Brady Lievens Explains ProtectionPlus - E24
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.…
GM Electric Vehicle Credit to Phase Out
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.…
IRS Lowers Withholding Penalty Threshold Again
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.…
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Amanda Explains the Child Tax Credit and Other Dependent Credit - E23
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.…
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Dirty Dozen: These Tax Scams Leave the Taxpayer Bruised
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.…
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Dirty Dozen: Frivolous Tax Arguments Mean Trouble
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.…
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Dirty Dozen: Hiding Funds Offshore is Still a Crime
In recent years, the federal government has tried varying strategies to entice wealthy individuals and corporations to report and retrieve funds squirreled away in offshore accounts.…
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Dirty Dozen: Avoid Improper Claims for Business Credits
The Internal Revenue Service is warning taxpayers and tax professionals against improperly claiming various business tax credits, which has become a common tax scam.…
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Dirty Dozen: Donate Cautiously to Disaster Relief
Scammers posing as relief organizations are ready and willing to take your donation for disaster relief—and put it into their pockets.…
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Tax Pros Need a Security Pro
Data security has become a very large, and very important, part of what we do in the income tax industry. That’s why it makes sense for every tax office—large or small—to hire a cybersecurity professional to help safeguard the business’ data and the data of their clients.…
