Should I amend my tax return?

You filed your tax return and breathed a sigh of relief. Then you realize that you forgot to include something important. In general, you can file an amended return and claim a refund within three years after your original return is filed, or two years after paying the taxes, whichever is later. So, if you […]

Trying to preserve assets can qualify as a profit motive for theft loss deduction

The Tax Cuts and Jobs Act eliminated a deduction for many consumer fraud losses through 2025. Now, taxpayers can only deduct casualty and theft losses associated with federally declared disasters or “transactions entered into for profit.” So some fraud victims may get hit twice, first by theft and second by taxes on stolen retirement funds […]

Nonresident Income Tax Filing Thresholds by State, 2025

Nonresident Income Tax Filing Thresholds by State, 2025 https://bit.ly/44IqCNY

April 15 deadline was the 70th anniversary of filing on that date

Did you know that 2025’s Tax Day marked the 70th anniversary of filing federal income tax returns by an April 15 due date? Between 1918 and 1955, the deadline was March 15. As the tax code became more complex, Tax Day was moved back to give taxpayers, tax professionals and the IRS additional time to […]

Check your 2025 withholding

The tax filing deadline has passed, and you’d probably like to put taxes out of your mind. That’s understandable. However, it’s worth your while to ensure that your 2025 withholding amount is correct. Did you receive an unexpected tax bill for 2024? If so, consider providing your employer with a new Form W-4 to have […]

Mitigate the risks: Tips for dealing with tariff-driven turbulence

President Trump’s “Liberation Day” announcement of global tariffs caught businesses, as well as foreign countries and worldwide financial markets, off guard. While the president has long endorsed the imposition of tariffs, many businesses expected him to take a targeted approach. Instead, Trump rolled out a baseline tariff on all imports to the United States and […]

Late with reasonable cause?

Did you miss the federal income tax filing deadline? Do you owe the IRS money? If so, there may be some wiggle room if you can show “reasonable cause” for not filing and paying on time. You’ll also need to make a “good faith” payment as soon as possible. Taxpayers with reasonable causes typically include […]

The Trust Fund Recovery Penalty

Employers who withhold but willfully fail to remit payroll taxes to the IRS can face a penalty equal to 100% of the unpaid amount. The Trust Fund Recovery Penalty (TFRP) can be assessed personally against individuals deemed “responsible.” In one case, a chairperson and board member of a school was found to have willfully failed […]

Deduct a loss from making a personal loan to a relative or friend

Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by making a personal loan. That’s a nice thought, but there are tax implications that you should understand and take into account. Get it in writing You […]

Tax refund stolen?

What can you do if your tax refund is stolen? According to the IRS National Taxpayer Advocate (NTA), this happens to tens of thousands of taxpayers each year. The NTA offers steps to take and warns that recovering a stolen refund is a slow process. If you were expecting your refund by direct deposit and […]