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In the coming months, I am sure we will hear plenty about tax reform as political campaigns kick into 5th gear. Each side of the aisle will present their own comprehensive tax reform bill. House Ways and Means Committee Chairman Dave Camp will present the Republicans’ tax reform bill and Senate Finance Committee Chairman Max Baucus
For those of you who filed an extension on April 15th, the deadline to file your 2012 personal tax return is less than two months away on October 15th. This is a hard deadline. There is not another extension that you can request.
Start gathering and organizing your tax documents and expenses and bring them in as soon as possible. Most CPAs will
September 17, 2012 – Corporate, Partnership & Trust Income Tax Return extension deadline
October 15, 2012 – Individual Tax Return extension deadline
Please contact me immediately for a free consultation! The sooner the better! 832-506-7081
The Patient Protection and Affordable Care Act and The Health Care and Education Reconciliation Act of 2010, also known as “Obamacare”, enacted a 3.8% Medicare Tax on unearned income of certain individuals. Some people have also dubbed this tax the “real estate sales tax”. Many people think that starting Jan 1, 2013, there
Starting in 2010 the Adoption Credit became a fully refundable credit. This means that you are entitled to the entire amount of the credit no matter what your tax liability is. Before 2010 the Adoption Credit was a nonrefundable credit. This means the amount of the credit was limited to the amount of your tax liability if the credit amount
The estimated annual tax gap is $450 billion. With the current budget deficit set at more than $1.3 trillion, the IRS will push to close the tax gap to help with the deficit. The following are 4 ways the IRS will attempt to do this.
More computer-matching and mail-driven compliance programs. It is more cost-efficient to use technology and mail than
My goal when preparing tax returns is always to bring your tax liability down to the legal minimum. Richard Allen Edgar, on the other hand, cheated the IRS out of $358,000 in tax by selling $1.5 million in phony partnership losses to his clients. He charge a percentage of these losses and the IRS caught him. He was sentenced to 15 months in