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Tax Refund. How much is my refund? Average IRS Payment is $3,120; what did you get? 1040X... Imagine This: You're at work talking to your colleague. She states she got $3,000 in a tax refund check from the IRS. You talk to other colleagues, they each got about $3,000 tax refunds. You're now saying to yourself,…

FBAR = Foreign Bank Account Report. Do You Have unfiled FBARs from prior years? Act Now. The Internal Revenue Service (IRS) has Delinquent FBAR Submission Procedures, which an international tax attorney can assist you with. Taxpayers who do not need to use either the Offshore Voluntary Disclosure Program OVDP or the Streamlined Filing Compliance Procedures to file delinquent…

Tax Avoidance: Is it legal?: Companies Avoid $200 Billion Tax Bill. WSJ recently reported on the 2015 World Investment Report (WIR). This is apparently one of the first attempts to quantify tax avoidance. Of particular importance to the global tax community, the Report states MNEs use three main tax avoidance levers: (1) tax rate differentials such…

W-2 Deadline Dates To File W-2s January 31st February 29th* March 31st* Deadline to distribute Forms W-2 to employee Deadline to file using paper Forms W-2 Deadline to file using Business Services Online * If this date falls on a Saturday, Sunday or legal holiday, the deadline will be the next business day. W-2 Deadline Changed as a result of Identity Theft.…

Export Tax Incentives - True Or False: Is Uncle Sam Generous? An Export Tax Incentive For You Most don't consider Uncle Sam very generous, but in the case of exports from the USA, he is! US tax law allows a manufacturer or exporter to create an Interest-Charge-Domestic International Sales Corporation, or IC-DISC. As an Export Tax…

Keep Track of Your Miscellaneous Itemized Deductions Keep Track of Miscellaneous Deductions, or Itemized Deductions, or Miscellaneous Itemized Deductions Miscellaneous deductions can cut taxes. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. So if you usually claim…

15 "WHAT IF's" you MUST read about Obamacare BEFORE your tax return is filed... 1.WHAT IF YOU…Are a U.S. citizen or a non-U.S. citizens living in the United States THEN YOU…Must have qualifying health care coverage, qualify for a health coverage exemption, or make a payment when you file your income tax return 2.WHAT IF YOU…Had coverage or…

IRS Fraud: The Whopping $21 Billion Fraud on the IRS In 2014, the IRS was subject of a $6.5 Billion fraud. Some reports say it was bigger. What is this IRS fraud? It's called tax refund fraud and it's quite simple really. Fraudsters obtain large lists of taxpayers' names and social security numbers (from where, who…

IRS Letter: What to Do...If You Get a Letter from the IRS... What You Need to Know if You Get a Letter in the Mail from the IRS Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive one: 1. Be alert for tax scams. The…

Missed Required Minimum Distribution? What to do... You missed the deadline to take a required minimum distribution from your qualified retirement plan. What do you do? The deadline was December 31, 2017. You must take your first required minimum distribution for the year in which you turn age 70½. However, the first payment can be delayed…

The Internal Revenue Service announced today its 2018 annual tax inflation adjustments. The tax year 2018 adjustments generally are used on tax returns filed for the tax year 2018 and due beginning in 2019. The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300 from the prior year. For single…