IRS commissioner John Koskinen warns that 2015 is shaping up to be a “miserable” filing season for taxpayers. The commissioner noted that nearly half of those trying to get through to the IRS by phone will be unsuccessful during the upcoming year. In 2014, the phone contact success rate was just 72%, which would already […]
IRS Warning of “Miserable” Tax Season for Consumers Read More »
The economy in recent years has led to many Americans accumulating high amounts of debts. Inevitably, when someone is underwater with credit cards or home mortgages, they often get behind on taxes as well. This is especially prevalent with small businesses; owners often miss quarterly tax payments or fail to meet payroll. What many fail
How to Resolve IRS Tax Debts Read More »
The 2014 mid-term elections are now in the history books, and one thing analysts from all ends of the political spectrum agree on; the Republican Party had a good night. The GOP not only took control of the U.S. Senate (their primary goal for this election cycle), they also expanded their majority in the House
How the Recent Elections will Impact Future Tax Policy Read More »
As Americans, we should all celebrate veterans and take time to say “thanks” to all who bravely serve our country and put their lives on the line to protect our freedoms. It is entirely fitting that we celebrate veterans during the same month as the Thanksgiving holiday, because the brave men and women that have
How to Receive Tax Breaks for Hiring Veterans Read More »
When we think about the federal income tax, we often look at the negative aspects of it; the IRS and its ability to audit any individual taxpayer any time, our requirement to file returns every April 15, etc. However, there are actually some very nice tax breaks built into the current tax code that we
Tax Breaks to Be Thankful For Read More »
A story from the National Journal claimed that the IRS would be delaying 2014 federal tax refunds until October 2015. The story looked entirely believable, with very plausible explanations as to how this could happen, even including quotes from White House spokesman Josh Earnest and senators Rand Paul and John McCain. The story turned out
2014 Federal Tax Refund Delay Rumor is False, but there is Still Reason for Concern Read More »
One of the most under-claimed credits available for businesses is in the area of research and development. Companies that qualify but fail to claim the R&D credit miss an estimated $3 billion and $4 billion in tax savings each year. Recently the rules have been updated to allow companies to claim R&D credits on amended
The R&D Tax Credit: Do You Qualify? Read More »
In today’s world, having both parents working is the norm rather than the exception. However, having both mom and dad at work can tend to complicate things at home. There are decisions to be made in several areas; such as babysitting/daycare for the kids, who will do the grocery shopping, who will cook the meals,
Should I File Taxes Separately or Jointly with My Spouse? Read More »
September 28 has been designated as Ask a Stupid Question Day, a holiday begun in the 1980s by teachers that wanted to encourage their students to step outside their comfort zones and ask questions without fear of looking ignorant. Though the official date is the 28th, the holiday is actually observed each year on the
Have Your Accounting Questions Answered Read More »
Last year, the U.S. Senate passed the Marketplace Fairness Act of 2013, a bill that authorized state governments to collect sales and usage taxes from online retailers. Under current law, the only online merchants that are required to collect sales taxes are those that have a physical presence in that particular state. Brick and mortar
Congress May Be Forced to Adopt Internet Sales Tax Read More »
