Recognizing that the current tax season continues to be a tough time for many people due to the unusual circumstances related to the COVID pandemic, the IRS announced last week that the tax deadline for individual taxpayers was automatically extended from April 15, 2021 to May 17, 2021. This...
Maryland announced yesterday an extension of the tax income filing deadline for individuals, pass-through entities, fiduciary, and corporate income tax returns that would have been due March 15 or April 15, 2021. This extension also includes the deadline for the first and second quarter estimated payments that are now...
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the CA Act). The CA Act enhances and expands certain provisions of the Coronavirus Aid, Relief, and Economic Security Act, also known as the “CARES Act”. Below is a summary of some of the major tax provisions...
Dear Clients and Prospects: First and foremost, we are here to support you and your businesses during this challenging time. As the Covid-19 situations unfolds we continue to monitor the latest tax law changes and incentives for businesses and employers. Below is a summary of the more recent changes...
The Internal Revenue Service has released a new version of the 1040 income tax form for tax year 2019, Form 1040-SR, designed specifically with senior citizens in mind. Taxpayers born before January 2, 1955 may opt to use Form 1040-SR instead of the standard Form 1040. Form 1040-SR is,...
The IRS recently changed the process under which it accepts requests for verification that it has received a filed FinCEN Form 114, “Report of Foreign Bank and Financial Accounts” (FBAR). Before November 19, 2019, the agency allowed FBAR filers to call its FBAR hotline to obtain verbal verification of...
The start of a new year also marks the start of a new tax season. Even when there aren’t any major tax overhauls at the federal or state level, there are inevitably some adjustments made that, while seemingly small, are important to note. This is once again the case...
Various dollar figures related to international tax are adjusted annually for cost-of-living increases. These adjustments reflect a measure of inflation that was revised by the Tax Cuts and Jobs Act (TCJA) called the average “chained Consumer Price Index (CPI) for all-urban customers.” The adjustments are for the 12-month period...
In a recent revenue procedure, the IRS updated two lists of countries with which the United States has agreements that require payers to report certain deposit interest paid to nonresident alien individuals who are residents of the other country. One list is of countries with which the United States...
Court defines “financial interest” and makes other FBAR rulings In U.S. v. Horowitz, a district court ruled on various issues regarding the Report of Foreign Bank and Financial Accounts (FBAR). Its decision, handed down in January, addressed the statute of limitations for assessing FBAR penalties and the definitions...
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