With the 2018 filing season currently behind us, notices have started to appear in mailboxes. While the IRS letterhead strikes fear into the hearts of most Americans, a vast majority of those notices are nothing to fear, since most of them are computer-generated and referring to outstanding tax bills you haven’t paid yet or errors on your tax return that can be easily … [Read more...] about Why Am I Being Audited by the IRS?
How Long Should You Hold On To Old Tax Records?
Article Highlights: The general statute: 3 years Longer durations in some statesFraud, failure to file and other issues that extend the statute’s durationKeeping the actual returnOrdering copies of previously filed returns This is a common question: How long must taxpayers keep copies of their tax returns and supporting documents? Generally, taxpayers should hold on … [Read more...] about How Long Should You Hold On To Old Tax Records?
Is an Inheritance Taxable?
Article Highlights: Estate TaxEstate Tax ExemptionFair Market Value at Date of DeathStep-up in BasisCommunity PropertyDeferred Untaxed Income A frequent question is whether inheritances are taxable. This is a frequently misunderstood question related to taxation and can be complicated. When someone passes away, all of their assets will be subject to … [Read more...] about Is an Inheritance Taxable?
Credit for Family and Medical Leave Benefits
Article Highlights: Written Leave PolicyVariable CreditQualifying EmployeeQualifying LeaveTime LimitsGeneral Business Credit The Tax Cuts and Jobs Act that was passed last year included a new tax credit for employers that allows them to claim a credit based on wages paid to qualifying employees while they are on family and medical leave. To qualify for the credit, an … [Read more...] about Credit for Family and Medical Leave Benefits
Procrastinating on Filing Your Taxes?
Highlights: Late filing penaltiesInterestThree-year statute of limitationsForfeited refunds If you have been procrastinating about filing your 2017 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund coming for a prior you may end up … [Read more...] about Procrastinating on Filing Your Taxes?