IRS Ends Offshore Voluntary Disclosure Program Soon

IRS to end OVDPAs of September 28, 2018, the Internal Revenue Service (IRS) is ending the Offshore Voluntary Disclosure Program (OVDP). By law, all US citizens and residents are required to report foreign financial accounts to the IRS, if the total value of all their foreign accounts is over $10,000 at any time in […]

September 5th, 2018|Uncategorized|Comments Off on IRS Ends Offshore Voluntary Disclosure Program Soon

The Supreme Court Rules Online Retailers May Need to Collect Sales Tax

calculate state sales taxesIn June 2018, the Supreme Court ruled that states can require e-commerce companies to collect and pay sales tax, even for areas where they don’t have a physical presence. Here’s the good news — analysts speculate that the change will not alter shopping habits. Online shopping is so convenient that […]

Good News: Your Tax Lien Is About to Come Off Your Credit Report

credit bureaus are removing tax liensIf you’ve got delinquent tax debt, goods news is on the horizon. The credit bureaus are removing tax liens from credit reports (CRs). That instantly improves your credit report, potentially boosting your score and making it easier to obtain credit. Here’s a look at the details.

What Are the Credit Bureaus Removing?

Last […]

The Pass-Through Tax Deduction Explained With Calculation Examples

pass-through tax deduction explainedThe new income tax plan brings in a generous pass-through tax deduction for many small businesses in IRC Section 199A. If you have pass-through income, you may qualify for a deduction worth 20% of qualified business income.

The change came into effect in 2018, but it doesn’t affect your 2017 tax […]

The IRS Is Losing Money With Its Private Debt Collection Efforts

3rd party tax debt collectorsIn 2017, the IRS hired and paid private debt collection agencies $20 million, but these firms only collected $6.7 million, meaning the IRS lost over $13 million in the process. Besides losing the government money, the program has arguably been a failure in countless other ways.

Expectations for […]

February 2nd, 2018|Uncategorized|0 Comments