News & Information

A Reminder to Last-Minute Filers

  Attention last-minutes filers! The Internal Revenue Service reminds everybody to make sure that returns are error-free to avoid processing delays. Review it first before you file to avoid the common mistakes. Here’s how: e-File your return Doing so will lessen the most common tax errors. The tax software does all the calculations, flags the

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How to Get Your Tax Refund Quickly

Perhaps you have already filed your tax return by now. Are you expecting a tax refund? Where can you check its status? How long will it take for you to receive your tax refund? What if you’ll receive a lower amount than what you’ve expected?  Here are some of the commonly asked questions on how

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Premium Tax Credit for the Victims of Domestic Abuse

Good news for those who are married victims of domestic abuse and unable to file a joint return. IRS has issued Notice 2014-23 which provides relief for these people. These eligible taxpayers may claim a premium tax credit under 36B. However, in order to avail of this tax credit, they should meet the following criteria:

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Tips to Reduce Tax-Time Stress

  The April 15 tax deadline is drawing near. Are you done filing your income tax return? If not, you’re probably feeling a bit “taxed” now over the taxes you’re about to pay. You’re not alone as many taxpayers have not yet filed their tax returns too. But you really need to start filing now.

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Virtual Currency Considered a Property

Do you own millions of virtual currency? If you do, then you surely would not appreciate the latest ruling from the IRS. The agency recently issued its Notice 2014-21 with a bold declaration that virtual currency will now be treated as a property. This is, of course, for U.S. Federal tax purposes. Virtual currency is

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How Safe is e-Filing an Income Tax Return?

  Due to the proliferation of many website hackers, people are starting to have doubts about e-Filing an income tax return. We can’t blame them though because the big number of reported hacking cases is truly something to worry about. The whole procedures of e-Filing, the transmitting of tax data, and so with the credit

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Severance Payments Taxable Under FICA

The Supreme Court has reversed the Sixth Circuit and has unanimously held that severance payments to those involuntarily terminated employees are subject to tax under the Federal Insurance Contributions Act (FICA). Therefore, the social security and Medicare taxes are due on the severance payment to these individuals.

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The 3 Most Common Tax Filing Mistakes

  The deadline for tax filing is just around the corner. Are you done filing your accurate income tax return? Time and again, there are many taxpayers who commit tax filing mistakes, some of them honestly while others are intentional. What exactly are these common tax filing mistakes and how do we prevent them from

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No Changes for the Second Quarter Interest Rates

The first quarter of the year is about to end and the IRS has recently announced the interest rates for the second quarter which begins on April 1, 2014. The interest rates remain the same so it’s definitely a reason to rejoice. As emphasized in Rev. Rul. 2014-11, the rates are as follows: 3% for

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What Should You Expect in IRS Tax Audits?

  Perhaps, as of this writing, many of you have already filed their income tax return. Some may be preparing the form now for submission while others have not yet made any action at all. The deadline is now fast approaching. Whether you’re entitled for a state or federal tax return or obliged to pay

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