Category Archives: Tax Law
The Compliance Assurance Process Program
The Compliance Assurance Process (CAP) program is a cooperative pre-filing program that was created in 2005 as a way to help taxpayers resolve tax issues before filing their returns. The IRS recently instituted some major changes to the program, which will go into effect in 2019. However, to help affected taxpayers assess and implement… Read More »
Renewing Your ITIN to Avoid Refund Delays
According to the IRS, more than two million Individual Taxpayer Identification Numbers (ITINs) will expire by the end of this year. Although the IRS has increased its staff in preparation for the influx of W-7 applications requesting renewal, it’s still a good idea for taxpayers who need to have their ITINs renewed to submit… Read More »
IRS Announces Plan to Revise Form 1040
In an effort to help streamline the tax return filing process, the IRS recently announced that it will begin implementing a plan to streamline 1040 forms for the 2019 tax season. The changes are expected to cut the document in half and make it much easier for users to understand and complete. For more… Read More »
Highway Use Tax Return To Have Been Submitted by August 31st
Recently, the IRS issued a notice to taxpayers reminding them that owners of heavy trucks must file the Heavy Highway Vehicle Use Tax Return by the end of August. Usually only those who own vehicles that weigh more than 55,000 pounds are required to file this return, although the amount that must be paid… Read More »
Some Veterans Eligible for Disability-Based Tax Refunds
In a recent publication, the IRS notified taxpayers that some veterans who received disability severance payments and included the payment as income on a tax return could be eligible for a refund. For help determining whether you qualify for a refund based on your disability, please contact a tax attorney for assistance. Who is… Read More »
How Tax Reform Could Affect Taxpayers with Able Accounts
Last year’s tax reform bill made a number of significant changes to the tax code. One of these changes involves ABLE accounts, as people with disabilities are now permitted to place more funds into these types of accounts and may also be able to qualify for the Saver’s Credit for low-income workers. If you… Read More »
IRS Offers Relief to Taxpayers Subject to Transition Tax on Foreign Earnings
The new tax law, passed late last year, made a number of changes to the tax code, one of which, was the imposition of a transition tax on untaxed foreign earnings of overseas companies owned by U.S. shareholders. According to the new law, these types of foreign earnings that are held in the form… Read More »
Payment Options Available to Taxpayers Who Filed Their Taxes But Didn’t Pay
The IRS gives taxpayers an extension when it comes to filing their tax returns. However, this extension does not apply to any liabilities owed by taxpayers, so all payments were supposed to be submitted by mid April. Many taxpayers were unable to meet this deadline and so are now receiving tax bills because, although… Read More »
New Deduction-Related Changes Enacted
Late last year, Congress made significant changes to U.S. tax law when it passed the Tax Cuts and Jobs Act. Many of these changes will affect not only individual taxpayers, but also their employers. For instance, under the terms of the new amendments, all miscellaneous itemized deductions that were formerly subject to the two… Read More »
Challenging Wrongful IRS Levies
When taxpayers fail to pay tax debt, the IRS is permitted to issue a levy against them, which permits the agency to seize and sell the taxpayer’s property, including wages, vehicles, real estate, personal assets, and the contents of financial accounts in order to cover the liability. Previously, those against whom a levy was… Read More »
