Tax Filings Using EITC or ACTC

According to the CPA Practice Advisor and Accounting Today, the IRS just announced that refunds, by law, cannot be issued before Feb. 15 for tax returns that claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). This applies to the...

New Tax Law Decisions

If you think the New Tax Law is nirvana, think again! Yes, the New Tax Law nearly DOUBLED the Standard Deduction and did DOUBLE the Child Tax Credit; however, the New Tax Law will have lots of “dilemmas”, shall we say, that will need to be navigated to be sure your...

IRS Announces Lower Prepay Before Penalty

The U.S. Tax System is pay-as-you-go, meaning taxpayers are required to pay most of their tax obligation during as opposed to at the end of the tax year.  In order for this to happen, the law requires a taxpayer to pay during the year: At least 90% of the current tax...

IRS Recalls Workers for Tax Season

Tax Season begins January 28th, and as of Tuesday, January 15, 2019, according to Michael Cohn of Accounting Today, the IRS released a revised Shutdown Contingency Plan calling for more than 46,000 IRS employees to return to work to prepare for Tax Filing Season, with...

New Tax Law Boiled Down

The new tax law has many changes in it, in my opinion, the most significant of which is the elimination of the Personal & Dependent Exemptions and the increase in the Standard Deduction. Let me explain: First, the new law kept the seven tax brackets, but changed...