Posted on April 05, 2019
by
Edward Cooper
By Edward N. Cooper, CPA The IRS has issued its annual list of the Dirty Dozen scams that taxpayers should look out for in 2019. Under U.S. laws, taxpayers are legally responsible for the information contained in their tax returns, even when those documents are prepared by someone else. Therefore, it is critical that you […]
Posted on April 02, 2019
In response to a chorus of concerned taxpayers and tax preparers, the IRS is providing additional penalty relief to taxpayers who have found that they did not pay enough in federal taxes in 2018 through W-2 withholding, quarterly estimated tax payments or a combination of the two. Effective immediately, individual taxpayers, trusts and estates that […]
Posted on March 20, 2019
by
Rick Bazzani
Taxpayers who turned 70½-years-old during the 2018 calendar year have until April 1, 2019, to take their first required minimum distributions (RMDs) from their individual retirement accounts (IRAs) and workplace retirement plans. In general, retired individuals age 70½ and older have a deadline of December 1 to take their annual RMDs from retirement savings accounts […]
Posted on March 19, 2019
by
Joseph Saka
According to the IRS, the 2019 tax-return filing season has been plagued by a surge in fake emails, text messages, websites and social media posting in which criminals attempt to steal taxpayers’ personal information. To protect themselves and avoid becoming victimized, taxpayers must take some basic security steps, remain cautious and stay alert to recognize […]
Posted on March 15, 2019
by
Adam Cohen
For many taxpayers, the joy they felt while taking home larger paychecks in 2018 due to the Tax Cuts and Jobs Act has turned to frustration as they file their federal income tax returns. Many are finding that they have a surprise tax bill or their refund from the government is significantly less than what they received […]
Posted on March 07, 2019
Individual taxpayers have long relied on miscellaneous itemized deductions as a catch-all for a variety of business- and investment-related expenses that the tax code did not already allow as specified itemized deductions, such as those for medical expenses or contributions to charitable organizations. However, with the passage of the new tax law, these miscellaneous itemized […]
The IRS issued the 2019 optional standard mileage rates that taxpayers may use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Taxpayers also have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. Beginning on Jan. 1, 2019, […]
Posted on February 28, 2019
by
Sandi Perez
Married couples considering a divorce in 2019 should first meet with their tax advisors and accountants to ensure their settlement negotiations reflect the way in which the new federal tax law treats alimony payments beginning this year. For more than 75 years, alimony was treated as a tax deduction for the payor and taxable income […]
Posted on February 21, 2019
by
Joanie Stein
Many U.S. residents and resident aliens accustomed to itemizing the expenses they were once eligible to deduct annually on Schedule A of their federal income tax returns may find it more beneficial to claim the standard deduction on the 2018 tax returns they will file in 2019. Under the new tax law, the standard deduction […]
Posted on February 14, 2019
by
Arthur Dichter
The Tax Cuts and Jobs Act (TCJA) has had broad-reaching impact on all taxpayers for 2018 and going forward. This includes U.S. persons who are beneficiaries of foreign non-grantor trusts. As a result of the TCJA suspending the deduction for miscellaneous itemized deductions, which includes the deduction for investment management fees, trust distributable net income […]
