The federal tax reform law, known as the Tax Cuts and Jobs Act (TCJA), which was signed into law by President Trump last year, is a major piece of legislation hundreds of pages long. As a result, it is easy to overlook some changes brought about by the law that could nonetheless have a huge […]

Those who attended college while in the District of Columbia, or who have found themselves having to deal with unpayable student debt while living in D.C., can encounter a wide array of challenges to living the lifestyle they seek to live. When payments for student debts are unable to be made, sometimes a collection agency […]

On March 23, 2018, the IRS issued IR-2018-71, reminding taxpayers that they must report income from virtual currency transactions on their income tax returns. The IRS defined virtual currency as “a digital representation of value that functions in the same manner as a country’s traditional currency.” The IRS emphasized that, as with any other property […]

Eli S. Noff, Esq. CPA, Partner The Tax Cuts and Jobs Act of 2017 created new Internal Revenue Code (IRC)§199A. Undoubtedly, the new section provides a significant tax break to flow-through entities and structures. Under this new section, subject to certain limitations, taxpayers (excluding C corporations) may be able to deduct up to 20% of […]

The IRS has expanded their program on streamlined processing of installment agreements under a test program that is scheduled to run until September 30, 2017. For the first time, streamlined processing standards will apply to individual taxpayers with an assessed balance of tax, penalty and interest between $50,000 and $100,000. During this test, more taxpayers […]

Wills serve several functions, and nearly every adult should have one. If any of the below criteria apply to you, you should have a will: If you have minor children, and you want a say as to who will care for them upon passing, you need a will. A Will enables you to nominate a […]

Due to the government shutdown, American citizens and resident aliens living abroad should be prepared to wait even longer than those living in the U.S. to file their tax returns and receive refunds. U.S. taxpayers must report and pay taxes on their worldwide income. Those earning money abroad are required to report their income in […]

On May 23, 2018, the IRS issued Notice 2018-54,[1]making it abundantly clear that when it comes to state efforts to circumvent the recently enacted state and local tax (SALT) deductions cap, “taxpayers should be mindful that federal law controls the proper characterization of payments for federal income tax purposes.” Section 164 of the Internal Revenue […]

Glen E. Frost, Esq., CPA, Managing Partner Donald Trump has proposed to make several tax changes when he enters office in January, 2017. It is important to examine the possible tax changes that could result from the new plan so that taxpayers are aware of the potential advantages and disadvantages the new tax plan may […]

With international tax compliance on the IRS’s radar, it was revealed publicly to reporters on August 2, 2017, that the IRS Criminal Investigation Division (IRS-CI) is assembling a new, dedicated international tax enforcement unit. The new initiative is expected to be fully operational by October 1. U.S. persons’ worldwide income and foreign financial assets are […]