This time of year, Black Friday and Cyber Monday are in serious competition for retail shoppers. In the past, Cyber Monday has had one distinct advantage over Black Friday: a lower tax bill. Cyber Monday shoppers could often take advantage of a final bill that did not include state sales taxes.
Too little withholding can lead to big tax bill in 2019
The Internal Revenue Service (IRS) has released another publication calling taxpayers to review their withholding status. The tip is a good one for taxpayers throughout the country. A failure to properly adjust one’s withholding status can result in a big tax surprise when filing one’s 2018 tax returns.
IRS reminds tax preparers to renew PTINs for 2019
The Internal Revenue Service (IRS) recently reminded tax preparation professionals to renew their Preparer Tax Identification Numbers (PTINs) for 2019. The IRS states current PTINs expire on December 31, 2018.
Business owners: 3 fringe benefit tax changes for 2018
The Tax Cuts and Jobs Act (TCJA) passed at the end of 2017 resulted in significant tax reform that will begin with the 2018 tax year. These changes will impact most small businesses in many different ways.
Paying taxes October 15th? Two considerations to keep in mind.
Taxpayers that requested a six-month extension to their filing deadline are fast approaching Tax Day. Those who applied and were granted the extension are expected to file with the Internal Revenue Service (IRS) by October 15.
IRS provides guidance for tax professionals on data security
The Internal Revenue Service (IRS) recently released a publication that provides tips for data security for tax professionals. The publication is the result of a recent Security Summit that focused on the issue.
FAQs about IRS taking away passports
The Internal Revenue Service (IRS) recently reminded taxpayers with outstanding tax debt what is at risk. More specifically: their passports. A failure to pay off tax debt can result in the loss of the taxpayer’s passport.
Everything’s bigger in TX, including the property tax bill
Texan’s are proud people, and rightfully so. The Lone Star State offers everything from world-class rough and tumble football and rodeos to delicate bluebonnets and everything in between. These are just a few of the reasons the state is known for an “everything’s bigger in Texas” mentality.
Three examples of those who need to report foreign assets
The Internal Revenue Service (IRS) recently announced the impending end of the Offshore Voluntary Disclosure Program), scheduled to end September 28, 2018. Generally, the type of people that need to report these assets can be categorized into one of three groups:
Tax preparers: Avoid these top two offenses
Tax preparation professionals must keep their clients happy while staying within the bounds of the law. This is not always an easy balance. However, a failure to manage this balance can result in allegations of criminal wrongdoing. Two specific allegations a tax preparer must avoid are those of enabling the commission of a tax evasion crime and failing to prevent such a crime.
