Tax News

Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are not aware of the penalties or their potential financial impact. As tax season approaches, you must familiarize yourself with common tax penalties and ways to avoid them. Below are 14 key tax penalties that taxpayers may encounter…

Health insurance premiums have become a significant expense for individuals and families. Fortunately, tax laws provide ways to reduce this burden through deductions, either as an itemized deduction or as an above-the-line deduction for certain self-employed individuals. Understanding these options, along with the limitations and eligibility criteria, can help you…

Article Highlights: How Naming Beneficiaries Impacts Traditional IRA Distributions The Impact of Naming Your Trust as a Beneficiary IRA Beneficiary Taxation Keeping your designated IRA beneficiary current is very important. You may not want your account going to your ex-spouse, and you certainly do not want a deceased individual to…

Article Summary: Foreign-Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Types of Accounts Affected Form 8938 Filing Requirements All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in or authority over one or more foreign financial…

October 15 – Corporations File a 2019 calendar year income tax return (Form 1120 or 1120-A) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an additional 3-month extension by July 15th. October 15 – Taxpayers with Foreign Financial Interests  If you…

October 13 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 13. Your employer is required to withhold FICA…