Income Tax

Haven’t Filed Your Taxes Yet? Here are Some Tips

Posted on: April 9th, 2012
While no substitute for the advice and assistance of a tax professional, The American Institute of Certified Public Accountants (AICPA) offers 10 Tips for Last Minute Tax Filers....

S Corporation Service Firm Owners Beware

Posted on: January 30th, 2012
S Corporation owners who are service providers often take a low salary so that they can receive most of the firm’s profits as a dividend, avoiding payroll taxes. When the salary is unreasonably low, or there are no other fee generating employees of the firm, doing so is particularly questionable....

Tax Provisions Expiring December 31, 2011

Posted on: December 20th, 2011
There a few federal income tax deductions and other provisions that expire this year: Tax-free distributions from IRAs for charitable purposes - Taxpayers who were at least age 70½ could make tax-free charitable distributions from an IRA up to $100,000....

Tax Information for U.S. Citizens Living Abroad

Posted on: December 9th, 2011
U.S. citizens must report and pay taxes on their world-wide income, even if living in another country. U.S. taxpayers are also required to disclose foreign bank and financial accounts (FBARs). It’s important to know and follow the rules in order to avoid civil and criminal penalties....

U.S. Citizens Living in U.K. Get Credit for Non-Domicile Fee

Posted on: November 7th, 2011
The IRS recently issued guidance that U.S. taxpayers living in the United Kingdom can get a credit against their U.S. income tax taxes for the GBP30,000 non-domicile charge. Rev. Rul. 2011-19. See also this article in the STEP Journal....

Certain NC Coastal Counties Qualify for IRS Relief

Posted on: September 1st, 2011
The IRS has announced that residents of the following North Carolina counties qualify for filing and payment relief due to Hurricane Irene: Beaufort, Carteret, Craven, Dare, Hyde, Pamlico and Tyrell....
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