Protax Consulting Services Inc

Category: Content
Type: Blog Article

Generated 3 days ago

New blog articles detected

  • The Mortgage Forgiveness Debt Relief Act May Reduce your 2016 Tax Bill

    The good news about debt forgiveness, in relation to the Mortgage Forgiveness Debt Relief Act of 2007, is that many taxpayers may qualify for a steep reduction on their tax liability. Debt Cancellation May be Taxable It works like this: If a mortgage lender cancels all or part of your debt during a specific tax year, that amount is automatically added The post The Mortgage Forgiveness Debt Relief ...

Protax Consulting Services Inc

Category: Content
Type: Blog Article

Generated 1 week ago

New blog articles detected

  • Standard Deduction vs. Itemized: How To Choose What Works For You

    Most taxpayers claim the standard deduction vs. itemized when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways. The IRS Offers the Following Six Tips to Help Taxpayers Decide 1. Use IRS The post Standard Deduction vs. Itemized: How To Choose What Works For You appeared firs...

Protax Consulting Services Inc

Category: Content
Type: Blog Article

Generated 3 weeks ago

New blog articles detected

  • IRS Committed to Stopping Offshore Tax Cheating, Remains on List of Tax Scams for 2017

    For the third year, the IRS has compiled an official list of top tax scams, dubbed the Dirty Dozen. And again, offshore tax cheating has earned a place on the list. Recently, the IRS boasted of obtaining more than half a million disclosures of unreported offshore money from dodgers and recovery of $9.9 billion in owed taxes. The agency The post IRS Committed to Stopping Offshore Tax Cheating, Rem...

Protax Consulting Services Inc

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected

  • IRS Dirty Dozen Tax Scams 2016

    Every year the IRS compiles a Dirty Dozen list of the most prevalent tax scams for the previous year. Now in year three, tax scams 2016 has been released to the public, teased  to readers over the course of 12 days. Dirty Dozen 2017 Report Topping the 2017 Dirty Dozen report are phone scams, phishing, and The post IRS Dirty Dozen Tax Scams 2016 appeared first on .

Protax Consulting Services Inc

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected

  • General Rules For Filing The Expatriate Tax Return

    Importance of US Expatriates and their Foreign Earned Income Exclusion with their US tax Needs There are general rules for filing the expatriate tax return whether you stay in the States or in a foreign country. All the income generated worldwide by Americans is subject to the United States income tax. Regardless of the country The post General Rules For Filing The Expatriate Tax Return appear...

  • The Meaning of Foreign Tax Credit

    The Meaning of Foreign Tax Credit This is a non-repayable tax credit that is paid to the government of a foreign country due to foreign income tax withholdings. Foreign income tax credit is only obtainable by people who did work in a foreign nation or have their investment income flowing from a foreign source. The The post The Meaning of Foreign Tax Credit appeared first on .

  • Expatriate Tax Return: What Is It and Why You May Need to File It?

    If you are a U.S. citizen, but also an expatriate, filing an expatriate tax return should be your top-most priority to save yourself against hefty fines, penalties, interest and even imprisonment. Filing expatriate tax return is essential, but how you are going to file it will make all the difference. Don’t be appalled; for now, The post Expatriate Tax Return: What Is It and Why You May Need to ...

  • BONA FIDE RESIDENT TEST

    The Bona Fide Resident Test is one out of the two tests given to United States citizens and those holding green cards that live overseas to qualify them to claim the Foreign Earned Income Exclusion, The Foreign Housing Deduction and the Foreign Housing Exclusion. The Bona Fide Test is only used by the expats whose The post BONA FIDE RESIDENT TEST appeared first on .

Protax Consulting Services Inc

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected

  • New e-File Regulations New Yorkers Now Must Include Driver License or State Issued ID Information

    According to recent guidance from the New York State Department of Taxation and Finance an extra layer of identification verification will need to be provided when using software for processing e-filed New York state personal income tax returns. One must now include a driver’s license or state-issued ID information. Taxpayers will now be required to The post New e-File Regulations New Yorkers Now...

  • IRS Penalties and How to Get Them Removed or Reduced for Clients

    There are many penalties the IRS can impose on taxpayers, but don’t worry just yet there may be a solution for you. This blog discusses common IRS penalties that come up on a regular basis and ways to either reduce the penalty or have it completely removed. Failure-to-File and Failure-to-Pay Penalties (Sec. 6651) Every year The post IRS Penalties and How to Get Them Removed or Reduced for Client...

  • Assessing the options when a client has unreported foreign assets

    Recently, many tax return preparers have learned that a number of their clients failed to report their interest in a foreign bank account, corporation or trust to the IRS. Because the Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to report their U.S. depositors to the IRS, the IRS is more likely to The post Assessing the options when a client has unreported fo...

  • New Due Date for FinCEN Form 114, FBARs

    Who needs to fill out a Form 114, Report of Foreign Bank and Financial Accounts (FBAR)? According to The Bank Secrecy Act, P.L. 91-508 “[e]ach United States person having a financial interest in, or signature or other authority over, a bank, securities, or other financial account in a foreign country”  and if that person’s foreign The post New Due Date for FinCEN Form 114, FBARs appeared first...

  • 2017 Standard Mileage Rates for Business, Charitable, Medical, and Moving Announced

    WASHINGTON — The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 The post 2017 Standard Mileage Rates for Business, Charit...

  • 2017 Tax Filing Season Begins Jan. 23, Tax Returns due April 18

    WASHINGTON ― The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 23, 2017 and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds. The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed The post 2017 Tax Filing Season Begins Jan. 23, Tax Retu...

  • What To Do Before The Tax Year Ends Dec. 31

    WASHINGTON – As tax filing season approaches, the Internal Revenue Service is reminding taxpayers there are things they should do now to get ready for filing season. For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2016 tax returns. For example, charitable contributions are deductible in the year The post What To Do Before The Tax Year Ends Dec. 31 appeared fi...

  • Renew Your ITIN To Avoid Refund And Processing Delays

      What is an Individual Taxpayer Identification Number (ITIN)? Individuals who are not eligible for a Social Security number but have tax-filing or payment obligations according to U.S. law are given ITINs. If you need to file a return in the upcoming filing season and your ITIN is expiring then it is very important that The post Renew Your ITIN To Avoid Refund And Processing Delays appeared f...

  • Disclosing Offshore Bank Accounts Before Federal Watchdogs Do It For You

    If you are a U.S. citizen and have offshore bank accounts you better make sure you are in full compliance with U.S. tax laws and that you have disclosed all necessary information. The Department of Justice (DOJ) is determined to find offenders and has restarted their engine on identifying tax evaders. In January 2016 a The post Disclosing Offshore Bank Accounts Before Federal Watchdogs Do It For...

  • Reduce Your Income Tax Bill By Claiming Your Charitable Donations

    Were you charitable this year? If so you may be able to claim a deduction on your 2016 federal income tax return. Donations of money or goods by December 31, 2016 made to an eligible organization can cut your tax bill. Please note that if you received something in return for your donation your deduction The post Reduce Your Income Tax Bill By Claiming Your Charitable Donations appeared first o...

Protax Consulting Services Inc

Category: Content
Type: Blog Article

Generated 6 months ago

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