Updated Information Regarding the Stimulus Payment
When and How Will I Get That $1,200 Stimulus Payment? QuickTake By Laura Davison Mar 27, 2020 At the center of the U.S. government’s $2 trillion economic stimulus package in…
Penalty for Failure to File Individual Returns
A penalty is imposed for a failure to file any individual tax return within the time prescribed, including extensions, unless the failure is due to reasonable cause and not willful…
The Wayfair Decision
Historically, the U.S. Supreme Court said that physical presence was needed in a state in order for that state to impose a sales tax collection responsibility on a business. Physical…
Tax Odds & Ends
A few tax odds and ends for you to be aware have changed. Contributions to Higher Educational Institutions For contributions made in tax years after 2017, no charitable deduction is…
Individual Underpayment Tax Penalty
On February 28, 2018, the IRS released an updated Withholding Calculator on IRS.gov and a new version of the W-4 to account for changes in the tax rates and brackets…
Foreign Bank and Financial Accounts
This correspondence is written to remind everyone the importance of reporting foreign assets and foreign bank accounts. There are two different forms that might be necessary to file reporting these…
Scam Alert!
The IRS has indicated that there has been a substantial increase in a phishing email scheme. The scheme involves direct deposit payroll and wire transfers. There may be and probably…
Changes for Your 2018 Taxes
Here are a few changes for the 2018 tax year: For contributions made in tax years beginning after 2017, no charitable deduction is allowed for any payment to an institution…
Home Mortgage Interest
Current Law (2017 tax year) Qualified residence interest means interest paid or accrued during the taxable year on either acquisition indebtedness or home equity interest. A qualified residence means the…
Business Entertainment Expense Deduction Denied
This provision of The Tax Cuts and Jobs Act (TCJA) provides that no deduction is allowed with respect to (1) an activity generally considered to be entertainment, amusement or recreation,…