Opportunity Zones Promote Economic Development and Tax Savings

It’s hard to believe that tax reform was passed almost two years ago, and there are still aspects of it that tax preparers and the public are just beginning to understand. One aspect of tax reform that hasn’t received much attention until recently refers to Opportunity Zones. Section 1400Z, a new addition to the tax … Continued →

Key Provisions of the Taxpayer First Act of 2019

Tax identity theft is increasing. Tax reform in 2017 muddied the waters of compliance. Reaching someone at the IRS, when you need to, is burdensome. Thanks to the Taxpayer First Act of 2019, some of those issues are expected to improve. The bipartisan bill was signed into law on July 1, 2019 and contains some … Continued →

Lessons From the Tax Court and IRS, Plus The Rise of Tax Identity Theft

When taxpayers find themselves at odds with the IRS, they will typically find themselves facing judgment with the U.S. Tax Court. These recent cases highlight why it’s important to file your income taxes correctly – and to update your address after you move. In the first case, a married couple moved from Jersey City to … Continued →

IRS Issues Guidance on Whether Refunds from SALT Deduction Are Taxable

In May, we shared a brief update on how taxpayers can utilize the new State and Local Tax (SALT) deduction limits to save money. Ever since the Tax Cuts and Jobs Act lowered the deduction threshold to $10,000 per year ($5,000 for married filing separate), guidance on issues related to the SALT deduction limit has … Continued →

12 Tax Deductions for the Self-Employed

Owning your own business means working to help make your own dreams come true, to further your passion and ambition and create a meaningful source of income. It’s also terribly stressful sometimes and comes with a lot of risks and liabilities. Whether you’re growing your business or maintaining the revenue you already have, the costs … Continued →