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

Best practices for protecting your data

As the amount of available data stored by businesses and individuals continues to grow so does the risk that the data can be accessed by unauthorized individuals. Below is a list of tips to help a business or individual keep their data secure. Don’t miss: IRS transcripts masked for identity protection Antivirus Software – Antivirus …

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More clarity for partnership international reporting

Are you invested in a partnership that provides you with an enormous number of documents attached to the K-1? Well the recent form changes are meant to extract some of the long narratives to describe the type of foreign income items being allocated to you and streamline such disclosures to specific Schedules on the K-1. …

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FAQs for filing an amended tax return

If you have ever filed an amended tax return in the past, you know a paper tax return was required since amended tax returns could not be filed electronically. Good News! If you need to amend your 2019 Form 1040 and 1040-SR, the IRS says you can file your amended tax return (1040-X) electronically at …

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IRS gives retirees a longer life in 2022

In early 2020, the CARES Act dropped the required minimum distribution (RMD) requirement for year 2020. However, if you received a RMD from your retirement account in prior years, you may realize that life expectancy tables are used to calculate your annual RMD amount. Don’t miss: IRS transcripts masked for identity protection To calculate an …

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IRS transcripts masked for identity protection

Identity theft has long been a serious issue for taxpayers in the United States, with thousands of taxpayers each year having their personal information fall into the wrong hands. Fortunately the IRS has taken yet another step to combat this growing trend – since December 13, sensitive information has been masked on taxpayer transcripts. Don’t …

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Estate and tax planning for your home

There are numerous ways to own real estate and these ownership arrangements have significant legal and tax ramifications. Let’s take a look at some of the most popular arrangements and what might happen after death. First, let’s assume that John and Jane Smith are married, and that Joe Nelson is John’s business partner. John died …

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An overview of IRS transcripts and their many uses

All taxpayers who have ever filed tax returns or had tax forms filed in their name (such as W-2s, 1099s, etc.) have a record of these filings with the IRS in the form of a transcript. As the IRS processes tax forms, the information reported is stored in their computer systems and organized based on …

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Taxable social security wages are rising for 2021

The Social Security Administration announced a 2021 increase to the amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax. The wage limit was $137,700 for 2020 but will rise to $142,800 starting in 2021. This amount changes each year with the national average wage index. The current Social Security (OASDI) …

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Terminating your corporation

Unfortunately, due to COVID-19, a lot of individuals have had to make the difficult decision to close their businesses. Closing a corporation legally has several steps and boxes to check to make sure the business is permanently closed. A corporation is a separate tax-paying entity with shareholders who own capital stock. S corporations are corporations …

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