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...
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...
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...
What is a combat zone?A combat zone is designated as a war zone for a specified period with the aim of reporting to the Internal Revenue Service by military personnel. While serving...
As the end of 2020 is upon us and with hopes of better & healthier days ahead, the inevitable comes with it, in terms of having to file our taxes by April 15th, 2021, but as so...
In general, any form of military payment obtained while deployed to a combat zone is excluded from federal income tax. This translates into significant tax savings for the active combat...
Are you a member of the U.S Armed Forces? If so, then this article is for you. The Internet Revenue Services wants you to learn about the several special tax benefits that may apply...
Posted by rinehimerbaker on 06/08/2018