Clawback Compensation and Section 1341

Recently, a client contacted me looking for some advice on an issue with his former employer. The client had been a shareholder in a C-Corp and received W-2 wages from the C-Corp partially based on the performance of the company. After my client and several other shareholders left the company a few years ago, the …

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Tax Season: Overheard in the Hallways

So as another tax season comes to an end, I am going to share some memories of conversations overheard in the hallway, just as I was walking by. Obviously, these are just snippets of conversations, but show how patient we try to be with our clients. “No, you cannot just put the same numbers on …

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Need to Make a Tax Payment? Go to Your Local 7-Eleven

In IR-2016-56, the IRS announced a new tax payment option for individual taxpayers who need to pay their taxes with cash. In partnership with ACI Worldwide’s OfficialPayments.com and the PayNearMe Company, individuals can now make a payment without the need of a bank account or credit card at over 7,000 7-Eleven stores nationwide. Individuals wishing …

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Tax Favored ABLE Accounts for Those Faced with Disabilities

Recognizing the special financial burdens faced by families raising children with disabilities, ABLE accounts (Achieving a Better Life Experience) are designed to enable people with disabilities and their families to save for and pay for disability related expenses. Enacted on December 19th, 2014, as part of the Tax Increase Prevention Act of 2014, the ABLE …

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Beware of Kiddie Tax – Part II

Computing the kiddie tax If the kiddie tax applies to a child, the child’s tax is calculated as the greater of one of two items: The tax on all of the child’s income, calculated at the rates applicable to single individuals; or The sum of two things: The tax that would be imposed on a …

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Mid-Year Tax Planning Strategies

As summertime winds down and the kids head back to school, it’s the perfect time to take a few minutes to review you taxes and do some smart mid-year tax planning. People often wait until December to start thinking about their tax bill, but implementing changes now may have a greater effect on your overall …

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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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A Choice for Taxpayers: The State and Local Tax Deduction

Now that you finally have the time, you decide to review the tax return you recently filed. In doing so, you know that you supplied the preparer with the amount of sales tax that you paid on the new car sitting in your driveway, but to your dismay it looks like there has been an …

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