Jun 16, 2020 | Income Tax
Representation Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct...
May 26, 2020 | Income Tax
Foreign Bank and Financial Accounts If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds,...
May 20, 2020 | Income Tax
IRS – Will Be Sending Stimulus Debit Cards Everyone that has not yet received their Economic Stimulus Payment and is expecting a paper check needs to be aware that the IRS announced a change yesterday. The U.S. Treasury Department has stated that the IRS will begin...
Apr 24, 2020 | Income Tax
As you likely know, the TCJA increased bonus depreciation to 100 percent. Unlike most tax provisions that involve a tax election, this one requires you to elect out if you don’t want it. For example, you (or your corporation) buy two $50,000 trucks, each with a gross...
