Mar 072017

Wash. D.C.

A House Democratic lawmaker has forced the House to vote on a resolution to request President Trump’s tax returns, but the effort failed on a party line vote-229-185-with two Republicans voting “present”. The move was the latest in a series of Democratic efforts to push Congress to request Trump’s tax returns, and Democrats demanded a roll call vote to force Republicans to go on the record. The two Republicans who voted present were Reps. Walter Jones (N.C.) and Mark Sanford (S.C.). Sanford is one of the Republican lawmakers who has in the past called for Trump to release his returns.  The tax resolution of Trump’s tax situation could be resolved by all parties if the information was released.

After the vote, House Minority Leader Nancy Pelosi fired at the GOP. “Tonight, House Republicans made themselves accomplices to hiding President’s Trump’s tax returns from the American people,” she said. “Our security and our democracy have been endangered by Russia’s clear influence on the Trump Administration. The american people deserve the truth about Russia’s personal political and financial grip on President Trump. If there’s nothing there, then what are Republican’s afraid of ?

Rep. Bill Pascrell (D. N.J.) offered a resolution that would have directed the House to request 10 years of Trump’s tax returns, have the House Ways and Means Committee review then in a closed session and ten vote to send the information in the returns to the full house. Under federal tax law, the chairman of the House Ways and Means and Senate Finance Committees and Joint Committee of Taxation can request ta returns from treasury to be considered in a closed meeting. The resolution would also direct the House to “support transparency in government and the longstanding tradition of Presidents and Presidential candidates disclosing their tax returns”.

Trump was the first major party presidential nominee in decades to refuse to release his tax returns. He frequently said that he wouldn’t make his returns public until the IRS finished auditing him. However, the IRS has said that an audit doesn’t prevent people from releasing their own tax information.

If you face an IRS audit and tax bill, call us for your Tax Resolution. 26 years of Nationwide Tax Resolution Services.


Mar 032017

Wash. D.C.

The child tax credit is for taxpayers with qualifying children–and they can claim this super tax credit on top of the earned income tax credit and credit for child and dependent care expenses. The child tax credit could be worth up to $1000 per child living in your household.

To qualify, you must claim the child as a dependent on your taxes,and the child must be a U.S. citizen and have lived with you for at least half of the year. Additionally, the child must not provide more than half of his own support. You might qualify for this super tax credit if your MAGI is less than the following amounts:  $75,000 for single filing status,  $55,000 for married filing separately, head of house hold or widower,  $110,000 for married filing jointly.

The Lifetime Learning Credit is an educational super tax credit that’s similar to the American opportunity credit. However, if you claim one of these two credits, you cannot claim the other. Unlike the refundable American opportunity credit, the Lifetime Learning Credit is nonrefundable. You can claim the LLC for an unlimited number of tax years but the AOC has a four year maximum.

The Lifetime Learning Credit lets you claim up to $2,000 to help off set the educational costs of a qualifying student. The credit comes with relatively high modified adjusted gross income caps: $130,000 if you’re married and filing jointly and $65,000 if you’re filing as single, head of household or qualifying widower. However, you can’t claim the credit if you’re married and filing separately. The tax credit is available regardless of your age as long as it goes toward a qualified educational expense. Acceptable expenses include tuition, student activity fees and course related books, supplies and equipment.

These and other super tax credits are available in the Internal Revenue Code, but you must have the knowledge that they exist, and when you may use them. Having a good tax professional determine that can save you thousands

National Society of Tax Professionals

of dollars when you file your taxes.

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May 142016

New York.

Here is a checklist to see if you’re getting the most out of your company retirement plan.

Does your employer’s plan have autoenrollment, and is so, is the contribution rate high enough ?

Can you “autoescalate” your contributions ?

Does your company offer a match ?

Do you know what your funds costs ?

Are you saddles with hgih administrative costs ?

Has anything changed in your plan lately ?

Have your allocations gotten out of whack ?

Are you making the right contribution type ?

