Blog

2017 Estate Planning

Most people think that estate planning is for the ultra-wealthy. However, everyone needs some basic form of estate planning in order to pass their assets to the intended beneficiaries. When you die, your estate goes through a probate process and in every state this process is a little different. The goal of estate planning is […]

Cannabis and Taxation

As of 2017, cannabis is legal in 29 states and the District of Columbia.  In some states, it is legal for recreational use and in others it’s only allowed for medicinal purposes with qualifying conditions varying from state to state.  Depending on the state, it can either be easy to get medical cannabis or it […]

This Years Tax Appointment

At this years tax appointment you will need to bring proof of Health Insurance for all family members. You will receive 1095-A if you are insured through the Health Care Market Place.  All other forms of insurance will receive 1095-B or C and need not be brought to your appointment.  In fact you may not even […]

–IRS ANNOUNCES ERROR IN IP PIN LETTERS–

–IRS ANNOUNCES ERROR IN IP PIN LETTERS– Hot off the presses, and in IRS’ own words: Due to an error, taxpayers are receiving Identity Protection PIN letters with an incorrect year listed. Taxpayers and tax professionals should be advised the IP PIN listed on the CP 01A Notice dated January 4, 2016 is valid for […]

Highlights of the 2015-2016 Extenders – There were 601 Sections. Too many to put them all in, but these are the ones I felt were most important to you. You can trust that I have studied all of them!! The House should vote on Thursday or Friday. Lets hope and pray it passes.

Highlights of the projected  2015-2016 Extenders – There were 601 Sections.  Too many to put them all in, but these are the ones I felt were most important to you.  You can trust that I have studied all of them!!   “PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015” TITLE I – EXTENDERS Subtitle A –Permanent […]

Congress Moves Towards Granting IRS Authority To License Tax Preparers

For many years the IRS has tried to make unenrolled tax prepares with no education test to prove their competency on tax laws ,codes and ethics !!!!  Lets hope this one passes.  Click on the link below to read more.    http://www.forbes.com/sites/kellyphillipserb/2015/12/01/congress-moves-towards-granting-irs-authority-to-license-tax-preparers/?ss=taxes

New law allowing IRS to collect US tax from partnerships (rather than partners) demands attention

Congress has passed a controversial law permitting IRS, upon concluding an audit, to collect US tax from partnerships, in order to raise an estimated US$9.3 billion over ten years (Bipartisan Budget Act of 2 November 2015). This changes the historic requirement that IRS must collect tax from the partners rather than the partnership, via tiers […]

–PROVISION ALLOWING IRS TO REVOKE PASSPORTS

IRS Poised To Veto Passports if you owe them money. Read more at the link below     http://www.forbes.com/sites/robertwood/2015/12/02/irs-may-start-stamping-passports-when-you-pay-your-taxes/

Health Coverage Tax Credit

The Trade Preferences Extension Act of 2015 The Trade Preferences Extension Act of 2015 (Public Law 114-27), enacted June 29, 2015, extended and modified the expired Health Coverage Tax Credit (HCTC). Previously, those eligible for the HCTC could claim the credit against the premiums they paid for certain health insurance coverage through 2013. The HCTC […]

IRS: Taxpayers May Immediately Deduct The Purchase Of Assets Costing Less Than $2,500

http://www.forbes.com/sites/anthonynitti/2015/11/24/irs-taxpayers-may-immediately-deduct-the-purchase-of-assets-costing-less-than-2500/