The Unintended Consequences of the TCJA on Offshore Business Earnings

By Top Tax Staff

Holding profits in offshore tax havens isn’t a new thing. Any time a business or individual can find a way to lower taxes, they will do it. When those profits are kept outside of the US, they aren’t available or used to invest in the business. They just sit there. 

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What to Expect from the IRS in 2020

By Top Tax Staff

Every so often, the IRS itself is audited to make sure it’s following all the rules, regulations, and laws effectively and efficiently. Most businesses should do something similar to make sure nothing falls through the cracks. But when it’s the IRS, the results of resolving an audit issue can have ripple effects.

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How to Maximize Your Tax Savings at the End of the Year

By Top Tax Staff

Sometime before the big, jeweled ball drops on January 1, 2020, you should take some time to maximize your tax savings, not only for 2019 but as a tribute to yourself for 2020. There are only a few weeks left. You need to fit it in between all the holiday prep and celebrations.

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How the TCJA Changes Taxes for Seniors

By Top Tax Staff

Well, 65 might be the new 50 to you, but to Uncle Sam, it means you're elderly. Embrace it! Being considered elderly could have a positive effect on your taxes, as in you may not need to pay as much in taxes as that 64-year-old whippersnapper.

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Everything You Need to Know about Settling Your Back Taxes with an IRS Payment Plan

By Top Tax Staff

If you owe the IRS back taxes, consider signing up with a payment plan. Yes, the IRS actually has payment plans for people with low income,  not enough time, or maybe just some plain bad luck.

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TCJA Changes to Keep in Mind for 2020

By Top Tax Staff

Once again, in 2017, the federal government pledged to simplify the income tax code. And they did…sort of. The Tax Cuts and Jobs Act of 2017 had a lot to unpack. Some things changed. A few stayed the same. It’s a lot to digest, even after filing in 2019. Now seems like a good time to put some of the changes in tax law in one place, plus highlight a few items that differ for filing in April 2020.

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Can You File a Second Tax Extension?

By Top Tax Staff

You knew you weren’t going to make the tax filing deadline last April, so you requested an extension. But now that second deadline has come and gone. Can you file for another extension?

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Heads Up! The Tax Filing Extension Deadline Approaches

By Top Tax Staff

It’s October. Do you know what that means? If you filed for a tax extension earlier this year, it’s time to file your taxes. And If you haven't spent the last few months doing so, you need to get all your supporting documentation together, get your taxes calculated, and file the whole thing by the middle of this month to avoid penalties and additional interest.

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What Happens If I Haven’t Filed Taxes in over Ten Years?

By Top Tax Staff

Not filing taxes for several years could have serious repercussions. Not only can the IRS stop you from applying for a passport or a mortgage, but they can also create a Substitute for Return against you, charge you for failure to pay, or charge you for failure to file.

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Yes, Tax-Exempt Non-Profits Must Pay Payroll Taxes

By Top Tax Staff

As it turns out, non-profits must follow more than the tax law when it comes to being an exempt entity. If they hire employees, they also have the responsibility for payroll taxes, just like any business.

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