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
For a start, you must be aware that you are only entitled to military tax benefits, if you are actively involved in service, or have served on active duty. Most importantly, it would...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/17/2022
If you serve in the military, it's important to understand your military tax benefits so that you can get the most out of them when filing taxes. The Federal Tax Code has specific...
Posted by Abundant Wealth Planning LLC on 12/27/2021
There are different kinds of income that qualify as income exclusion, and you must know the type of income within your earning power that can get such exclusions. For example, the...
Posted by Income Taxes and Bookkeeping LLC on 10/09/2021
Military personnel are some of the people who make the largest sacrifice. Such a line of job comes with severe hardships, so Uncle Sam offers some compensation in a bid to cushion...
Posted by Rosovich & Associates, Inc. on 08/30/2021
The federal income tax deadline has passed. However, some taxpayers have not filed their 2020 tax returns or have not paid their taxes.If a taxpayer qualifies for a refund, there is...
Posted by Dennis Jao on 07/24/2021
A couple of years ago, Uncle Sam reached out to four private companies for assistance in debt collection. The implication of this is that any of these four companies could come after...
Posted by Income Taxes and Bookkeeping LLC on 05/24/2021
In December 2017, major tax reform was launched, which concerns individuals and businesses. It is commonly known as the Tax Reduction and Employment Act, TCJA, or Tax Reform. Most...
Posted by CORE PERFORMANCE on 11/06/2020
The IRS has issued guidelines on the denial and revocation of passports due to serious tax violations. The IRS must notify the State Department when a person has a "serious"...
Posted by Carmen Garcia on 04/09/2021
