Tax Compliance Alert

On July 31, 2015, President Obama signed into law H.R. 3236 entitled The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (hereinafter the “Act”), that is anticipated to be partially paid for by a number of new tax compliance requirements. The Act amended a number of provisions within the Internal Revenue Code…

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Partnership, S-Corp and Trust Extensions End September 15

If you have a calendar year 2014 partnership, S-corporation, or trust return on extension, don’t forget the extension for filing those returns ends on September 15, 2015. Pass-through entities such as Partnerships, S-corporations, and fiduciaries (trusts, estates) pass their income, deductions, credits, etc., through to their investors, partners, or beneficiaries, who in turn report the…

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Avoiding IRS Underpayment Penalties

Congress considers our tax system as a “pay-as-you-go” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. These include: • Payroll withholding for employers; • Pension withholding for retirees; and • Estimated tax payments for self-employed individuals and those with other sources of income not…

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Tax Tips For Disabled Taxpayers

Taxpayers with disabilities may qualify for a number of tax credits and benefits. Parents of children with disabilities may also qualify. Listed below are several tax credits and other benefits that are available if you or someone else listed on your federal tax return is disabled. 1. Increased Standard Deduction – If a tax return…

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Eldercare Can Be A Medical Deduction

With people living longer, many find themselves becoming the care provider for elderly parents, spouses and others who can no longer live independently. When this happens, questions always come up regarding the tax ramifications associated with the cost of nursing homes or in-home care. Generally, the entire cost of nursing homes, homes for the aged,…

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