A spouse usually signs joint tax returns with the knowledge to face the due tax, penalties, and interest accompanying the tax return. According to the IRS (Internal Revenue Service),...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/31/2022
What is a foreign tax credit?A foreign tax credit is a United States tax credit that is used to offset income tax paid abroad. United States citizens and resident aliens who pay income...
Posted by Rosovich & Associates, Inc. on 05/31/2022
Most tax practitioners are familiar with reasonable cause as the basis for penalty abatement. But many often overlook another important reason for penalty abatement: the so-called...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/27/2022
We usually leave tax planning until it is the last minute. When you open your to-do list for that day, there it is, the item you've been ignoring for weeks. It says, "Finish...
Posted by Rosovich & Associates, Inc. on 05/27/2022
Employees have their taxes withheld by their employers. So, how do the self-employed pay? The self-employed pay estimated taxes quarterly by due dates to the IRS. This way, they can...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/22/2022
The real estate planning world, the financial planning world, and parliamentarians considered several significant estates and gift tax changes at the end of 2021. The Biden administration...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/10/2022
What if disaster strikes tomorrow? Next week? Next month? Are you ready? Is your business small? Contingency plans are essential if you plan to keep a business running for years to...
Posted by Rosovich & Associates, Inc. on 05/09/2022
What are tax refund loans?Most taxpayers know a lot about tax refunds. However, very few know about tax refund loans. If you have short-term cash needs and anticipate a tax refund,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 04/30/2022
Made a mistake on your tax return or realize you lost a valuable deduction or tax credit? You can file an amended tax return to correct it. Filing an amended tax return with the IRS...
Posted by Rosovich & Associates, Inc. on 04/30/2022
