Mar 25, 2020 | Accounting, General Tax Information, Income Taxes, International
Under the Eligibility Test, if you have both owned and lived in your home for at least two of the last five years, then you are eligible to exclude a gain of up to $250,000 ($500,000 for married taxpayers) from tax If you don’t meet the Eligibility Test, you may...
Oct 21, 2016 | Business Tax, General Tax Information, Income Taxes
Individual Tax Identification Number IRS Update to CAA Rules and ITIN’s Certifying Acceptance Agents (CAA) are more in demand than ever been. However, their ability to perform the much needed service to resident taxpayers has been limited by the IRS to certifying the...
Sep 9, 2016 | Income Taxes
The Importance of Maintaining Accurate Business and Personal Records As a tax accountant, I spend countless hours preparing personal and business tax returns. I also, spend much of my time explaining what information is to be maintained within the records used for all...
Aug 26, 2016 | Income Taxes
The Congressional budget estimates a deficit of $590 billion for fiscal year 2016 with federal tax revenues reaching $3.3 trillion. Based on this estimate, the 2016 budget exceeds the 2015 budget by $152 billion. Now that I have infuriated so many people (please...
Aug 8, 2016 | Income Taxes, International
GPL: Keeping You in the Know ITIN Changes & Renewals As you may recall, The Protecting Americans from Tax Hikes (PATH) Act of 2015 overhauled the Individual Tax Identification Number (ITIN) rules and procedures. One of the major changes was the induction of the...
Jul 22, 2016 | General Tax Information, Income Taxes
Does your child need to file a tax return? As parents, we all try to do the responsible thing and put money away and/or create investment accounts for our children. A great thing is when the money starts making more money. Everyone likes that. As adults, we know we...