Jul 092015

wash. D.C. IR-2015-95

Taxpayers interested in receiving helpful consumer tips this summer to get a jump start on this year’s taxes should consider joining the more than 660,000 subscribers who already receive IRS tax tips.

Starting July 1st, the IRS began offering its Summertime Tax Tip series which include useful information in English and Spanish. tax Tip subscribers receive a new tip via e mail three times a week during july and August. IRS Tax Tips are plain language messages that are easy to understand and cover a wide range of topics.

 07/09  Comments Off on SIGN UP FOR IRS SUMMER TAX TIPS
Jun 012015

Wash. D.C. IRS.Gov

The IRS announced that it will provide limited relief for taxpayers who have a balance due on their 2014 income tax return as a result of reconciling the advance paynments of the Section 36B premium tax credit against the premium tax credit actually allowed on the tax return on the new IRS Form 8962.

The relief is from the Section 6651(a)(2) penalty for “underpayment of estimated tax”. In order to qualify for the relief, taxpayers must meet certain requirements. This relief only applies for the 2014 tax year.

May 212015

Los Angeles. Fox News

Washington Republicans said this week that their requests to the IRS for correspondences between the agency and congressional Democrats remain unfulfilled after two years, raising questions about whether the Obama administration is trying to withhold information for a third straight election cycle.

“Instead of holding the IRS accountable, Democrats are trying to cover up their involvement in the IRS targeting scandel.” National Republican Senatorial Committee spokesman Andrea Bozek said friday.

Mar 302015

New York.

Federal workers and retirees owed more than $3.5 billion in unpaid taxes last year, a $200 million increase over the previous year, the IRS stated. Almost 305,000 federal workers owed back taxes, which is actually down from 318,000. The delinquency rate was 3.1 percent for the 9.8 million workers and retirees included in the data. That’s down from 3.3 percent the previous year.

The IRS complies data each year on unpaid taxes by federal workers. The data does not include workers who have enrolled in installment agreements to pay their back taxes.

 03/30  No Responses »
Mar 162015

New York. Daily Finance

Unscrupulous tax preparers are suing President Barack Obama’s health care law as a ploy to pocket bogus fines from unsuspecting taxpayers, including some immigrants not bound by the law’s requirements, the IRS warned. In an advisory, the tax agency said consumers can be sure something is wrong when a tax preparer says they collect the health law fines that may be due the government.

“The payment should never be made directly to an individual or return preparer.” the IRS said. “Most people don’t owe the fine at all because they have health coverage or qualify for a coverage exemption.”  Sometimes the con artists promise to lower the purported fine if the consumer pays them directly.

 03/16  No Responses »
Mar 142015

New York, Daily Finance

After several states suspended e-filing through the popular online tax preparer, TurboTax itself temporarily pulled the plug on its state tax returns e-filing services due to security concerns. The company, owned by Intuit, which also owns QuickBooks, Mint, Quicken, and other personal finance and small business accounting products, resumed all regular services the following day.

Julie Miller, a spokeswoman for Intuit, says TurboTax has enhanced security measures, which includes multistep authentication, similar to the protections used by bnks and financial institutions.

One of the best ways to secure your tax data is to simply use the Post Office and mail in your tax returns. If you do, make sure you send it Certified with Signature, so if the IRS loses your return, you have re-course to abate the penalties, based on the fact you can claim, with the Postal receipt, that they in fact did receive and sign for your tax return.

 03/14  No Responses »
Mar 102015

Wash. D.C. IR-2015-28

The IRS says more taxpayers are visiting its Web site this year to get help and information. According to the IRS, the number of visitors to is up almost 20 % compared with last year. The IRS web site has been visited more than 100 million times so far this year compared with 85 million times last year.

The IRS reminds taxpayers that the site contains a wealth of information and options, including tools that allow taxpayers to check the status of a refund, access transcripts of their tax returns, request electronic filing personal identification numbers, find answers to tax law questions, and check the status of amended returns. Usage of the tool to check the status of a refund is up 91 percent. compared to a year ago.

 03/10  No Responses »