Monthly Archives: February 2018

Disregarded Entities with Foreign Ownership Face Challenges and Opportunities Filing 2017 Tax Returns by Andrew Leonard, CPA

Posted on February 28, 2018 by Andrew Leonard

While the media is rightfully paying significant attention to the U.S.’s new tax laws effective for the 2018 tax year, foreign persons with direct or indirect ownership in certain U.S. entities and structures should not forget that they have a significant new filing requirement effective for the 2017 tax filing season. For taxable years beginning […]

Are you Ready to File your 2017 Tax Returns? by Angie Adames, CPA

Posted on February 26, 2018 by Angie Adames

The IRS has begun accepting tax returns for the 2017 tax year, for which the agency expects to receive nearly 155 million returns. To ensure the smooth and efficient processing of your return and any refund you are due, the IRS recommends that taxpayers take the following steps: Know the Deadlines The 2017 individual tax-filing […]

Tax Reform Eliminates Kiddie Tax Complexity by Jeffrey M. Mutnik, CPA/PFS

Posted on February 21, 2018 by Jeffrey Mutnik

Congress first introduced the Kiddie Tax in the 1980s to prevent high-net-worth families from paying overall lower taxes on their investment income by transferring income-generating assets to their young children in a lower tax bracket. For example, during the 2017 tax year, unearned income that exceeds $2,100 from investments held by children age 19 and […]

States Provide Penalty Relief to Qualifying Businesses with Unpaid Tax Liabilities by Michael Hirsch, JD, LLM

Posted on February 12, 2018 by Michael Hirsch

Most U.S. states offer businesses an opportunity to potentially avoid penalties when they voluntarily report and pay previously unpaid liabilities of state and local taxes. In addition, many states establish temporary tax amnesty programs that also allow certain taxpayers to avoid the interest and penalties that accrued on their delinquent taxes. Taking advantage of these […]

2017 Tax Filing Deadline Set for April 17, 2018 by Adam Slavin, CPA

Posted on February 12, 2018 by Adam Slavin

The IRS announced that the deadline for taxpayers to file their federal income tax returns for the 2017 tax year will be Tuesday, April 17, 2018.  The filing deadline is extended because the traditional due date of April 15 falls on a Sunday, and Monday is a legal holiday in the District of Columbia. April […]

IRS Helps Taxpayers to More Easily Calculate Personal Casualty Losses from 2017 Hurricanes by Arkadiy (Eric) Green, CPA

Posted on February 06, 2018 by Eric Green

Individual taxpayers who suffered losses to their homes and personal belongings during the 2017 hurricane season should be aware that the IRS introduced safe harbor methods to calculate those losses on their 2017 income tax returns that they will file in April of this year.   Under the IRS guidance issued in December 2017, taxpayers […]