A New Way to Drive Tax Revenues

The I-95 Corridor Coalition is testing out a new way of collecting tax revenues. With the ever growing popularity of fuel efficient vehicles such as electric cars and vehicles touting high miles per gallon, states are having a hard time … read more

Disproportionate Distributions in an S Corporation

First let us start with the definition. A disproportionate distribution is a payout of corporate profits whereby some shareholders receive cash or other assets and others receive an increased interest in the company. So why is this important? Good question! … read more

Potential $34 Million Error in Amended Return Refunds

The Treasury Inspector General for Tax Administration (TIGTA) recently released a report (Reference number 2016-30-032) stating that improvements are necessary within the IRS’s examination process for approving amended returns with claims for refunds and abatements. TIGTA found that within a … read more

When & How to Sign Up for Medicare Parts A & B

As more individuals push off retirement and getting Social Security, many are in danger of missing the enrollment period for Medicare Part B. In most cases, if you don’t sign up for Part B when you’re first eligible, you’ll have … read more

Refunds for Certain Credits Delayed Next Filing Season

If you expect to claim either the Earned Income Credit or Additional Child Credit on your 2016 tax return, prepare for the possibility that you may need to wait for that refund longer than usual. In an effort to curb … read more

Bill Eliminates Tax Penalty on Team USA Medalists

Well, the summer Olympics are almost upon us. The Rio games officially begin on August 5th and our top athletes are hard at work putting in the last of their efforts to train and condition. Team USA is no doubt … read more

401(K) Withdrawals

A 401(K) is a type of retirement plan established by employers that permits employees to defer part of their salary on a pretax basis. Early withdrawals from a 401(k) plan or IRA accounts are subject to a 10% penalty prior … read more

Righting the Wrongs – The Wrongful Incarceration Exclusion

It’s difficult to imagine being convicted of a crime and wrongfully incarcerated. It’s even harder to imagine that when ultimately the truth sets you free the damages you receive are subject to tax. Congress too saw the irony in the … read more

IRS Modernization – The Fax Machine is Not Dead

The fax machine’s heyday may have come and gone, but it hasn’t gone the way of the eight track or cassette tape player just yet. In fact, it is even part of the IRS’s current modernization effort. But then again, … read more

Did Messi’s Mess Get Him “Locked Away”?

Finally a verdict to what we know you’ve all been waiting for since our last blog together! (Click to view our previous blog.) The Spanish court system came out with a decision on the fate of Lionel Messi (World’s best … 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 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.

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