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 […]

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 […]

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 […]

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 […]

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 […]

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 […]