The Internal Revenue Service (IRS) is notorious for assessing fines and penalties against taxpayers who don’t follow their rules. You may be surprised to learn that the Tax Code also provides penalty relief under certain circumstances. If you have been penalized by the IRS, you may qualify for a first […]
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Air BNB Tax Issues
Many clients are now renting their homes and apartments out. However, they do not realize that there are tax consequences for doing so, if the rental is for less than a period of 30 days. In other words, if you rent your home out for 29 days or less, you […]
Retroactive Tax Law Benefits for 2017
The Bipartisan Budget Act caused the Internal Revenue Service to allow three popular tax benefits to be claimed retroactively. Most of these benefits expired in 2016 but can be claimed in 2017. The Internal Revenue Service’s system has been reprogrammed to accept these benefits. The first benefit is exclusion from […]