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Tax Extensions Save Clients Money
For many tax preparers, April 15 seems to roll around earlier each year. But when clients seem set toowe the IRS money at tax time, a tax preparer’s failure to timely request an extension can lead thetaxpayer to incur a hefty failure-to-file penalty of 5 percent of the unpaid bill per month.Once a taxpayer is five...
Two US States Have Tax Day On April 17th?
If you work as a tax preparer for individual clients, the date "April 15" is likely etched into your mind. But are you aware that—for two states—Tax Day 2019 falls on April 17 instead? Read on to learn more about the reasons behind this delayed tax due date for certain Northeasterners and how you can file...
What Tax Changes Can You Expect in 2019?
For the first time since late 2017 many taxpayers (and their tax preparers) have a far better idea of how the Tax Cuts and Jobs Act (TCJA) changed the way federal and state taxes are computed. But on the heels of the TCJA, even more changes are coming for 2019. Inflation-Related Tweaks To...
When Do Taxpayers Need to Set Aside Taxes for a Legal Settlement?
Many taxpayers will never need to evaluate the tax impact of a legal settlement. But for those who are seriously injured in a car crash, win a medical malpractice lawsuit, or are part of a nationwide class action product liability claim, knowing how a settlement award will be treated at tax time is crucial. Failure...
Will Changes to the 'Weinstein Tax' Prevent Double Taxation of Sexual Harassment Settlements?
The Tax Cuts and Jobs Act of 2017 is noted for eliminating the personal exemption, tweaking child credits and deductions, lowering individual income tax brackets, and steeply cutting the corporate income tax rate. But one provision contained within this sweeping piece of legislation, dubbed the "Weinstein Tax,"...
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