Category: Uncategorized
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Personal Property Taxes?
Unlike real property taxes, TPP (“tangible personal property”) taxes are self-reported, meaning taxpayers must calculate and file their liability (subject to audit), rather than receiving a bill. This increases the risk of audit, especially if returns are late, missing, or show large year-over-year changes. If audited, review your filings, gather supporting documents (like asset lists…
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TCJA & CARES Impact on NOL’s
Prior to the Tax Cuts and Jobs Act (“TCJA”), net operating losses (“NOL’s”) generated allowed taxpayers to carryback the loss two years and/or carryforward up to 20 years. In addition to the carryback and carryforward provisions, taxpayers could fully offset taxable income if not limited by the IRC section 382 limitations. However, due to the…
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Risk Management for Tax Preparers
Tax season is upon us. As such, this post is going to touch on a few key items for tax preparers including (i) who’s considered a tax return preparer; (ii) responsibilities of tax preparers; and (iii) penalties that tax preparers may face as a result of providing tax preparation services. In this post we will…
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States With No Personal Income Tax
We all pay income taxes. However all we often hear about in the headlines is income taxes imposed by individuals at the federal level (IRS). However, ~41 states also apply an income tax with rates fluctuating from 1% to 13% of your state taxable income. This post highlights the states with no income tax, listed…