Labor Dept Publishes New Overtime and Exempt Status Rules

The U.S. Department of Labor has finalized sweeping changes to the Fair Labor Standards Act (FLSA) overtime rules, extending protections to millions U.S. workers. The rule has the potential to impact the exempt status of a wide variety of positions in virtually every industry. The rule, proposed by the DOL last year, focuses primarily on updating the [...]

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Tesla Model X Should Be Eligible For $25,000 Tax Deduction

In addition to state and federal tax credits, the Tesla Model X may be eligible for up to a $25,000 tax deduction known as the “Hummer Tax Loophole.” It falls [...]

Lost your EIN letter – Get a copy of EIN verification letter 147C from the IRS

If you’re a small business owner, you have probably applied for an EIN from the Internal Revenue Service. This number is used when you file tax returns, and it identifies [...]

Reducing IRS Penalties

Each year the IRS assesses over 40 million penalties against taxpayers. Of the total number of assessed penalties over 5 million of them are eventually abated by the Service. [...]

The 5 Biggest Tax Differences Between an LLC and Corporation

Among the many decisions you need to make when launching a business is selecting a business structure. If you do nothing, your business, by default, is structured as either a [...]

Cleaning Up the Mess Left by DIY Tax Software

More and more taxpayers are turning towards do-it-yourself tax software to prepare and file business and individual income tax returns. With every passing year, our offices [...]

Tips for Green Card Holders and Immigrants Who are Filing a US Tax Return

Our goal here, on this page, is to provide you with an overview of the tax system here in the United States. So let's start with some basic concepts, get a lay of the land, [...]

IRS Tax Audits: One Person’s Story and Tips from Tax Experts

My friend Susan (not her real name) was recently audited by the IRS. Here's her story: When I received a legal size envelope in the mail from the IRS, I opened it [...]

IRS Says Cyberattacks on Taxpayer Accounts More Extensive Than Previously Reported

The Internal Revenue Service said Friday that more than twice as many taxpayer accounts may have been hit by cybercriminals than the agency previously reported, with hackers [...]

Fake Emails from the IRS are Scams

The Internal Revenue Service never contacts taxpayers via e-mail. So if you have received an email claiming to come from the IRS, chances are the email is a scam. You can [...]

Adjusting Tax Withholding from Your Paycheck

After finishing up your tax return, it's a smart idea to do a little planning ahead for next year. Your income or deductions may be changing, and you may want to adjust your [...]