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Category Archives: Tax Law

Taxes2

The Filing Deadline For Tax-Exempt Organizations

By Ronald Cutler, P.A. |

As you probably know, the tax filing deadline for most individuals was in April. Many tax-exempt organizations, including those that operate on a calendar-year basis, however, had until May 16th to file their returns and certain annual information with the IRS. Failing to comply with these deadlines can result in significant penalties and fees,… Read More »

BankFile

Income Tax Withholding Calculations for Periodic Retirement and Annuity Payments

By Ronald Cutler, P.A. |

The Department of the Treasury recently announced that it would be updating the federal income tax withholding rules for periodic annuity and retirement payments made after December 31st of this year. Determining how these rules could affect your own withholding calculations can be a complicated process, so if you have questions about the new… Read More »

Legal8

If You Need to Obtain or Renew Your Passport – Be Sure to Resolve Your Tax Issues First

By Ronald Cutler, P.A. |

Under a new IRS policy, taxpayers with unresolved tax issues could be barred from renewing or obtaining a passport. For this reason, taxpayers who wish to avoid delays to their travel plans should take prompt action to resolve any tax concerns. For help identifying and resolving the tax issues that are keeping you from… Read More »

TaxLaw

E-Filing Cash Transaction Reports

By Ronald Cutler, P.A. |

In addition to reporting income and deductions to the IRS, taxpayers must also report any cash payments that they receive in excess of $10,000. While it is possible to fulfill this obligation by completing and submitting a paper form, many taxpayers choose to file these reports electronically. Regardless of the method used, reporting these… Read More »

Taxes2

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 »

Tax4

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 »

TaxDeadline

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 »

Tax7

IRS Offshore Voluntary Disclosure Program to be Terminated

By Ronald Cutler, P.A. |

The IRS recently notified taxpayers with undisclosed offshore accounts that they only have until September 28th to take advantage of the agency’s Offshore Voluntary Disclosure Program (OVDP). Initially launched in 2009, this program is estimated to have helped nearly 56,000 taxpayers comply with U.S. tax law by assisting them when it comes to paying… Read More »

Business2

Deducting Charitable Contributions as Business Expenses

By Ronald Cutler, P.A. |

According to a recent announcement, the IRS is planning on issuing a series of regulations concerning the availability of charitable contribution deductions to business taxpayers. Fortunately, the proposed rule changes do not impact the availability of deductions for businesses that donate to charities or government entities and who receive state or local tax credits,… Read More »

TaxPrep

Combat-Zone Contract Workers May Qualify for Foreign Earned Income Exclusion

By Ronald Cutler, P.A. |

As a result of the passage of the Bipartisan Budget Act, which was enacted in February, certain citizens and resident aliens who work for the military in designated combat zones could now be eligible for the foreign earned income exclusion benefit. To find out more about this tax break and whether you qualify, please… Read More »