Extended Tax Provisions 2014 – It is common knowledge that tax law is constantly changing and it seems that Tax Year 2014 will be no exception. Every year the government makes some changes to the tax code in an attempt to make it fit the current economic climate. These changes include doing away with existing… Continue reading →
Laws
The Consequences of FBAR Noncompliance
Things are changing as the consequences of the FBAR Noncompliance are becoming stricter. Up to this point, the sentencing of offshore tax evaders has been fairly lenient. Although judges must attempt to follow sentencing guidelines written to ensure consistent punishment for defendants convicted of similar crimes, they have been given considerable leeway. Within these guidelines,… Continue reading →
Tax Breaks: Same-Sex Marriages will Receive Equality Across the Entire Nation
A new ruling has declared tax breaks for same sex marriages since they will now receive equality across the entire nation.The Defense of Marriage Act (DOMA), enacted by Bill Clinton in 1996, was terminated this summer. This act, which allowed same-sex couples to receive the same tax benefits as heterosexual couples, was recently repealed by a… Continue reading →
Small Businesses May Owe Back Taxes In California
A court ruling from December of 2012 could result in many small business investors in California owing large sums of money in back taxes from a practice now deemed unconstitutional. Five years ago many small business investors in California were promised a tax break. The investors were told that if they invested in specific types… Continue reading →
New Tax Laws and Same Sex Marriage Ruling
The Supreme Court recently declared the Defense of Marriage Act unconstitutional. This means that, in some states, same-sex couples who are legally married can now receive the same Social Security, retirement and health care benefits that have long been available to heterosexual couples. The ruling could even lead to a check from Uncle Sam for… Continue reading →
4 Tax Surprises and How to Handle Them!
One thing is certain besides taxes….you probably will want to stay on IRS’s good side! Here are some common items you may come upon this tax season. These are a few terrible tax surprises and how to handle them! Alimony Collected Now that you made it through the divorce you will also have to accept… Continue reading →
