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Are You Due for ITIN Renewal Courtesy IRS Changes?
IRS has issued notice for ITIN renewal for all those ITIN having specific middle numbers .Check out to see if your falls in those expiring ITINs
Qualified Opportunity Fund (QOF) : New Way to Defer Capital Gains
Anyone having Long term capital gains or short term capital gains can now save on tax by investment in qualified opportunity fund (QOF), which was created under the new code Sections 1400Z-1 and 1400Z-2 of the Tax Cuts and Job Act . This…
IRS Notice 2018-76-Five Conditions for Claiming Meal Deduction
There is good news for business onwers- IRS has just issued Notice 2018-76 that pertains to deductions for meals and entertainment. As you know , under the pre-TCJA law, businesses could deduct upto 50 percent of the amount of the…
4 Options to Solve IRS Tax Debt
If you owe taxes to IRS , there are ways and things to do to reduce the tax debt burden. Here are quick four things you can take into consideration to get out of tax debt
File Tax Form 2290 By 31st August : IRS to Heavy Highway Vehicle User
The Internal Revenue Service has issued reminders for general information to all heavy highway Truck /Vehicle users that the time to file Form 2290, Heavy Highway Vehicle Use Tax Return, which began July 1, 2018 will end on 31st August…
Tax Debt Can Take Away Your Passport !
If you are having seriously delinquent tax debt, better plan to pay IRS your dues , else your passport privilege is gone !
Avoid Penalty Increase by Filing Tax Return by Thursday
The Internal Revenue Service urges taxpayers who are yet to file the tax return to avoid the penalty increase by filing their return by Thursday (June 14th .2018) when the 60 days period from the due date of filing of tax return ends.…
What is a Pass Through Business Entity & When do they Get 20% Deduction Under TCJA ?
If you are thinking of claiming the much talked about deductions under Tax Cuts and Jobs Act for small business owners ,first thing to understand what is a pass through business entity and whether your business qualify as one??
New Online Tax Exempt Organization Search
IRS allows tax deduction for charity only if the charitable organization is recognized as tax exempt organization. In order to provide an efficient way to verify of the organization is recognized as tax exempt or charitable organization…
How to Get first time penalty abatement from IRS?
IRS has an administrative policy to waive the penalty for failure to file the tax return or pay taxes in time or deposit tax in time if certain conditions are fulfilled by the taxpayer
