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 →
Tax
Tax Penalties to Increase in 2017
Tax Penalties Set to Increase in 2017 According to the annual Bloomberg BNA report of projected tax rates, tax penalties are set to increase in 2017. The projected tax penalty increases will be applied pretty much across the board. They include penalties such as the Failure to File Penalty and the Failure to Pay Penalty… Continue reading →
Two Candidates – Two Different Tax Plans
Two Candidates – Two Different Tax Plans Although both Donald Trump and HillaryClinton seem to agree on certain points such as making the country’s tax structure more attractive to business, ending the carried interest tax break and expanding the tax deduction for childcare, they differ on how to best accomplish these tasks. Their tax… Continue reading →
IRS Targets International Businesses
IRS Targets International Businesses Over the last few years, the IRS has faced many dramatic cutbacks which have caused them to decrease their services and drastically reduce the actual number of IRS employees. However, in spite of the downsizing, the agency is determined to collect the money they are owed, especially that owed by larger taxpayers. They have… 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 Debt May Result in Loss of Passport
Tax Debt May Result in Loss of Passport One of the numerous bills passed by Congress toward the end of last year was the Fast Act (Fixing America’s Surface Transportation Act). Executed on December 5, 2015, the main focal points of the bill are improving the county’s transportation infrastructure, strengthening public transportation and improving highway… Continue reading →
