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 …
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 …
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 …
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 …
As the holiday season approaches, gifts will be bought with increasing frequency. Have you ever considered how gift cards that go unredeemed are viewed by Federal and State taxing authorities? What are the revenue recognition rules and the escheatment standards that companies need to be aware of? Revenue Recognition The timing of recording taxable income …
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estate tax landscape in the past few years as some states have made major changes to their taxes, while others have repealed theirs entirely.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 …
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, …
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, …
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 …
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 …