The recent U.S. Supreme Court decision in South Dakota vs. Wayfair has opened the door for states to collect sales tax from online retailers who conduct business—but don’t have a physical presence within the state. The court overturned the case of Quill Corp. v. North Dakota. It established the physical presence rule in 1992. ... Read More
Tax Blog
The Final Tax Bill Reduces the Estate Tax
If you're worried about the estate tax, the recent or final tax bill reduces the estate tax. The estate tax exemption has been doubled, helping thousands of American families to avoid this tax. Here's a look at what's changing and what's staying the same. The New Estate Tax Exemption Under the old rules, individual taxpayers ... Read More
IRS Tax Levies, Seizures, & Liens Fall With Audits At 10+ Year Low in 2017
The IRS yesterday released the 2017 IRS Databook. It provides an overview of the IRS's activities over the past fiscal year. In other words, it includes activities from October 1st, 2016 to September 30th, 2017. IRS enforcement actions, which include tax levies, liens, and seizures fell in comparison to the previous year. IRS ... Read More
When and How to Start Paying Estimated Tax for IRA Withdrawals
Regardless why, you’ve decided to withdraw money from your IRA. Therefore, you need to know what tax liability (if any) you’re responsible for and if you need to make estimated tax payments. If you don't pay estimated taxes, you may face an underpayment penalty. Paying estimated tax for IRA withdrawals is not uncommon. You need ... Read More
Do I Need to File Taxes? Minimum Income Required for Filing
Tax returns for 2017 are due on Tuesday, April 17, 2018. Do you need to file a tax return? It depends on your income, age, filing status, and a few other factors. Generally, if you earned more than the standard deduction plus one exemption, you need to file, but here are the specifics. Need to File a Tax Return If you are in ... Read More
Cryptocurrency and the IRS: What You Need to Know
With the price increases of nearly 500 percent in 2017, bitcoin has recently caught the eyes of a lot of investors and speculators, but the IRS has had its eyes on bitcoin for years now. If you use bitcoin or other cryptocurrencies for your business, you have to report the transactions, and in some cases, you may also need to ... Read More
Why Getting a Big Refund Is Not Ideal
For millions of people, it’s often one of the most exciting days of the year. Christmas is unbelievable! But, this isn’t about Christmas, although, it is possible that you’ll end up using the results of this day to help pay off some of your remaining Christmas liability. In any case, the day I’m referring to is tax refund day. ... Read More
Key Details You Should Know About the Trump Tax Plan
The Tax Cuts and Jobs Act (aka Trump Tax Plan) will be a game changer for corporations; the elimination of the Alternative Minimum Tax (AMT) and consolidation of tax rates down to 21 percent – are all permanent. But, what does it mean for individual taxpayers? Instead of sweeping reform, the new tax laws are a hodge-podge of ... Read More
What’s Really at Stake if the Proposed Estate Tax Is Repealed?
Tax reform is coming, and it could happen very soon now that GOP lawmakers in both the House and Senate have agreed upon a reform plan. Depending on whom you believe, the changes will help all taxpayers, or they will just make the rich, richer and give even more tax breaks to large corporations. But no matter whom you believe, ... Read More
Republican Tax Plan Released – Controversial Items Explained
It's finally here! No not Christmas, but that is just around the corner. I'm not talking about tax season either. The "it" I'm referring to is the Republican tax reform plan. House Republicans released their long-awaited tax plan last week and as one might expect there is a lot to digest. So let's take a look at the some of the ... Read More
