Blog Archives

Those with Foreign Assets of U.S. Tax Obligations

Most People Abroad Need to File A filing requirement generally applies even if a taxpayer qualifies for tax benefits, such as the foreign earned income exclusion or the foreign tax credit , that substantially reduce or eliminate their U.S. tax

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Revised Tax Credit Certification Form Now Available

Businesses and tax-exempt organizations planning to claim the work opportunity tax credit (WOTC) for eligible workers hired during 2014 have until April 30 to request the certification required for these workers, according to the Internal Revenue Service. Newly revised Form

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Retirees Face April 1 Deadline to Take Required Retirement Distributions

The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it also applies to participants in various workplace retirement plans, including 401(k), 403(b) and 457 plans. The April 1 deadline only applies to the required

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IRS Completes the “Dirty Dozen” Tax Scams for 2015

The aggressive, threatening phone calls from scam artists continue to be seen on a daily basis in states across the nation. The IRS urged taxpayers not give out money or personal financial information as a result of these phone calls

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IRS Makes it Easier for Small Businesses to Apply Repair Regulations to 2014

Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season. The new procedure allows small businesses to change a method of accounting under the final

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Tax-Free Transfers to Charity

  Tax-Free Transfers to Charity Renewed For IRA Owners 70½ or Older; Rollovers This Month Can Still Count For 2014 IRA owners age 70½ or older have until Wednesday, Dec. 31 to make a direct transfer of part or all

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Standard Mileage Rates for 2015

Standard Mileage Rates for 2015   Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 57.5 cents per mile for business miles driven, up from 56 cents

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Taxpayer Bill of Rights

Taxpayer Bill of Rights Every taxpayer has a set of fundamental rights. You should be aware of these rights when you interact with the Internal Revenue Service. The “Taxpayer Bill of Rights” takes the many existing rights in the tax

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The Affordable Care act

The Affordable Care act and What it Means for Individuals and Familes The most important ACA tax provision for individuals and families is the premium tax credit, which took effect on January 1, 2014. Individuals without coverage and those who

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Rules for Charitable Contributions and Donations

Rules for Charitable Contributions and Donations Rules for Charitable Contributions of Clothing and Household Items Household items include furniture, furnishings, electronics, appliances and linens. Clothing and household items donated to charity generally must be in good used condition or better

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