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Tag Archive for Tax Returns

IRS Has A Heart For Hurricane Harvey Victims

Barry Fowler

With a major portion of Houston and surrounding areas under water and devastated, the Internal Revenue Service (IRS) has announced significant tax relief for victims of Hurricane Harvey.

Those in Texas who have been affected by the storm have until January 31, 2018, to file certain individual and business tax returns and make certain tax payments. This includes an additional filing extension for taxpayers with valid extensions through October 16, and businesses with extensions through September 15. Read more

Business Intelligence: Practice Ignition For Tax Engagements

Practice Ignition is designed to assist accountants manage their engagement letters, client payments and raise invoices. For you as a business owner, another major advantage of the software is also the ability to process your tax engagements (in addition to your normal engagements). There are three key benefits to this:

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Choices for Taxpayers Who Can Not Pay Their Tax Bill(s)

Ron Marini, tax deadline, installment agreements, offer in compromise

As the April 18th deadline for filing 2016 income tax returns draws near, practitioners may encounter some clients who don’t have cash to pay the balance due on their returns. Clients can avoid penalties but not interest if they can get an extension of time to pay from IRS. But such extensions merely postpone the day of reckoning for the period of the extension (generally, six months).

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New Filing Dates For 2016 U.S. Tax Returns

Ron Marini

On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015,” which includes a number of important tax provisions, including revised due dates for partnership, S corporations and C corporation returns and revised extended due dates for some returns.

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Late Filing The Foreign Earned Income Exclusion

Ephraim Moss

We’ve blogged a number of times in the past about the foreign earned income exclusion (“FEIE”), because it is one of the main tax relief measures available to expats filing U.S. tax returns. Expats qualifying for the FEIE may be able to exclude all or part of their foreign salary or wages from their income when filing their return – so its importance can’t be overstated.

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How To Get A U.S. Social Security Number In Canada – Tax Compliance

John Richardson

Why do some Canadians wish to have a U.S. Social Security number?

Many Canadians are in the process of coming into U.S. tax compliance. One might ask: Why would a Canadian citizen residing in Canada wish to come into U.S tax compliance?

There are two reasons why Canadian citizen/residents file U.S. tax returns:

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Alert Your Clients To Possible Refund Delays In 2017

Ron Marini

Tax professionals should alert their clients that a new law requires the IRS to hold refunds until mid-February 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit.

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Trump, Clinton, Buffett And Taxes

John Stancil

Much has been made in the press of late regarding the tax returns of the major Presidential candidates. This article is not focused on promoting either candidate, but an attempt to shed some light on these recent tax revelations.

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Tax Return Tips For Your 2015 Tax Returns

John Stancil

As The United States Tax Code gets more complex, one would think that the number of individuals utilizing a paid preparer would be on the increase. However, that is not the case. More and more individuals are filing their own returns. I see at least two reasons for this. The individual tax return market can be viewed as consisting of two segments – very simple returns with no itemized deductions or other complications in the return and more complex returns utilizing multiple tax schedules and tax forms. As the standard deduction increases, more taxpayers are taking the standard deduction, so their tax return is fairly simple to prepare. Adding to the simplicity of the return is the second factor – availability of inexpensive or free preparation software. Since these typically guide the taxpayer in preparation, the task becomes even simpler.

However, taxpayers of all stripes should be aware of certain factors involved in filing their returns. I have provided my “Ten Best Tips for Filing your Return.” These tips can be useful for those preparing their own returns, but they can also guide the taxpayer using a CPA or other professional preparer in assembling their information for the preparer.

• File tax returns on time, even if you cannot pay now. You will be assessed a penalty and interest for failure to pay, but you will avoid the failure to file penalty. This penalty is 5% per month of the amount of taxes owed, up to 25%. If you don’t owe, there shouldn’t be a penalty. Read more

Good To Know… Part 3 – From Larry Stolberg, CPA, CA

Short Blog Posts In One Location…

◊ Green card holders who are holding cards close to 8 of the last 15 years need to examine their options to avoid becoming covered expatriates if they return to Canada and/or wish to give up the green card. Becoming a covered expatriate can have significant U.S. tax implications to you.

◊ CRA Form 1135 may become easier for 2015 if the aggregate cost of foreign property is not over $250K.

◊ Snowbirds need to watch their days presence in the U.S. to avoid deemed residency rules and related filing obligations! Read more

Repair Regs – Another Solution To “Elect-Out” of Rev. Proc. 2015-20 To Preserve Missed Deductions

The IRS has recently written on their website that eligible taxpayers may elect out of Rev. Proc. 2015-20 by filing a statement with their 2014 tax returns indicating their qualifying trade or business is not applying the simplified procedure of Rev. Proc. 2015-20. Qualified small business taxpayers who accept the relief of Rev. Proc. 2015-20 automatically forfeit any opportunity to retroactively correct capitalized expenditures that should have been deducted in years prior to 2014.

A qualified “small business taxpayer” for this purpose is any business with total assets of less than $10 million or less than $10 million in average annual gross receipts (from prior three taxable years). Read more

Should You Itemize Your Deductions For Taxes?

Looking ahead to the filing season for this year’s tax returns, a frequent question is whether you should keep track of tax-deductible expenditures or simply settle for the standard deduction amount.

Whether you can itemize deductions on your tax return depends on how much you spent on certain expenses during the year. Money paid for medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous deductions (usually job or investment related) can reduce your taxes. If the total amount spent on those categories is more than the standard deduction, you can usually benefit by itemizing.

The standard deduction amounts are based on your filing status, your age and whether or Read more

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