Taxpayers who owe certain debts may have their refunds reduced or even entirely taken by the federal government. Under the Treasury Offset Program, refunds can be seized to pay past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support or other federal nontax debts, such as student loans. If only part … Read More
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the … Read More
A new group of taxpayers get tax relief. In new IRS guidance, relief was extended to certain taxpayers who took out federal or private student loans to finance education at a for-profit or nonprofit school. Relief is also granted to qualified creditors who would otherwise have to file information returns and furnish payee statements to … Read More
The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can potentially protect yourself from tax … Read More
Do you know all your rights as a taxpayer? “The right to be informed” tops the IRS’s Taxpayer Bill of Rights. It means you have the right to: 1) know what you need to do to comply with the tax laws; 2) get clear explanations of the laws and IRS procedures in all forms, instructions, … Read More
Nonprofit capital campaigns aim to raise a specific — usually, a significant — amount of money over a limited time period. Your not-for-profit may undertake a capital campaign to acquire land, buy a new facility, expand an existing facility, purchase major equipment or seed an endowment. Whatever your goal, a capital campaign can be grueling, … Read More
Tax filing season is rolling up fast, and millions of Americans are anticipating refunds. The IRS cautions taxpayers to be patient. Some refunds may take longer because they require additional review. The IRS issues most refunds in less than 21 days, but if a tax return has errors, is incomplete or is affected by identity … Read More
If you reside in a high-tax state, you may want to consider using nongrantor trusts to soften the blow of the $10,000 federal limit on state and local tax (SALT) deductions. The limit can significantly reduce itemized deductions if your state income and property taxes are well over $10,000. A potential strategy for avoiding the … Read More
The IRS has issued proposed regulations to reflect changes in the Tax Cuts and Jobs Act (TCJA) related to officers’ compensation made by publicly held corporations. For federal tax purposes, the tax code limits the deduction for certain employee remuneration in excess of $1 million (often referred to as executive compensation). The proposed regs implement … Read More
Individuals with high medical expenses may gain a valuable itemized deduction as part of a federal government funding bill Congress has passed. The medical expense deduction isn’t new, just improved. Generally, to claim it, a taxpayer must itemize and have total unreimbursed medical expenses exceeding a threshold. The deduction equals the amount of the excess. … Read More