Articles
The New Partnership Audit Rules
Tuesday, April 30th, 2019
If you are a partner in a partnership, you should be aware there are new rules starting with partnership taxable years that begin after December 31, 2017. The new regime replaces the provisions of the Internal Revenue Code known as the TEFRA procedures, which still govern partnership audits for taxable years beginning before December 31, […]
Taxation of Cryptocurrency
Thursday, March 28th, 2019
Virtual currency has risen in popularity over the last several years, not only for investment, but for use in paying for goods and services. Unlike the U.S. dollar, the IRS does not treat virtual currency (also called “digital currency” and “cryptocurrency”) as currency. It is treated as property, even though it can be used as […]
What Happened To My Refund?
Friday, February 22nd, 2019
Lately there has been a lot of mainstream and social media attention surrounding people who traditionally get a tax refund but are not this year. Some are finding they actually owe money. Understandably, these reports are causing anxiety and anger among a large portion of the taxpaying public who feel cheated after being promised a […]
How the Government Shutdown Affects the IRS
Thursday, January 31st, 2019
Many taxpayers are wondering how the recent government shutdown might affect their ongoing matters with the IRS. The most immediate question seems to be whether and how it will affect the upcoming income tax filing deadlines for all taxpayers. For now, the filing deadlines have not been extended. But there are also taxpayers with ongoing […]
Time to Calculate your 2018 Tax Liability
Saturday, December 22nd, 2018
Congress overhauled the tax rates and brackets for the 2018 tax year (and beyond), when it passed the Tax Cuts and Jobs Act (the Act) at the end of 2017. The new law reduces taxes for millions of taxpayers by lowering income tax rates across the board. In addition, the Act nearly doubles the standard […]
IRS Debt and Passport Denial or Revocation
Friday, November 30th, 2018
Taxpayers with more than $50,000 of unpaid federal tax liabilities may find they cannot travel internationally, unless they are working with the IRS to resolve their tax liabilities. In December 2015, Internal Revenue Code § 7345 was enacted, authorizing the IRS to notify the State Department of taxpayers with “seriously delinquent tax debt,” which is: […]
The New Age For Online Retailers
Monday, October 29th, 2018
On June 21, 2018, the United States Supreme Court issued its Opinion in South Dakota v. Wayfair, Inc., overturning decades-old precedent requiring a retailer to have an actual “physical presence” within a state before that state can require the retailer to charge, collect, and remit its sales tax. With such a drastic change in the […]
I have an Estate Plan—What do My Successor Trustees or Personal Representatives Actually Do?
Monday, September 17th, 2018
The Successor Trustee If you have completed your estate plan using a living trust, you likely have named successor trustees of your trust. A trustee is a person or trust company you select and name in your trust. With a living trust that you create, you are the Grantor of the trust and you are […]
IRS Updates the Tax Withholding Tables
Wednesday, August 1st, 2018
Congress recently changed the tax rates and brackets for 2018 and beyond, when it passed the Tax Cuts and Jobs Act (the “Act”). The rate changes, however, were not as radical as some had initially proposed. Instead, the major changes affecting many taxpayers stem from other provisions of the Act, such as nearly doubling the […]
Extending the Filing Date of Your Income Tax Return When You Are in an IRS Installment Agreement.
Monday, June 18th, 2018
When a taxpayer agrees to pay the IRS through a monthly Installment Agreement, the terms of the agreement require that the taxpayer (1) timely file all required federal tax returns and (2) timely pay all federal tax obligations for the entire duration of the Installment Agreement. This is known as being “in compliance.” If a […]