Many foreign taxpayers who need to apply for an Individual Taxpayer Identification Number (ITIN) have struggled to comply with strict new requirements set forth by the IRS. The new requirements insist applicants send in original documents, such as passports or … read more
U.S. taxpayers who have operations in, with, or related to certain countries participating in boycotts not sanctioned by the U.S. government may be required to report such operations to the IRS. Willful failure to file may result in large penalties, … read more
As the world continuously moves toward digital bill paying, statement delivery, and record retention, why do we still have so much paper? No matter how much of your financial life you move online, there are still some documents you’ll need … read more
It appears that more and more notices are being sent out than ever from the IRS and state agencies. Most letters from these agencies don’t make anyone jump for joy when spotted while sifting through the week’s mail. Unless, of … read more
According to The Project on Student Debt, in 2013 more than 7 in 10 college graduates carried an average student debt of $29,400. Add to that the sluggish job market that promises low starting wages and little job security, and … read more
Although taxes probably are the last thing on your mind after losing or quitting a job, tax aspects of your changed personal and professional circumstances can be significant. Depending on your situation, the tax aspects can be complex, and require … read more
The IRS filed liens against Christopher Deinlein who owed taxes to the IRS. Chris was a 1/3 beneficiary in his mother’s estate. Presumably to prevent the IRS from receiving his share of the estate’s assets, Chris disclaimed his interest in … read more
With the rise of sharing economy websites such as Airbnb and RelayRides, it may be appealing to rent out your home or car when not in use and pocket some extra cash. But before you do, make sure you understand … read more
Every year certain tax items are adjusted for inflation including standard deduction amounts, tax tables, and earned income credit. Although the official release of these items is required by the IRS by December 15, 2014, here is an unofficial look … read more
The Affordable Care Act is requiring nonexempt individuals to have minimum essential coverage or to pay the individual shared responsibility payment. On July 24, the IRS released the draft forms that the providers of health care must use to fulfill … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
- London Embassy Makes Applying for an ITIN a Little Easier
- Taxes and International Boycott Operations
- Record Retention: When to Hold ‘Em and When to Fold ‘Em
- Received a Notice from the IRS or a State…Now What?
- Proceed with Caution When Helping Children Purchase a Home
- Tax Aspects of Employee Terminations
- Whose Property Is It?
- Tax Implications of the Sharing Economy
- RIA Releases Preliminary 2015 Tax Items
- IRS Releases Health Care Information Reporting Draft Forms