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Friday, 22 March

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IRS Clarification Relevant Date

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted June 7, 2018 / No comments

Is the date an IRS notice is mailed the relevant date? The IRS can’t seize property unless it gives a person notice in writing of a right to, and the opportunity for, a hearing. Notice can be made by certified/registered mail or hand delivery at least 30 days before the first levy. In one case, the

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Don’t Forget About These Tax Breaks

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 22, 2018 / No comments

Business owners: Don’t forget about these tax breaks. The IRS is encouraging small business owners and self-employed individuals who work from a home office to explore the guidelines surrounding home office deductions. See IRS Publication 587 at https://bit.ly/2r5JfH8 The agency also is reminding employers that they can take advantage of the Work Opportunity Tax Credit

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Inflation-Adjusted HSA for 2019

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 16, 2018 / No comments

The IRS issues inflation-adjusted Health Savings Account (HSA) figures for 2019. For calendar year 2019, the annual contribution limit for an HSA for an individual with self-only coverage under a high deductible health plan (HDHP) will be $3,500 (up from $3,450 for 2018). For family coverage, the contribution limit will be $7,000 (up from $6,900

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Personal Income Tax: Lower Rates

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 8, 2018 / No comments

As you know, the Tax Cuts and Jobs Act (TCJA) made many changes to the federal income tax law. Personal income tax rates are now lower. Personal exemptions have been eliminated. The standard deduction has nearly doubled. The law also affected state payroll taxes in several ways. Many states are currently addressing TCJA changes in their

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What is the Research Payroll Tax Credit?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted May 1, 2018 / No comments

What’s the research payroll tax credit and how does it work? On its website, the IRS answers this question for employers seeking to claim the research expense credit against their payroll tax liabilities. Employers report wages, income tax withholding and FICA taxes quarterly or annually. Qualified small businesses with eligible research expenses may claim up

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Importance of Tax Records

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted April 25, 2018 / No comments

Don’t underestimate the importance of tax records. Amounts spent to conduct business are generally deductible on your tax return, but you may have to prove the expenses. One married couple was denied business deductions claimed by the husband. The U.S. Tax Court noted that some of his expenses were estimated rather than verified by records,

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IRS Identity Theft Procedures

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted April 11, 2018 / No comments

The IRS clarified several procedures that apply when there is identity theft, including when taxpayers should (and should not) file Form 14039, “Identity Theft Affidavit.” A taxpayer should file Form 14039 if he or she attempts to file an electronic tax return and the IRS rejects it because a return bearing the taxpayer’s Social Security

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Chances of Being Audited

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted April 4, 2018 / No comments

What are your chances of being audited by the IRS? Not very high, according to the recently issued IRS Data Book. The annual publication contains statistical tables, IRS organizational information, and the rate at which the IRS audits tax returns. In 2017, the audit rate dropped to 0.6%, the lowest rate since 2002. In addition,

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No April Fools Joke: RMD Deadline

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted March 27, 2018 / No comments

This is no April Fool’s joke! IRA owners who turned age 70½ in 2017, but opted to wait until 2018 to begin taking their required minimum distributions (RMDs) for 2017, must receive their first RMDs by April 1. The IRS reminds participants in qualified retirement plans that, to avoid a steep penalty, they must generally begin

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Offshore Voluntary Disclosure Program (OVDP) to End

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted March 20, 2018 / No comments

The IRS announced that the Offshore Voluntary Disclosure Program (OVDP) is ending on September 28, 2018. The program is a form of tax amnesty that allows U.S. taxpayers with unreported foreign accounts to avoid criminal charges and pay reduced civil penalties by making voluntary disclosures to the IRS. The IRS noted that, by alerting taxpayers to the

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