by Bill Houston | Oct 22, 2017 | General Tax Info
In previous seasons, processing of tax returns without the health care coverage box checked slowed down processing of returns but it didn’t halt processing. In many situations, the taxpayer received a letter asking for payment of the health care penalty or...
by Bill Houston | Jan 6, 2017 | General Tax Info
The IRS was nice enough to compile a list of arguments that will never work. They are considered “frivolous”. The courts tend to agree and both tend to look at these strategies as willful attempts to evade or defeat taxes, often leading to increased...
by Bill Houston | Dec 9, 2016 | General Tax Info
This time of year, we often get questions on the tax consequences of cash gifts to kids. We can illustrate how this works with a very simple example. Let’s say Bob is a single parent and wants to give his son $20,000 for Christmas this year. Bob is the one...
by Bill Houston | Dec 9, 2016 | General Tax Info
Congress eliminated an IRS penalty on small businesses that was devastating to those that incurred it. On their own volition, the IRS decreed that any small business that reimbursed their employees for health care premiums could face a $100 per day per employee, up...
by Bill Houston | Dec 5, 2016 | General Tax Info
We are sorry for any loss you have had. Having gone through the loss of parents recently, we understand what you are experiencing. This will seem hard but hopefully this overview will get you through the process. When any taxpayer dies, a final tax return should be...
by Bill Houston | Nov 10, 2016 | General Tax Info
With Trump as President and with a Republican House and Senate, there is likely going to be broad agreement on tax reform. Here is what appears to be likely, though proposals are somewhat fluid: The corporate tax rate will be lowered to as low as 15%. If this...
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