The Tax Professionals Blog — taxes

Overnight Analysis of the GOP Tax Reform Bill

Posted by Lee Reams Sr. on

The GOP has released its tax reform structure, without a lot of detail (it is being left to Congress to determine), and as we all know the devil is in the details. But remember this is only a proposal and a lot can happen before it becomes law, assuming it even gets to that point. Here are some highlights of the proposal:

 

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Preserving Capital Loss Carryovers

Posted by Lee Reams Sr. on

The question frequently arises whether or not an individual must file a return, even if not otherwise required to file, in order to preserve a capital loss carryover.

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Late Filing & Late Payment Penalties Relief

Posted by Lee Reams Sr. on

The Internal Revenue Manual (IRM 20.1.1.3.6.1) provides a one-time administrative abatement of late filing and late payment penalties, commonly called the “first time abatement” (FTA) penalty relief, where a taxpayer has:

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California Initiates a State EITC Beginning 2015

Posted by Lee Reams Sr. on

California has initiated an EITC beginning 2015. California and twenty-five other states plus the District of Columbia now offer an EITC. In twenty-two of these states, including California, the credit is refundable. Most states set their EITC as a portion of the federal EITC, and most states conform to the federal EITC program in other aspects such as eligibility requirements and income levels.

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New Scam Targets Tax Professionals

Posted by Lee Reams Sr. on

The Internal Revenue Service in Notice 2015-3 is warning return preparers and other tax professionals to be on guard against bogus emails making the rounds seeking updated personal or professional information that in reality are phishing schemes.

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