Author Archives: mgracey

If you are one of the millions of taxpayers who received a smaller-than-expected tax refund or a surprise tax bill after filing your federal income tax returns for 2018, you can take comfort in knowing you are not alone. If you do not want to end 2019 in a similarly disappointing financial position or worse, […]

Considering the amount of time and efforts taxpayers need to gather documents and prepare for the filing of their federal income tax returns, it’s no wonder that mistakes can occur.  Luckily, the IRS offers taxpayers a few options for fixing their tax return filing errors. In general, you have three years from the date you […]

The IRS recently issued guidance to help taxpayers in high-tax states understand how the new tax law’s $10,000 annual limit on deductions for state and local taxes (SALT), and property and real estate taxes affects the tax treatment of SALT refunds they receive beginning in tax year 2019. In general, taxpayers may exclude from their […]

Many individuals filing their first federal income tax returns since the enactment of the new tax law are surprised to learn that they were not able to write off the donations they made to non-profit organizations in 2018. While few people give to charity solely for a tax break, much ink has been spilled over […]

Under the Tax Cuts and Jobs Act (TCJA), businesses have an opportunity to claim larger depreciation deductions beginning in 2018 for qualifying new and used property, including passenger vehicles, they acquire and place into service between Sept. 28, 2017, and Dec. 31, 2026. However, it is critical that businesses pay particular attention to recent IRS […]

Effective May 13, 2019, the IRS will only issue Employer Identification Numbers (EINs) to entities whose applications name a responsible party who has a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). No longer will the IRS accept Form SS-4 or online applications from entities that use their existing EINs to obtain additional […]

By Edward N. Cooper, CPA The IRS has issued its annual list of the Dirty Dozen scams that taxpayers should look out for in 2019. Under U.S. laws, taxpayers are legally responsible for the information contained in their tax returns, even when those documents are prepared by someone else. Therefore, it is critical that you […]

In response to a chorus of concerned taxpayers and tax preparers, the IRS is providing additional penalty relief to taxpayers who have found that they did not pay enough in federal taxes in 2018 through W-2 withholding, quarterly estimated tax payments or a combination of the two. Effective immediately, individual taxpayers, trusts and estates that […]

Forensic accounting services can play a pivotal role in cases involving financial fraud, breach of contract, hidden assets, lost profits and economic damages. As demand for these services continues to increase, the American Institute of CPAs (AICPA) has released new professional standards that CPA’s performing forensic services must adopt for new investigation and/or litigation engagements […]

Two provisions of the Tax Cuts and Jobs Act (TCJA) are throwing some business owners for a loop as they prepare to file their federal income tax returns for 2018. The new law introduced a limit on the deductions that non-corporate taxpayers could claim for excess business losses while also limiting deductions for net operating […]