Tax Reporting
Tax Guidelines for Children Who Have Investment Income
Did you know that if a child receives investment income they are required to file a federal tax return for 2012? If a child cannot file his or her own tax return for any reason, such as age, the child’s … read more
California Waives the Mandatory E-Pay Penalty for 4.15.2013 Payments
The 2012 tax filing season had its share of challenges for the various governmental agencies. One of the last minute items was the failure of the California E-Pay system for a period of time on April 15, 2013. Some taxpayers … read more
Taxable and Nontaxable Income
In a perfect world, all of our income would be nontaxable income, instead of taxable. But, alas, that is not the case. In fact, it us most likely the reverse – most types of income are taxable, instead of nontaxable. … read more
Important Reminders about Tip Income
I earned money in high school and college as a waitress and loved having the tips – except when it came to tax time. The IRS has sent out a helpful reminder about tip income. If your pay from your … read more
New ITIN Policy Change for 2013
Foreign taxpayers applying for an Individual Taxpayer Identification Number (ITIN) were hit with some strict application requirements during 2012. The IRS began to demand original identification documentation with Form W-7 or certified copies of documentation from the issuing agency. The … read more
New ID Number Requirement on Forms 5471, 8858, and 8865
An Employer Identification Number (EIN) has always been an optional entry on forms 5471, 8858, and 8865. However, the IRS has implemented a new form of identification number on these forms called a Unique Reference Identification number (URI). The URI … read more
Save Taxes With Extended Energy-Related Tax Breaks
In addition to permanently extending the Bush-era tax cuts for most taxpayers, revising tax rates on ordinary and capital gain income for high-income individuals, modifying the estate tax, providing permanent relief from the AMT, and imposing limits on the deductions … read more
Five Facts to Know About AMT
As a follow up to What is AMT? And Do I Need to Pay It?, here are five facts you should know about AMT. The Alternative Minimum Tax may apply to you if your income is above a certain amount. … read more
Don’t Forget About Filing the Arizona Business Property Statement
With all the talk about when taxpayers can begin filing their regular business and individual income tax returns due to recent changes in the tax law, it can be easy to miss the April 1st deadline for filing the Arizona … read more
Amended Tax Returns – What is the Status?
If you have been perusing the instructions for the amended individual tax return (Form 1040X), you have probably seen something quite exciting. What, you say?! You have not looked at the instructions for Form 1040X? Could that be because the … read more