A large tax bill may warrant a challenge. However, building a successful case against the Internal Revenue Service (IRS) is not an easy task. Former Hollywood great Wesley Snipes provides an example. Mr. Snipes has taken on the IRS a couple of times. In 2010 he lost a...
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How will tax reform impact small businesses?
Tax reform is not a common occurrence. Tax reform that results in a complete overhaul that impacts almost every taxpayer in the country is even more unlikely. Yet that is the current climate. Individuals, corporations, businesses … every taxpayer in the country will...
Business credit for FMLA leave: The basics
Employers are wise to take note of recent changes to tax implications of paid family and medical leave. The Internal Revenue Service (IRS) recently published a notice stating changes to the tax code have led to the creation of business credit for the provision of this...
Do you owe Uncle Sam if you inherit property? 2 considerations.
The loss of a loved one is often a difficult and emotional time. The last thing anyone wants to think about when going through this time in life is tax obligations. Unfortunately, in some cases, these are considerations that must be taken into account. Take property...
How did tax reform change the business deduction for meals?
The Tax Cuts and Jobs Act (TCJA) led to major tax reform. One specific example: the TCJA led to the elimination of the previously allowed business deduction for meals and entertainment. Change leads to confusion: What business deductions will the IRS allow? Although...
The power of the IRS: Did you know about this potential penalty?
It is no surprise that the Internal Revenue Service (IRS) will impose penalties if you do not pay your tax bill. The agency is clear about its ability to fine taxpayers' various penalties and fees and, in some cases, potential for imprisonment for failure to meet our...
IRS provides guidance on “crack and pack” planning technique
President Donald Trump pushed through tax reform at the end of 2017. The Trump administration stated the new tax law, the Tax Cuts and Jobs Act (TCJA) would result in tax savings for many Americans. Unfortunately, it has also led to confusion. Many provisions within...
Treasury Report: IRS not prepared to enforce FATCA
The Treasury Inspector General For Tax Administration (TIGTA) recently conducted a report on the Internal Revenue Service’s (IRS) ability to enforce compliance with the Foreign Account Tax Compliance Act (FATCA). Quick review: What is the FATCA? Congress passed the...
Property and taxes: How did the new tax law change the benefits?
Homeowners can view property ownership as an investment strategy. A homeowner can justify this investment a number of different ways. In the past, one of the motivating arguments in favor of owning property was the tax break. But is that still the case? The Tax Cuts...
High earning New Yorkers take note: The importance of domicile
The new tax law has had a big impact on taxpayers throughout the country. This is particularly true for high-income earners in high tax states. These individuals are hit hard by a higher personal income tax bill. As a result, high tax states like New York could lose...