The Supreme Court recently ruled that the Patient Protection & Affordable Care Act (PPACA) is constitutional. So what does this mean for taxpayers? A lot. Almost every taxpayer–whether they currently have or do not have insurance–will be affected; assuming of course that the PPACA remains the law of the land. Below is a list that will impact taxpayers the most:
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...
The Supreme Court has ruled that the Internal Revenue Service has only three years to impose additional taxes in a tax shelter case, instead of six years like the government wanted.
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...
The April 17th deadline has come and gone, however if you made a mistake or omission, you’ll need to file an amended return. The following are 5 tips to consider when filing your 1040x.
The deadline to file 2008 tax returns for unclaimed refunds, and 2011 tax returns with balances due for is Tuesday, April 17th. The statute of limitations to file returns for refunds is 4 years. Any refunds that are not claimed become the property of the IRS and/or State(s). The IRS has over $1 Billion in unclaimed refunds averaging approximately $637. The primary reason for the majority of these unclaimed refunds is that while many taxpayers were under the...
More than 6.32 million Americans (excluding military personnel) live abroad in over 160 countries, according to the Association of Americans Resident Overseas (AARO). In this article, we discuss the tax rules and regulations that affect U.S. citizens and resident aliens residing overseas:
