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Tax Season Is Done Now What?
Many tax professionals find themselves virtually strapped to their desks between Christmas and Easter, preparing returns for corporate and individual clients by the April 15 tax deadline. Now that this frenzied pace has slowed down a bit, it can be tough to regroup—but reflecting on what went wrong (and right)...
2020 IRS Tax Payments Extended by 90 Days: No Interest or Penalty
By: Mark Kohler Taxpayers and business owners received a much needed lifeline yesterday from the Treasury and IRS in response to the Coronavirus outbreak. Individual taxpayers will get a three-month (90 day) extension to pay income taxes they owe for 2019, typically due on April 15th, but will now have until July...
Educating Clients on Optimizing Their Income Bracket
This year, millions of U.S. taxpayers will learn just how much of an impact the Tax Cuts and Jobs Act (TCJA) had on their income tax liability. But the change in tax brackets has highlighted a misunderstanding many taxpayers hold—that their highest tax bracket controls how all their income is taxed. Knowing how...
The New Home Mortgage Interest Deduction
By Mark Kohler: The Mortgage interest deduction is a seemingly easy to understand and straight forward tax deduction that will be utilized by millions of Americans when they file their taxes this year. However, it was dramatically changed under the Tax Cuts and Jobs Act of 2017, “clarified” by the IRS in...
Could The End of DIY Tax Prep Be Near?
More taxpayers than ever are finding themselves confused by tax rules and forms and wondering whether they’ve left money on the table. While tax software can help fill in some of the blanks, they may not be adequate for many taxpayers’ needs. The Tax Cuts and Jobs Act (TCJA) may be, as some have joked, the “Full...
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