In January, the IRS announced it was lowering the threshold for applying the estimated tax penalty from 90 percent to 85 percent. This change was designed to shield taxpayers who were already getting an unexpected tax bill due to tax reform from also owing a penalty. Last Friday, the IRS said they were lowering the threshold once again to provide penalty relief to even more taxpayers.…
With just a few weeks until the end of filing season, Drake Education Tax Team Lead Amanda Watson appeared on the Taxing Subjects Podcast to explain the Child Tax Credit and Other Dependent Credit. We discussed Tax Cuts and Jobs Act-related changes, due diligence requirements, and more.…
Abusive trusts, abusive micro-captive insurance shelters and abusive syndicated conservation easements are three variations on the same theme, using existing tax structures to extract rewards the taxpayer doesn’t qualify for.…
The Internal Revenue Service has issued a warning to taxpayers and tax preparers not to use frivolous tax arguments as a basis for not paying taxes.…
In recent years, the federal government has tried varying strategies to entice wealthy individuals and corporations to report and retrieve funds squirreled away in offshore accounts.…
The Internal Revenue Service is warning taxpayers and tax professionals against improperly claiming various business tax credits, which has become a common tax scam.…
Scammers posing as relief organizations are ready and willing to take your donation for disaster relief—and put it into their pockets.…
Data security has become a very large, and very important, part of what we do in the income tax industry. That’s why it makes sense for every tax office—large or small—to hire a cybersecurity professional to help safeguard the business’ data and the data of their clients.…
Let’s face it: It’s never a good idea to be anything but truthful when it comes to filling out an income tax return. It’s a warning the Internal Revenue Service is making to taxpayers and tax preparers alike.…
The Internal Revenue Service is reminding taxpayers just to think inside the box when it comes to completing their tax returns. In other words, steer clear of any schemes that falsify income or create fake Forms 1099.…
