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Category Archives: Tax Return Preparation

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Most Common Tax Refund Myths

By Ronald Cutler, P.A. |

Although the IRS issues most tax refunds in less than three weeks, there isn’t actually a specific way for taxpayers to discover when their refunds will be issued. There is important information, however, that can help taxpayers understand the refund process. For instance, the status of a person’s tax return will be posted on… 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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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 »

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 »

TaxReport

The Compliance Assurance Process Program

By Ronald Cutler, P.A. |

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 »

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IRS Announces Plan to Revise Form 1040

By Ronald Cutler, P.A. |

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 »

TaxLiab

Highway Use Tax Return To Have Been Submitted by August 31st

By Ronald Cutler, P.A. |

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 »