Net Operating Loss Deduction in the News A net operating loss occurs when the allowable business tax deductions for any given tax year exceeds gross income for that year, thus generating a negative taxable income. Beginning with the Revenue Act of 1918, tax law has allowed for the carryover of such losses, making them a… Continue reading →
Planning
What Happens If You Can’t Pay Your Taxes?
What Happens If You Can’t Pay Your Taxes? What happens if you owe tax money to the IRS and you cannot afford to pay it? Most importantly, do not ignore the IRS. They have a lot of information on you and are not going to forget about the money that is owed. To prevent the IRS from… Continue reading →
Taxes Due Today!
Tax Day 2016!!!! April 18, 2016 is the deadline for filing taxes and is the income tax due date. If you have tax questions or a tax debt you are unable to pay, our tax settlement professionals are happy to discuss your tax resolution options free of charge. For more information about our services, visit… Continue reading →
Tax Fraud Back in the Limelight
Tax Fraud Back in the Limelight The subject of tax fraud often makes the news headlines somewhere around the opening of tax season and it appears that Tax Season 2106 is no exception. Numerous state tax agencies, including Illinois, Hawaii, Utah and, most recently, South Carolina, have already announced tax refund delays due the threat… Continue reading →
Where is My Tax Refund?
Where Is My Tax Refund? The IRS has announced that the recently opened 2016 tax season started off on a good note. In fact, they reported the receipt of thousands of tax returns on opening day with no major filing issues. It has also been reported that the average wait time for a tax professional to speak… Continue reading →
Some Critical Year-End Tax Considerations
Some Critical Year-End Tax Considerations Very few important tax decisions have been passed down in 2015 and, with only a few weeks to go, it appears that we may move into the New Year with some important tax matters still unresolved. Some of the critical tax issues hanging in the balance as we move into… Continue reading →
