Month: March 2016

New Law Increases Penalty for Not Filing Income Taxes

It just became more expensive for taxpayers to fail to file their tax returns. Among other tax-related changes, the new Trade Facilitation and Enforcement [...]

Six Tips You Should Know about Employee Business Expenses

If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you [...]

IRS Business Audits Plummet Due to Budget Cuts

The Internal Revenue Service’s audits of business tax returns have declined steeply in recent years, thanks to successive rounds of budget cuts, according to [...]

IRS Says Foreign Bank Account Filings Climbed Last Year

U.S. taxpayers with foreign accounts exceeding certain thresholds must file Form 114, Report of Foreign Bank and Financial Accounts, also known as an FBAR. It [...]

Presidential Candidates’ Tax Plans Narrow as They Drop out of Race

The number of presidential candidates has been steadily winnowing down in recent weeks as they suffer defeats in the primaries and caucuses, and so too their [...]

Changes to IRS Individual Taxpayer Identification Number (ITIN) Expiration Rules

Individuals who obtained an ITIN before 2013 will be required to renew it over a staggered schedule between the end of 2016 and 2020 if they plan on continuing [...]

Fake Charities Are a Problem and on the IRS Dirty Dozen List of Tax Scams for 2016

The Internal Revenue Service today warned taxpayers about groups masquerading as charitable organizations to attract donations from unsuspecting contributors, [...]

Abuse of Business Tax Credits is a Top Concern for the IRS

Improper claims for business credits can  result in the IRS taking a closer look at your return, or even conducting an audit. The nation's taxing agency has [...]

Figuring Out Your Form W-4: How Many Allowances Should You Claim?

Around this time of year, taxpayers start giving their form W-4 a second look. The form W-4 is the form that you complete and give to your employer – not the [...]

Paying Life Insurance Premiums with Company Cash Flow: The Tax Effect

Successful C Corp, S Corp, and LLC business owners often want to use the cash flow from their business to pay life insurance premiums. These premiums may be [...]