Be on the lookout for Tax Scams Related to Natural Disasters.
Sep14

Be on the lookout for Tax Scams Related to Natural Disasters.

In the wake of Hurricane Florence, the Internal Revenue Service is reminding taxpayers that criminals and scammers try to take advantage of the generosity of taxpayers who want to help victims of major disasters.   Fraudulent schemes normally start with unsolicited contact by telephone, social media, e-mail or in-person using a variety of tactics.   Some impersonate charities to get money or private information from...

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Proposed Regulations on Global Intangible Low-Taxed Income for U.S. Shareholders.
Sep14

Proposed Regulations on Global Intangible Low-Taxed Income for U.S. Shareholders.

The Internal Revenue Service issued proposed regulations concerning global intangible low-taxed income under section 951A and related sections of the Internal Revenue Code.   The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made major changes to the tax law, including adding new rules requiring the inclusion of global intangible low-taxed income generated by controlled foreign corporations (CFCs).   Under the TCJA,...

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Always be Prepare for Natural Disasters.
Sep14

Always be Prepare for Natural Disasters.

Because a natural disaster can strike any time, Account On Us is reminding individuals and businesses to take time now and create or update their emergency preparedness plan.   During 2018, the IRS has offered tax relief and assistance to millions of victims of natural disasters, including hurricanes, severe storms, flooding, tornados, wildfires, high winds, tropical storms, an earthquake and a volcano.   Individuals,...

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Some Tips about Tax Benefits for Education
Sep08

Some Tips about Tax Benefits for Education

The beginning of the school year is a good time for a reminder of the tax benefits for education. These benefits can help offset qualifying education costs. Here is information about two tax credits available to those who pay higher education costs for themselves, a spouse or a dependent. The American Opportunity Tax Credit (AOTC) is: Worth a maximum benefit up to $2,500 per eligible student. Only available for the first four years at...

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A few ways for Retirees to Avoid a Surprise Tax Bill.
Sep08

A few ways for Retirees to Avoid a Surprise Tax Bill.

With tax reform bringing major changes for the year ahead, the Internal Revenue Service today urged retirees to make sure they are paying in enough tax during the year by using the Withholding Calculator, available on IRS.gov.   This is the second in a series of four news releases aimed at helping taxpayers pay the right amount of tax and avoid an estimated tax penalty. During this series, the IRS is highlighting resources and...

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Ways to Avoid Penalty for Underpayment of Taxes.
Sep08

Ways to Avoid Penalty for Underpayment of Taxes.

The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most taxpayers, including those with substantial income not subject to withholding. Because of the far-reaching tax changes taking effect this year, the IRS urges all employees, including those with other sources of income, to perform a Paycheck Checkup now. Doing so now will help avoid an unexpected year-end tax bill and possibly a penalty. The...

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