Your Guide to State, Local, Federal, Estate + International Taxation

Deducting the cost of software development

This year you’ll start to see the impact of the largest tax reform passed in 30 years thanks to the Tax Cuts and Jobs Act of 2017. You’ve probably seen our blogs on tax reform from the last few months, including my earlier blog on computer software, which touched on “developed software.” The good news …

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Tips and tricks for charitable and tax-exempt organizations

If you are a charitable or tax-exempt organization, there are many tools and resources available to you to get information about your taxes. All you have to do is visit IRS.gov for multiple helpful resources. I have provided some of them below. Tax Information for Charitable Organizations – Features links to forms and publications with …

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California tax bill? Mailing in a check? Not so fast

So, it’s April 15 and you need to file an extension on your California tax return. No problem, you know there is a balance owed and you plan to send in a check for $25,000 to cover the estimated amount due. Sounds simple enough, right? Well, if you are in California, this may not be …

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IRS releases new W-4 draft

As most of you may already know, there were tax law changes at the end of 2017. With these changes come new tax forms. Recently, the IRS and the Treasury released a draft Form W-4, Employee’s Withholding Allowance Certificate. For those of you that don’t recognize the form name, your employers has you fill it …

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What is ABP and why is it on my tax return?

Have you ever checked your tax return and asked your accountant questions? If you look on Schedule B of your Form 1040, do you have anything that says ABP? Or maybe OID? A lot of people do, but I’m not sure everyone understands what those are and why they are there. So, here is a …

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IRS2Go mobile app is a convenient tax tool

It is part of my job to subscribe to tax related articles to keep up to date on new laws, court cases and even the IRS tax tips because, occasionally, they do send out things that I am not aware of. The tax tip email blast I got at the time of writing this blog …

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Get PHIT with Uncle Sam, deduct your gym membership

No, it’s not a cheesy exercise video. Thanks to a recent bill passed by the House Ways and Means Committee, taxpayers now have the option to shed a few pounds while also (potentially) shedding a bit of their tax liability. The new Personal Health Investment Today Act – PHIT – adds a variety of exercise …

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Vacation rentals: another day, another scam

If you’re planning a vacation for Labor Day, a weekend getaway or even looking ahead to the holidays, make sure to keep your eyes open for a new scam centered around vacation rentals. If you’re anything like me, planning for a vacation tends to happen a little closer to the vacation date than you’d like. …

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Your Premium Tax Credit repayment is deductible

Have you had to pay back some of the advance premium tax credit received through the Health Insurance Marketplace? If so, this is an article you will want to keep reading. First off, the reason you must repay some of that is usually because you did not estimate your income properly for the year or …

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Is that the IRS on the phone? Maybe. Maybe not.

So, Tax Tip 2018-111 comes into my in box today via email and it has me steamed. Really? Is an IRS tax tip something to get steamed about? Well, yes. And here is why. For years, the IRS has been saying that they will never contact taxpayers by phone. And have asked us in the …

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