Given that more than 8 million people owe money in back taxes every year, not everyone has the money to shell out for their debts right away. These debts can add up fast and start to lead to financial problems that follow us for years. If you’re stuck without help, you can seek tax forgiveness …
The IRS issued final rules pertaining to charitable deduction substantiation. With some exceptions, the regulations impact charitable contributions made after July 2018
Despite promises to simplify the filing of taxes, reporting your income to the IRS may now be even more complex. With the passing of the Tax Cut and Jobs Act, there are also a number of other complexities that accompany the filing of taxes. While the Form 1040 is now shorter, it requires greater use …
The new tax law overhaul places a $10,000 cap upon deductions on federal returns pertaining to state and local taxes. Yet a number of states are challenging this cap. Four states (not including Michigan) filed a lawsuit against these provisions. Defendants in the lawsuit include the Department of Treasury and the Internal Revenue Service. The plaintiffs feel …
We are only beginning to understand the impact of the recently passed Tax Cuts and Jobs Act of 2017. Like all other reform measures, it promises to simplify the tax filing process. However, this will not necessarily be the case. Recent commentary discusses how this act will impact those who work remotely. While we have seen …
On behalf of Silver Tax Group posted in Tax Law on Friday, April 13, 2018. Like a perfect change-up, the new tax code has Major League Baseball wrong-footed and looking foolish. The change did not target professional sports, specifically, but it has the potential to cause a major shift in the way teams do business. The calculus behind when …
On behalf of Silver Tax Group posted in Tax Crimes on Friday, April 6, 2018. Michigan taxpayers need to understand how extensive the IRS whistleblower program is. Besides having massive support from other federal branches, the IRS is always enhancing its enforcement efforts. The whistleblower program Whistleblowers stand to profit by reporting on the wrongdoing of other taxpayers. The …
On behalf of Silver Tax Group posted in Tax Audit on Thursday, April 5, 2018. As we approach the tax filing deadline of April 17 in 2018, it is crucial to determine whether you must file as an immigrant. Permanent residents/green card holders must file a U.S. tax return. For those who have filed for refugee status and are …
On behalf of Silver Tax Group posted in Tax Law on Tuesday, March 6, 2018. Perhaps Benjamin Franklin said it best: The only certainties in life are death and taxes. While every American knows that they need to file their taxes and that the task needs to be done by April 15, an alarming number of them know very …
What Americans Don’t Know about Filing Their Taxes Read More »
On behalf of Silver Tax Group posted in Tax Law on Wednesday, February 28, 2018. The only thing financial advisers know for certain about the new Trump tax plan is that nothing is very certain at all. While some workers in some tax brackets can expect to have less money deducted from their paychecks, that doesn’t mean they will …
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