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Tax News
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IRS Visits to High-Income Non-Filing Taxpayers
The Internal Revenue Service (IRS) announced on February 19, 2020 that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. See IR-2020-34 Following the recent and ongoing hiring of additional enforcement personnel, IRS revenue officers across the country will […]
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2019 YEAR-END TAX PLANNING
Planning Strategies and Techniques Available Through End of Year Over 2018 and 2019, tax professionals have been grappling with the new landscape of taxation under the Tax Cuts and Jobs Act. Laptop batteries have drained, reams of paper have been used, and eyes have gone dry all across the country in researching ways to help […]
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YEAR-END BUSINESS STRATEGIES
Qualified Business Income DeductionOne of the biggest changes from the Tax Cuts and Jobs Act was the allowance of a 20-percent deduction of qualified business income for owners of sole proprietorships and passthrough entities. This is the qualified business income deduction, and it can apply very generally to most types of businesses, but there are […]
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WITHHOLDING AND PENALTIES
Estimated Tax Penalty The tax filing season in 2019 was the first be impacted by the Tax Cuts and Jobs Act. As the filing season went on, many individual taxpayers were shocked to discover that the withholding they employed prior to the implementation of tax reform was wildly inadequate under the revised tax system. As […]
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