon to start—it is […]

IRS and Security Summit Partners Warn of Fake Tax Bills

WASHINGTON — The Internal Revenue Service and its Security Summit partners today issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. The IRS has received numerous reports around the country of scammers sending a fraudulent version […]

Ten Income Tax Benefits for Farmers

Farming has often been viewed as the backbone of the American economy. While technology and other recent developments may have changed this thinking, farmers still enjoy a preferred status, at least as federal income taxes are concerned. For instance, there are several special tax code provisions relating to farming, most of them beneficial. At the […]

How Will the Proposed Healthcare Reform Affect Reporting?

Most Americans are aware that the House of Representatives recently passed the “American Health Care Act” (AHCA).  But what does this mean? First of all, the Affordable Care Act (ACA), or Obamacare, is not necessarily going away. There is a process that the AHCA (and any House-approved bill) must first complete before becoming law.  This […]

Franchise Fees: Why Do You Pay & How Much Are They?

There are plenty of myths about franchising. A great deal of them revolve around money. I hear these two statements a lot: “Franchise companies make most of their profits from franchise fees.” “If it wasn’t for those franchise fees, I’d probably consider buying a franchise business.” In this article, I’m going to teach you all […]

Tax Withholdings & Your W-4

Did you get a large refund this past April? More than $1,000? Or perhaps you owed money and had to write a check you didn’t want to write? It may be time to sit down, sip your beverage, and learn a bit about how to adjust your tax withholdings. Withholdings are the taxes your employer takes […]

Main Reasons Why Restaurant Clients Must Navigate Accounting Software

Running a restaurant presents a unique set of accounting challenges for many managers and owners. Issues such as transient staff, high transaction volume and theft are key concerns for restaurant owners, and having a robust system in place to handle these situations can go a long way. From general purpose accounting software to restaurant-specific accounting […]

How to Remove Assets from a Taxable Estate

A simple and basic estate planning tool is a revocable living trust (RLT). Revocable means it can be changed; living, because you are alive; and trust which is a legal document. The point of a RLT is to protect your assets from probate, the long and drawn out process that can take sometimes a year […]

Tips for Taxpayers Who Owe Taxes

The IRS offers a variety of payment options where taxpayers can pay immediately or arrange to pay in installments. Those who receive a bill from the IRS should not ignore it. A delay may cost more in the end. As more time passes, the more interest and penalties accumulate. Here are some ways to make […]

Many tax-exempts Owe heir 990s Soon

The IRS is warning nonprofits and their advisors that many tax-exempt organizations have a filing deadline for 990-series information returns next Monday, May 15. Form 990 information returns and notices are due on the 15th day of the fifth month after an organization’s tax year ends. For calendar-year organizations, May 15 is the deadline to […]

How Are Gambling Winnings Taxed?

Most people don’t think about taxes on their way to the track or casino, but what might seem like nothing more than the chance to win some extra money actually carries significant tax implications. As is often the case, federal and state governments single out casino winnings for unique taxes of their own. Failure to properly report […]

Merry May Tax Moves

Welcome to the merry, merry month of May, which is particularly joyous for folks who’ve finished up their 2016 tax returns. That’s almost 136 million of us, with around 17 million of those 1040 forms arriving at Internal Revenue Service processing centers in the final days of this year’s main filing season. While the 2017 […]

Startups Can Choose New Option for Claiming Research Credit

Eligible small business startups can now choose to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability, according to the Internal Revenue Service. During National Small Business Week—April 30 to May 6—the IRS is highlighting tax benefits and resources designed to help new and existing […]

IRS Rollout for E-Services Upgrade

The Internal Revenue Service is planning June 18 as the tentative date for moving its e-Services platform to what it promises will be more secure and modern technology. In recent years, the IRS has experienced security breaches from identity thieves targeting several of its online self-service applications, including the Get Transcript app, the Identity Protection […]