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

How to claim a refund or credit for paying property taxes

Did you know it is possible to receive a partial refund or Arizona income tax credit for paying Arizona property taxes? Even if you do not directly pay your Arizona county assessor? That’s right, it is even possible to qualify if only paying rent. For 2019, this amount is up to $502, based on your …

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2019 Arizona Tax Credit Update

Luckily, there isn’t another brand-new tax law this year to worry about. However, one of the most important changes from 2018 to keep in mind for 2019 is that in most circumstances, you can no longer receive a federal tax deduction for donations that qualify for the Arizona Tax credit. Don’t miss: IRS releases 2019 …

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IRS releases 2019 instructions for gift tax returns

On October 29th the IRS released the instructions for Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. This Form, updated for 2019, has changes that show inflation adjustments as well as new mailing instructions for completed Forms. Don’t miss: New deduction for qualified educators What’s New: The annual gift exclusion for 2019 is …

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New deduction for qualified educators

With the new year quickly approaching, it is time to start thinking about taxes for 2019. If you are a teacher that spends out of pocket money for your classroom, good news! Some of those expenses may be deductible on your tax return. Don’t miss: IRS adds new option in private debt collection program Educators …

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IRS adds new option in private debt collection program

In 2017, the IRS resurrected its private debt collection program. IRS then selected four private debt collection agencies (PCAs) to collect certain outstanding tax debts. The cases assigned to the collection agencies needed to meet certain requirements under federal law for inclusion in the private debt collection program. Through June of 2019, the four PCAs …

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Putting the STATE in Estate Taxes

We’ve seen a lot of changes in the state estate tax landscape in the past few years as some states have made major changes to their taxes, while others have repealed theirs entirely. These state taxes should be seriously considered when making estate planning decisions. For starters, only 12 states and the District of Columbia …

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Procrastination and how to avoid it

Procrastination: everyone is guilty of it from time to time, both in the workplace and at home. Whether it’s putting off working on a messy tax return or coming up with excuses to avoid starting that landscaping project, there are always projects to be done that just aren’t much fun. I don’t know about you, …

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Properly maintaining your foreign bank account

One of the most important questions we always ask our clients every year is if they have any foreign bank accounts. Why? Because the IRS does not mess around when it comes to US citizens maintaining foreign bank accounts and not properly reporting the information. So, what does this mean for you? Basically, additional forms, …

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Cryptocurrency update: New IRS guidance and requirements

In their continuing quest to get their arms around the many intricacies of cryptocurrency, the IRS has recently issued new guidance regarding the taxation of certain crypto transactions. They also added a new question regarding ownership of virtual assets to the 2019 Form 1040, Schedule 1 (still in draft form as of this writing.) Don’t …

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Rental real estate and 199A: Officially official

Every so often, a rule will come about that is particularly pointless. Surely we remember our days as kids thinking that every rule was a burden, but little did we know that would extend well into our adulthood. And so it is with tax. Of course, most of the codes and regulations that we abide …

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