by Lynda Startzman | Mar 3, 2018 | Razorback News, Tax Information, Uncategorized
There are several tax breaks that would have ended 12/31/2016, but in early February, Congress extended the breaks. A few of those are: Private mortgage insurance (PMI) $2 million exclusion of forgiven debt on a principal residence The above the line deduction for up...
by Lynda Startzman | Mar 3, 2018 | Razorback News, Tax Information, Uncategorized
The IRS will have to issue mounds of guidance, revise many of its forms and publications, reprogram its computer systems, do outreach and education in the next couple of years. They will have to get the auditors up to speed as well. The agency is asking Congress for...
by Lynda Startzman | Mar 3, 2018 | Razorback News, Tax Information, Uncategorized
Fraudsters are sending out phony e-mails to company payroll departments asking for copies of W-2’s and employee information. The e-mails purport to come from higher-ups in the firm. The cybercriminals use the W–2 information for nefarious purposes,...
by Lynda Startzman | Mar 3, 2018 | Razorback News, Tax Information, Uncategorized
Thieves posing as IRS debt collectors are contacting taxpayers by phone and email, saying that the IRS mistakenly deposited tax refunds into their bank accounts. The fraudsters ask the taxpayers to return the money. Don’t fall for this scheme. The IRS has...
by Lynda Startzman | Feb 22, 2018 | Razorback News, Tax Information, Uncategorized
Many individual owners of pass-through entities will get a new 20% deduction. The rules cover sole proprietors and owners of “S” corporation, partnerships, and LLC’s. Real Estate Investments Trusts (REIT) shareholders and partners in publicly...
by Lynda Startzman | Feb 22, 2018 | Razorback News, Tax Information, Uncategorized
Unlike the individual AMT (Alternative Minimum Tax), lawmakers did away with the corporate AMT! Regular “C” corporations will pay a flat tax rate of 21%. This might be an increase of 6% for corporations that have less than $50,000 in taxable income. This...