WHO MUST PAY ESTIMATED TAXES IRS

Who must pay estimated taxes IRS. The IRS put out bulletin IR-2022-101, in an effort to help the public better understand who needs to pay estimated taxes, how to pay them, and when to pay them. Additional information beyond what is here, is available at the IRS website IRS.GOV Who must pay estimated tax. Individuals, […]

INFORMATION FOR FILING SMALL BUSINESS TAXES

Information for filing small business taxes. We have worked with numerous small business owners who started a company, became successful, but forgot a few things at the beginning of the adventure, that eventually cost them dearly with the IRS and the local taxing authorities. The first thing that some business owners forget to do, is […]

IRS AND TREASURY ISSUE GUIDANCE

IRS and Treasury issue guidance. In our ongoing articles related to Tax Court, we are going to discuss an update from the IRS and Treasury Department related to Global Intangible low taxed income, or what is referred to as GILTI. Whenever tax law changes occur, such as the recently passed Tax Cuts and Jobs Act, […]

TAX CUTS AND JOBS ACT ADDITIONS

Tax cuts and jobs act additions. Many aspects of the Tax Cuts and Jobs Act have been changed, or modified, prior to the actual implementation of the final bill, that what was discussed in the Presidential Campaign’s, then after the election of President Trump, varied from the final bill. Here are a few changes that […]

MESSY TAX SEASON DUE TO TAX LAW CHANGE

Messy tax season due to tax law change. The Tax Cuts and Jobs Act not only lowered individual income tax rates, but it increased the standard deduction and increased the child tax credit, while capping state and local tax deductions and eliminating personal exemptions. Overall, the new tax changes, made it very difficult for taxpayers […]

STATES WITH THE HIGHEST AND LOWEST TAXES

States with the highest and lowest taxes.  These may not be the one’s that you think. This data is not limited to personal taxes, but also includes corporate taxes, which may account for some of the misconceptions. State with the highest and lowest taxes. Number one on the list of the states with the highest […]

IRS EXTENDS FLORENCE VICTIMS DEADLINES

IRS extends florence victims deadlines. The IRS issued announcement IR-2018-187, saying it is extending tax filing and payment deadlines for taxpayers and businesses in the following north Carolina counties that were hardest hit by Hurricane Florence and that have been designated as qualifying for individual assistance by the Federal Emergency Management Agency: Beaufort, Brunwick, Carteret, […]

SUPREME COURT’S TAX CONSEQUENCE

Supreme Court’s tax consequence. The tax consequence of the U.S. Supreme Court’s ruling in the case of South Dakota v. Wayfair Inc. is that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state, and it overturns prior Supreme Court precedent in Quill Corp. v. North […]

TAX SURPRISES RETIRING ABROAD

Tax surprises retiring abroad. Retiring abroad may have tax surprises. The number one rule to becoming an Ex Pat is that if you don’t figure out your tax obligations before hand, you may end up with a big surprise down the road. Approximately 9.5 million Americans live in other countries. About 530,000 are earning Social […]

IRS SECURITY TAX SCAMS

IRS Security Tax Scams. The IRS Security  Tax Scams program has warned tax professionals to increase their computer security and to beware of their inbox, especially the email scams that act as a friend and want them to click on a link, so they can download a virus onto their computer, to gain confidential information. […]