The first-time home buyer's tax credit was introduced during the 2008 financial crisis to help Americans buy more affordable homes. Although there are many other mortgage and loan...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 12/18/2022
Paying tax is not a feeling any taxpayer likes. Having your income after working for a month or having a personal savings slash is no joke. The anger has pushed most taxpayers into...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 12/08/2022
The SECURE Act, passed in late 2019, changed the rules for saving and withdrawing money from retirement accounts. Also, it was the first major legislative change to tax laws in more...
Posted by Pat Raskob on 12/08/2022
You may have considered a custodial account if you want more flexibility regarding how your child's education funds are allocated. That way, the money doesn't have to be used...
Posted by Rosovich & Associates, Inc. on 11/28/2022
GILTI stands for Global intangible low-tax income, which is income earned from other countries by U.S-controlled foreign corporations (CFCs), and it undergoes peripheral treatment...
Posted by Rosovich & Associates, Inc. on 11/10/2022
Nobody likes paying spousal support. At least when you pay child support, you know it is for your kids, not your ex. Long-term alimony (or maintenance, spousal support, or whatever...
Posted by Pat Raskob on 10/26/2022
Handling divorce and everything that concerns the situation is never easy, so the tax implication will likely be the last thing on your mind. Divorce affects a person emotionally,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 10/07/2022
Tax payment is pretty important and sure for everyone, and there is no escaping payment. However, there are times when one might not be able to meet up with the payment. Uncle Sam...
Most tax practitioners are familiar with reasonable cause as the basis for penalty abatement. But many often overlook another important reason for penalty abatement: the so-called...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/27/2022