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New Year new tax plan? These tips can help.

New Year celebrations are done, and many may be reconsidering their resolutions. It is not too late to make another resolution, a resolution that financial professionals note will likely lead to eased mental stress and reduction of the stress that tax obligations can put on your finances. Make the resolution to get your taxes in order.

Tax preparers face serious penalties for errors: 3 examples

The Internal Revenue Service (IRS) keeps a close watch over tax return professionals. Tax preparers must file tax returns on behalf of their clients wisely, getting the best possible returns for their clients while remaining within the bounds of the law, or else faces serious consequences. Three recent cases provide an example of the severity of penalties that can result from an error.

Taxes, retirement and end of year preparations

Certain retirement savings plans allow for a tax deferment. The Internal Revenue Service (IRS) will eventually expect taxpayers to pay taxes on those savings. In most cases, the agency requires the taxpayer to start taking required minimum distributions (RMDs) and making payments when they reach the age of 70 and ½.  

Texan man faces decades in prison for tax crime conviction

The Department of Justice (DOJ) continues to crackdown on allegations of tax crime. In fact, the agency is so serious about tax crime that it has a Tax Division composed of over 350 attorneys focused solely on criminal and civil tax crime litigation. These individuals investigate and prosecute those who the agency believes are thwarting their tax obligations. Recently, this led to an investigation in Texas.

Did the IRS just lower your GILTI tax?

The Internal Revenue Service (IRS) recently released final and proposed regulations dealing with the global intangible low-taxed income (GILTI) provision. This provision was part of the Tax Cuts and Jobs Act (TCJA). The new regulations include a high-tax exception (HTE) to the GILTI.

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