Not every interaction with the IRS must necessarily induce flop sweat.
Case in point: A few years ago a friend of mine decided his income taxes had become sufficiently complicated to merit hiring an accountant. After examining previous tax returns, the accountant discovered my friend had claimed the standard deduction for two years when he should have itemized expenses. He filed a couple of amended tax returns and voila – the IRS wrote him checks...
By Christine Benz | Morningstar – Sun, Jul 29, 2012 7:00 AM EDT
A slew of Bush-era tax laws are set to expire at the end of 2012, affecting the tax rates on everything from dividends to capital gains to ordinary income and estates. But a lot remains unsettled, too, particularly given that we’re in the midst of an election year and the direction of tax rates remains a key bone of contention.
Posting in the Portfolio Design/Management forum of Morningstar.com’s...
R&G Brenner’s own Dennis Grogan, EA was recently interviewed by SKYPE when they discovered we were using their platform to conduct remote tax interviews with our domestic and International tax clients. As the IRS, States and taxpayers become more technolgocially savvy, video conferencing has been a way for both our clients and our tax consultants to save time and increase accuracy in preparing tax returns. At R&G Brenner, saving you time and money is...
1. Cell phones.The Small Business Jobs Act of 2010 (Pub. L. No. 111-240) made it easier for employers to claim income tax deductions for the cost of providing cell phones to employees. Starting with 2010, deductions have been allowed without detailed recordkeeping regarding personal and business use of the cell phones. However, in the wake of the tax law change, a big question remained: How are employer-provided cell phones treated on the employee end?
Now that the tax season has come to an end, a common question for many of our clients is “How long do I need to keep my tax return copies and tax related documentation”? We suggest that all copies of tax returns should be kept indefinitely. You never know when you might need them. If you are a current R&G Brenner client, our “Go Green” service stores all tax returns prepared by us since 2009 in a secure “Cloud” online, so they will always be accessible...
This year, your federal income tax return was due on Tuesday, April 17. That’s because the usual deadline, April 15, fell on a Sunday, and a federal holiday, Emancipation Day, fell on April 16. If you didn’t file your return on time despite the extra two days, here’s what to expect.
This question seems simple but is important. After all, if you’re a U.S. citizen or permanent resident, you must report your worldwide income to the IRS even if you’re paying tax on it somewhere else. See Expats Lobby For Tax on Residence, Not Worldwide Income. Moreover, you must file an FBAR every year disclosing your bank accounts if their aggregate value exceeds $10,000 at any time during the year…The penalties for either failure are big, potentially even...
