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
Under federal law, employers are required to withhold certain funds from their employee's wages and remit them to the IRS as income and payroll taxes. United States Code Sec. 6672(a)...
Posted by Abundant Wealth Planning LLC on 02/08/2022
Failure to comply with the tax declaration deadline or non-payment of the entire tax bill can have serious consequences. The Internal Revenue Service (IRS) recommends filing unpaid...
Posted by Taxes Made EZ Inc on 12/18/2021
With the tax season just rounded up, everyone wants to know the magic trick to reduce their tax burden. But terms like credits, exemptions, and deductions often have a nebulous meaning...
Posted by Abundant Wealth Planning LLC on 11/04/2021
Most countries in the world are taking the issue of diversity seriously by checking all aspects of government rules and ensuring no group in society is marginalized. This transformative...
Posted by Tiffany Gaskin on 07/31/2021
Taxes on trust funds can create big problems for small businesses. When an employer withholds part of an employee's salary to pay income tax, health insurance, and social security,...
Posted by Taxes Made EZ Inc on 05/19/2021
While filing income tax can be difficult for expats, we have good news. Extensions are available for your foreign tax return, and some are even automated! As an American, you're...
Posted by Dennis Jao on 04/17/2021
Treatment of distributions to persons placed on active service for at least 179 days (article 72(t) of the code)Under the current law Under current legislation, a taxpayer who...
Posted by Taxes Made EZ Inc on 03/01/2021
If a partnership that has a foreign partner has income related to a trade or business in the United States, a partnership withholding must be reported. This is done by filling out...
Posted by James Financial Services Inc on 01/27/2022
