January 31st, 2017 by Kim Chen
The IRS reminds low and moderate income workers that they should take steps now to save for retirement and earn a special tax credit in 2016 and future years. IRC Sec. 25B provides a nonrefundable tax credit (the saver’s credit) of up to $1,000 ($2,000 for married filing jointly) for contributions or elective deferrals by […]
January 20th, 2017 by Kim Chen
The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changed the due date for filing FinCEN Form 114 (Report of Foreign Bank and Financial Accounts) to April 15 of the following calendar year, with a six-month extension to October 15 allowed. (Previously, the due date was June 30 of the following calendar […]
January 17th, 2017 by Kim Chen
The IRS has released a fact sheet that highlights some of the important changes affecting the upcoming tax season. Among other things, the IRS reminds individual taxpayers that they have three extra days to file and pay their 2016 taxes (until Tuesday, 4/18/17). In addition, many early filers will not have access to tax refunds […]
January 8th, 2017 by Kim Chen
Despite its name, the term “dynasty trust” has nothing to do with aristocracy or the TV show that used to be popular. It involves preserving wealth for your heirs. A dynasty trust is sometimes called a legacy or perpetual trust. Some states have a law called the “Rule Against Perpetuities” that limits the duration of […]
January 3rd, 2017 by Kim Chen
Do you dread getting phone calls from unfamiliar sources? It seems that callers are more likely to be aggressive solicitors, pushy telemarketers or even devious con artists than legitimate business people. Criminals typically target the elderly, disabled people or immigrants, threatening them with fines, penalties or deportation if they don’t make payments to the callers. […]
December 24th, 2016 by Kim Chen
The IRS and its Security Summit partners have announced the launch of the second year of the “Taxes. Security. Together.” campaign. The campaign encourages taxpayers to adopt stronger measures to protect their financial and tax data. The program features a series of security awareness tax tips, a collection of suggestions on the campaign’s website, and […]
December 20th, 2016 by Kim Chen
On their timely-filed 2010 return, an Oklahoma couple claimed a casualty loss deduction for two tornado-damaged parcels of land they owned. The IRS issued a deficiency notice, disallowing the entire $127,900 deduction ($88,000 for one parcel, $39,900 for the other) and assessing an accuracy-related penalty. At trial, the couple established, to the Tax Court’s satisfaction, […]
December 16th, 2016 by Kim Chen
The U.S. Citizenship and Immigration Services (USCIS) has released a new version of Form I-9 (Employment Eligibility Verification). Dated 11/14/16, the form includes several changes, including prompts to ensure information is entered correctly, the ability to enter multiple preparers and translators, a dedicated area for additional information, and a supplemental page for the preparer/translator. According […]
December 12th, 2016 by Kim Chen
The IRS is encouraging individuals with expiring Individual Taxpayer Identification Numbers (ITINs) to start the renewal process before year-end to avoid delays at tax time. ITINs are issued by the IRS to individuals with a federal tax filing or reporting requirement who don’t have and aren’t eligible to obtain a Social Security number (e.g., foreign […]
December 5th, 2016 by Kim Chen
In a recent news release, the IRS warns tax professionals about a new wave of attacks that allow identity thieves to remotely take over practitioners’ computers and file fraudulent tax returns. According to the IRS, there have been a couple dozen of such events in recent days. Victims learned of these thefts while reconciling e-file […]
© 2024 Rogers Wood Hill Starman & Gustason / Privacy Notice / Disclaimer
