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Tax year 2018 has been all about tax saving plans and new tax strategies due to tax reforms that kept moving back and forth from proposal to final stage. Now that most of the tax regulations have been finalized, here are some tax reforms that business owners should be aware of, and prepared for, so...
Making errors while filing tax return is common, especially if a taxpayer is filing last-minute. Although, not every tax error is harmful, some tax errors can have severe tax consequences in the form of penalties and interest. The following is an overview of some very common tax errors that U.S. taxpayers make and the applicable...
Good health is important but maintaining good health can be expensive. The U.S. government encourages every U.S. individual to own insurance, and be prepared for any medical needs by providing certain tax credits and tax deductions for incurred medical expenses. However, many U.S. citizens and residents are unaware of these tax benefits provided by the...
These days, natural disasters, from fire to hurricanes to floods, have become quite common, and the damages can be enormous. Recovering from these losses is not only painful but time-consuming. In the past, taxpayers could claim losses from fires, floods, accidents, thefts or vandalism on their tax return to the extent not covered by insurance. ...
During the excitement of having a baby, many parents, often forget certain critical issues, which should be taken care of before the baby arrives. This helps to ease the implementation process when the time comes, and enables the parent to divert all the attention towards the newborn. The following is a checklist that should prove...
In the past, the U.S. Internal Revenue Service (IRS) could garnish wages, file liens or levy assets and accounts of tax defaulters. Now, the latest addition to this list is revocation of the taxpayer’s U.S. passport. In 2015, the U.S. government passed a law under the Fixing America’s Surface Transportation Act (FAST) Act, that allows...
As part of President Trump’s tax reform, changes have been made to the U.S. Child Tax Credit (CTC). Thankfully, these changes to the Child Tax Credit (CTC) are for the better. Many more families may benefit from these changes. The following article outlines how these rules have changed. U.S. Child Tax Credit The Child Tax...
U.S. taxpayers, who have still not reported their foreign assets and income to the U.S. Internal Revenue Service (IRS), should immediately consider consulting with their tax practitioner to discuss the possibilities of becoming compliant through the IRS Offshore Voluntary Disclosure Program (OVDP). As taxpayers have had several years to become compliant, the IRS has announced...
In the summer of 2017, Don Fort was appointed as the Chief of IRS Criminal Investigation (CI). The purpose of CI is to ensure efficiency in handling tax crimes, and hunt down tax criminals. Fort plans to take aim at international tax wrongdoing in a more targeted way, through data analysis and new international tax enforcement groups....
Filing Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return provides U.S. taxpayers additional time to file their federal income tax return if they are unable to file the tax return by the tax filing deadline (April 17, 2018 Tax Day). This form provides an extension of six months,...
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