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What are My Options if I Cannot Pay My Taxes in Full?

By Ronald Cutler, P.A. |

As a result of the changes made by the Tax Cuts and Jobs Act (TCJA), which went into effect last year, many taxpayers have struggled to determine how much they owe in taxes, whether they qualify for a refund, and who is eligible for a waiver of the tax penalties that come with a… Read More »

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IRS Waives Tax Penalty for Certain Taxpayers

By Ronald Cutler, P.A. |

Early in January, the IRS announced that it would be waiving the estimated tax penalty for many taxpayers whose federal income tax withholding and estimated payments from last year fell short of their total liability for 2018. However, this waiver only applies in certain situations, so if you believe that you might qualify for… Read More »

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Tax Filing Season

By Ronald Cutler, P.A. |

In late January, the 2019 tax filing season officially began when the IRS started accepting and processing federal tax returns for 2018. Despite claims made by the agency that returns will be processed and refunds issued according to schedule after the government shutdown, many taxpayers continue to have trouble getting through to agency employees,… Read More »

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The New Opportunity Zone Tax Incentive

By Ronald Cutler, P.A. |

The new Opportunity Zone tax incentive was created by last year’s Tax Cuts and Jobs Act and was designed to help drive investment in distressed communities across the nation by providing tax benefits to taxpayers who invest in businesses located in those areas. In June, 8,761 communities were designated as qualified Opportunity Zones, a… Read More »

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Reduced Withholding Rate For Small Businesses and Individual Taxpayers

By Ronald Cutler, P.A. |

As a result of changes made by the Tax Cuts and Jobs Act (TCJA), the backup withholding tax rate for individual taxpayers and small businesses was reduced from 28 to 24 percent. Backup withholding applies in a number of situations, including when a taxpayer doesn’t supply his or her taxpayer identification number (TIN) to… Read More »

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The Tax Repercussions of Like-Kind Exchanges

By Ronald Cutler, P.A. |

One of the many changes made by last year’s Tax Cuts and Jobs Act (TCJA) involves the treatment of like-kind exchanges, which are now limited to transactions related to real property. To find out how these changes could affect your own responsibilities come tax season, please contact a member of our dedicated tax return… Read More »

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Revised Family Tax Credits

By Ronald Cutler, P.A. |

According to a notice recently issued by the IRS, it will be much easier for taxpayers to obtain a family-based credit after the implementation of the newly revised Child Tax Credit. These revisions were made possible by the tax reform legislation that was passed in December of last year. This law, known as the… Read More »

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New Hardship Withdrawal Regulations Proposed

By Ronald Cutler, P.A. |

In a preamble to newly proposed regulations that were published in November, the federal government detailed several changes to the tax code that could affect hardship withdrawals in the future. For instance, according to the IRS, taxpayers with 401(k) plans and other employer-sponsored retirement plans, are now permitted to make loans and hardship distributions… Read More »

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Preparing for a Natural Disaster

By Ronald Cutler, P.A. |

As we have seen over the last few months, natural disasters, such as Hurricane Florence, can strike at any time. While ensuring personal safety and the safety of one’s family is, of course, the most important concern at times like this, it is also important for taxpayers to consider the effects of a natural… Read More »

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Paying Estimated Taxes

By Ronald Cutler, P.A. |

With the end of the year in view, small businesses and self-employed taxpayers are encouraged to remember the importance of making quarterly estimated tax payments. For help determining how much you owe in estimated taxes and whether you should be paying on a quarterly basis, or if you were recently notified by the IRS… Read More »