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2018 extension forms and due dates for last year’s 2017 tax returns
* * * Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young...
View ArticleIs the IRS Appeals Office independent?
IF you lose an IRS audit, you have two choices: pay or appeal. Your decision depends on how you feel about the fairness of the auditor, amount of assessment, cost of defense, and extending or ending...
View ArticleIRS audits schedule C of sole proprietors
IRS loves to audit Schedule C. This form is filed by taxpayers who conduct their businesses as sole proprietors (popularly referred to as “DBA” or doing business as) instead of corporations or LLCs....
View ArticleQ&A: What to expect during an IRS audit
HOW did I get selected for an audit? • Random selection and computer screening – how your return compares to norms. • Related party examinations - transactions with partners, investors, or audits of...
View ArticleBusiness tax provisions
1. THE new Tax Cuts and Jobs Act cuts corporate taxes from eight graduated rates of 15 percent to 35 percent to a flat rate of 21 percent. 2. The Act provides a 20 percent deduction for owners,...
View Article20 individual tax provisions
HERE’S a list of tax provisions of the Tax Cut and Jobs Act affecting individuals like you and me. 1. The new Tax Cut and Jobs Act keeps seven tax brackets with six of them at lower rates. Most of us...
View ArticleEducation provisions
THE Tax Cuts and Jobs Act saves the student loan interest deduction and keeps tuition waivers for graduate students tax-free. It also expands 529 savings accounts to include private K-12 education....
View ArticleWhat you should know about the new tax law P6
Part 6: Homeowners 1. THE Tax Cut and Jobs Act reduces the maximum amount of mortgage debt to acquire a first or second residence for which you can claim itemized interest expense deductions from...
View ArticleWhat you should know about the new tax law Part 3: Business
THE business tax provisions of the Tax Cut and Jobs Act include: • The new Tax Cuts and Jobs Act cuts corporate taxes from eight graduated rates of 15 percent to 35 percent to a flat rate of 21...
View ArticleWhat you should know about the new tax law Part 2: Deductions
1. MORTGAGE interest deduction has been lowered: Current homeowners can continue to deduct interest on loans of $1 million; however, new homeowners will be limited to interest on loans of $750,000. 2....
View ArticleWhat you should know about the new tax law Part I: The basics
1. THE standard deduction is doubled: Republicans want to simplify our tax code so more people can claim standard deductions instead of more complicated itemized deductions. This becomes a reality...
View ArticleOverview of Tax Cuts and Jobs Act
REPUBLICANS hail the Tax Cuts and Jobs Act as their biggest legislative achievement under President Trump. It’s the first major tax overhaul since the days of fellow Republican Ronald Reagan. The new...
View ArticleYear-end tax moves by December 31, 2017
OUR recommendations of tax moves before year-end is a little different because of President Trump’s major tax overhaul and the time – or lack of it – to implement tax savings ideas in just before...
View Article10 ways to avoid passport problems with the IRS
IF you owe more than $50,000 in delinquent taxes, penalties, and interest to the IRS, you are considered seriously delinquent. This puts your passport in jeopardy. Take action now before the State...
View Article10 questions and answers about new passport restrictions
1. CAN you get a passport if you owe taxes? Of course, you can. But if your taxes, penalties and interest total more than $50,000, you fall under a new category called “seriously delinquent” that...
View ArticleIRS moves to revoke passports for unpaid taxes
1. CONGRESS created a new code section called “Revocation or Denial of Passport in Case of Certain Tax Delinquencies.” The idea of this new law is to use travel to enforce tax collections. It was...
View Article15 dont’s during an IRS office audit
1. DON’T volunteer information. A typical agent is a low-key, friendly agent. They get your guard down by playing a nice guy role. Don’t be deceived by it. Remember that he (includes her) is not on...
View Article10 basics of the IRS appeals process
IF you are not satisfied with the results of your IRS audit, go to Appeals. You have a choice of either ending your misery by paying up or by continuing to fight at the Appeals Office. The appeals...
View ArticleHow long should you keep tax records?
HOW long do you have to keep tax records? How long can the IRS audit your tax returns? Let’s discuss tips on statute of limitations so you can clean your garage this weekend. 1. The general statute to...
View ArticleShould you form a partnership?
YOU may choose to run your business as a partnership. A Partnership is an association of two or more persons as co-owners who intend to carry on a business for profit. Each person must contribute...
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