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

AZ Releases New Form 290 Request for Penalty Abatement

Often penalties are assessed by a taxing agency and the taxpayer has grounds for asking the government to forgive the penalties based on “reasonable cause”. Some typical reasonable cause requests for penalty reduction or “abatement” are serious illness or death of the taxpayer, fire, casualty or natural disaster, and errors by the taxing authority. The …

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Plan B for Paying Your Taxes When You’re Short on Cash

Whether you accidentally withheld too little on your paycheck, your business made more money than you expected, or you just really didn’t plan so well this year, circumstances sometimes arise when your individual income tax bill is higher than you anticipated. So what are your options when you owe the IRS, but cash flow is …

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New Due Dates for Tax Returns – How Does This Affect You?

If you read about the due dates of all of the different types of tax returns changing, you are probably wondering how these changes affect you. If you have a C Corporation, the due date is pushed back to the fourth month following the end of the year. This will change the due date of …

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New Due Dates for Tax Returns

Everyone buckle your seat belts… there are new due dates for tax returns coming! The last time there was a due date change, there were temporary and proposed regulations in 2008 reducing the extension from 6 months to 5 months for Partnerships and Trusts, and those regulations became final in 2011. The latest change to …

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Foreigners Selling U.S. Real Estate

Perhaps you are a non-U.S. resident who was keen on investing in U.S. real property after the housing market crash, hoping the market would improve and you could profit on the real estate sale after a few years. Or possibly, you are a Canadian who purchased a vacation home in sunny Arizona to escape the …

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IRS: No More Estate Tax Closing Letters…Unless You Ask

On the IRS.gov website, the IRS announced that for estate tax returns (Form 706) filed on or after June 1, 2015, estate tax closing letters will be issued only upon request by the taxpayer. Historically, the IRS’s “Frequently Asked Questions on Estate Taxes” website has provided that personal representatives can expect a closing letter to …

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Pushing for Tax Reform – Civil Tax Penalties

The American Institute of Certified Public Accountants (AICPA) has recently been participating in U.S. House of Representatives, Committee on Small Business hearings on tax reform with the goal of ensuring that main street isn’t left behind. One area of focus in this regard has to do with rules relative to civil tax penalties. Over the …

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Tax Implications of Marriage on Your Filing Status

Have you recently gotten married or plan on getting married sometime in the near future? Are you worried about the tax implications? There are a couple of choices that can be made on your upcoming tax returns that can either save or cost you money. Your current situation will be the determining factor in what …

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Where Did Your Tax Dollars Go?

Now that the 2014 tax deadline is behind us, do you have a good idea of where all your tax dollars went? If you’re like most Americans, you probably have a vague idea of how your hard-earned money is spent on the federal level, but aside from that, you probably don’t know exactly how that …

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IRS Regulations Proposed for ABLE Act

The IRS has proposed a rule issued on Friday, June 19, 2015, with guidelines for the “Achieving a Better Life Experience (ABLE) Act”. The ABLE act was designed for people who became disabled before the age of 26, to enable them and their families to save and pay for disability related expenses. Here are some …

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