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Tax Deadline April 15, 2019

2019 – 03/15 The deadline to file your 2018 tax return and pay the tax due is rolling up fast (generally 4/15/19). Extensions of time to file are available, but you must still pay the tax owed by the deadline or pay interest. What if you need more time to pay? If you’re eligible, options…

Tax Scams and Fake Charities

2019 – 03/15 Donating to legitimate charities is a way to do good and possibly reduce your taxes. As part of its annual “Dirty Dozen” tax scams, the IRS warns that some fake charities seek donations, especially in the wake of disasters, such as a tornado or wildfire. “Scam artists commonly use charities as a…

IRS Phone Scam

2019 – 03/18 Beware! The IRS is warning taxpayers about a new twist on the IRS impersonation phone scam. Under the scam, criminals fake calls from the Taxpayer Advocate Service (TAS), an independent organization within the IRS. Callers “spoof” the telephone number of the IRS TAS office in Houston or Brooklyn. Calls may be “robo-calls”…

Director Fees Paid by a Company

2019 – 03/18 The U.S. Tax Court has held that director fees paid by a company to its president, sole shareholder and sole director were actually wages paid for his day-to-day involvement in running the business. Because the fees were wages, he had no self-employment income and, thus, couldn’t deduct contributions he made to a…

Retirement Plan Distribution Exception

2019 – 03/07 The rules governing retirement plan distributions are strict, but there may be an exception. Generally, participants in qualified retirement plans must begin taking distributions from their plans by April 1 of the year after they turn 70-1/2, or face steep penalties. But this doesn’t apply to those who continue working for the…

Partnerships that file Schedules K-1

2019 – 03/08 In new guidance, the IRS has provided penalty relief to certain partnerships that fail to report negative tax basis capital accounts. Notice 2019-20 provides a waiver of penalties under sections 6722 and 6698 to partnerships that file Schedules K-1 but fail to report information about partners’ negative tax basis capital accounts for…

Tax Reform: What’s New for Your Business

2019 – 03/11 Attention business owners: The IRS has a new publication to help you learn about recent tax-law changes that may have an impact on your bottom line. Publication 5318, “Tax Reform: What’s New for Your Business,” is an overview of many of the Tax Cuts and Jobs Act changes. It includes information on…

Twist on tax-related scams

2019 – 03/12 Here’s a twist on tax-related scams, from the IRS’s annual “Dirty Dozen” list of common tax scams. The IRS explains that some taxpayers engage in schemes that involve falsifying income. The idea is to maximize a refundable credit, such as the Earned Income Tax Credit, by inflating their income falsely. Taxpayers caught…

Why Is My Refund Smaller?

2019-03/04 There’s a difference between the size of your refund and how much tax you owe. If your refund is lower or higher this year, it doesn’t necessarily mean that your taxes increased or decreased. A refund is the result of overpaying your taxes through withholding during the year. Many people benefited from the Tax…

Can a Delinquent Taxpayer Have a Passport Revoked or Denied?

2019-02/28 The IRS has issued guidance regarding the revocation or denial of passports to delinquent taxpayers. In an information release, the IRS reminded taxpayers that they may not be able to renew a current passport, or obtain a new passport, if they’re “seriously delinquent” in paying federal taxes. A taxpayer is considered to have a…

©2019 Bland Garvey CPA