The IRS issued a revenue ruling that outlines how taxpayers should treat their now-limited SALT deductions on tax year (TY) 2018 returns and explains how those decisions could affect their tax return next year.…
A new report finds the U.S. isn’t using the available tools effectively to improve compliance among American taxpayers living abroad.…
Read more about GAO Finds Foreign Tax Reporting Needs Tweaks
The Internal Revenue Service is making a few changes to the application process for Employer Identification Numbers, or EINs. Starting May 13, only those individuals with tax identification numbers…
The Government Accountability Office says a decade of budget and staffing cuts aimed at the Internal Revenue Service have left the nation’s tax collection agency poorly positioned to handle its future mission.…
Filing season starts in late January and end in mid-April, so some tax professionals look for ways to get clients back in their office the remainder of the year.…
Taxpayers interested in getting a Chevy Volt don’t have much longer to take advantage of the Qualified Plug-In Electric Drive Motor Vehicle Credit. According to the Internal Revenue Service, General Motors officially hit the 200,000-vehicle threshold that triggers the phase out of the credit.…
In January, the IRS announced it was lowering the threshold for applying the estimated tax penalty from 90 percent to 85 percent. This change was designed to shield taxpayers who were already getting an unexpected tax bill due to tax reform from also owing a penalty. Last Friday, the IRS said they were lowering the threshold once again to provide penalty relief to even more taxpayers.…
Read more about IRS Lowers Withholding Penalty Threshold Again
With just a few weeks until the end of filing season, Drake Education Tax Team Lead Amanda Watson appeared on the Taxing Subjects Podcast to explain the Child Tax Credit and Other Dependent Credit. We discussed Tax Cuts and Jobs Act-related changes, due diligence requirements, and more.…
Read more about Amanda Explains the Child Tax Credit and Other Dependent Credit - E23
Abusive trusts, abusive micro-captive insurance shelters and abusive syndicated conservation easements are three variations on the same theme, using existing tax structures to extract rewards the taxpayer doesn’t qualify for.…
Read more about Dirty Dozen: These Tax Scams Leave the Taxpayer Bruised
The Internal Revenue Service has issued a warning to taxpayers and tax preparers not to use frivolous tax arguments as a basis for not paying taxes.…
Read more about Dirty Dozen: Frivolous Tax Arguments Mean Trouble
