Personal Tax

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?

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?

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

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?

June 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover … [Read more...] about June 2018 Individual Due Dates