Researchers are starting to analyze data for 2018 tax returns. This tax year is the first that used the new tax law, the Tax Cuts and Jobs Act (TCJA) — a tax law that was supposed to result in a reduced tax obligation for the majority of Americans. Are taxpayers seeing more savings under the […]

Many people with financial means, including many retirees, escape northern climes this time of year for sunnier vistas in Florida, Arizona, or elsewhere. It’s a great way to avoid the hassle of snow and ice while working on your golf game or enjoying other amenities allowed by warmer weather. But what state tax obligations are […]

A successful art dealer recently faced sentencing for allegations of tax evasion. The allegations are the result of a six-year investigation which led to evidence to support the following crimes: Failure to file. During the investigation, it became apparent the accused had failed to file taxes in 2009 and 2010. Wrongful use of business expense […]

2018 is the first tax filing year to apply the changes implemented with the Tax Cuts and Jobs Act (TCJA). The following could impact small and medium-sized business owners: Pass-through deductions. Business owners of pass-through entities can now deduct up to 20 percent of qualified business income. This tax break was not available in the […]

Taxpayers may be aware of some of the common triggers that lead to an audit by the Internal Revenue Service (IRS). These can include a large amount of wealth, having foreign assets, and small business ownership. In addition to these common triggers, the agency has also put technology to use with its new CP200 program. […]

President Donald Trump’s recent tax law appears to have sparked change not just in the United States, but throughout the world. China recently announced that it would grant tax exemption to both local and foreign companies operating within their borders. A piece by CNBC discussed the new law, noting the move signals China’s “determination to […]

The District of Columbia is an entity unto itself. Those who live within its boundaries know well that they have no vote in Congress. For many, that has sparked cries that they suffer taxation without representation. Whether that is true is not something this blog is intended to address. What this blog does seek to […]

President Donald Trump and his administration have made many promises in light of recent tax reform. In addition to reducing most taxpayer’s overall tax obligations, the administration also promised to unveil a “postcard-sized income tax return” to simply tax filings for the 2018 tax year. It is important to note the government aims to have […]

The United States Internal Revenue Service (IRS) requires taxpayers to report foreign assets. A failure to do so can result in fines and even criminal charges. Although most people know about this requirement, not everyone knows exactly how to go about reporting these assets. This post will provide some basic information, including common tax forms […]

Think the IRS is about to conduct an audit of your tax returns? The following basic questions and answers can help you get through the process with minimal stress. What is the purpose of an audit? The Internal Revenue Service (IRS) conducts an audit when there is a tax discrepancy. The agency’s decision to review […]