by RGcpa | Oct 29, 2018 | IRS Resources
December 14th, 2023 By law, all U.S. citizens and residents must report their worldwide income. This includes income from foreign trusts and foreign bank and securities accounts. There are two reporting areas to be considered: Report of Foreign Bank and Financial...
by RGcpa | Oct 11, 2018 | IRS Resources
People with home-based businesses can choose a simplified method for claiming the deduction for business use of a home. Tax Time Guide: Many Home-Based Businesses Can Use Simplified Method for Claiming Home Office Deduction; Taxpayers May Deduct up to $1,500 a Year...
by RGcpa | Oct 11, 2018 | IRS Resources
Taxpayers often ask about whether they need to make estimated tax payments, how to calculate them and when to pay. There are resources provided by the IRS to help with these calculations, but we are always happy to help. Taxpayers should find out if they need to make...
by RGcpa | Oct 11, 2018 | IRS Resources
The IRS considers penalty abatement appeals on an individual basis. Unless you meet certain exceptions, the most common reason for penalty abatement is reasonable cause. You will need to present a legitimate reason for not paying or filing on time and prove that you...
by RGcpa | Oct 11, 2018 | IRS Resources
There are several important items to be considered when considering an application for tax-exempt status. Three steps charities applying for tax-exempt status need to take Tax Tip 2018-138, September 5, 2018
by RGcpa | Oct 11, 2018 | IRS Resources
With Tax Reform provisions effective in 2018, you might want to review your withholdings. The Government Accountability Office (GAO) recently estimated that 21 percent of taxpayers are not withholding enough this year. Retirees with pension income should do a Paycheck...
