Jerry Moss's Articles

Recent statistics show a decreased number of IRS audits. The thought of being audited can be frightening, but proper preparation can ensure a smoother process if you are selected.

Refunds are usually sent to taxpayers within a few weeks. However, there may be delays, or in worst-case scenarios, refunds may be applied to debts owed to the federal or state government.

When you think of April 15, you probably think of the income tax return deadline. But it’s also the gift tax return deadline. Find out if you must (or should) file a 2018 gift tax return this year.

Lower tax rates might help reduce your 2018 tax bill, but new limits on many deductions could offset the benefits of lower rates. For example, five itemized deductions have shrunk or disappeared.

How confident are you that you’ve paid enough in taxes for 2018? The tax law changes in the TCJA have made it difficult to properly estimate 2018 tax liability, but the IRS is ready to provide modest penalty relief for some taxpayers who didn’t withhold enough.

The government shutdown continues, just as the 2018 tax filing season is beginning to gear up. How will it affect your tax filing preparations?

With the new year comes the need for small business owners to begin filing their 2018 income tax returns. The TCJA could significantly alter your tax liability compared to previous years. Refresh yourself now on its major provisions.

Most TCJA provisions went into effect in 2018 and apply through 2025 or are permanent, but two major changes affect individuals starting in 2019.

Most of us won’t need to worry about facing federal gift and estate tax liability over the next several years, thanks to the high exemption under the TCJA. But it’s still important to be tax-smart when making lifetime gifts.

New guidance from the IRS clears up confusion about the deductibility of business meals and a variety of entertainment expenses under the Tax Cuts and Jobs Act.

One component of the recently issued IRS regulations that address the TCJA’s new QBI deduction for pass-through entities is that owners can elect to aggregate their businesses for purposes of the deduction. Here’s a closer look at the tax benefits of this strategy.

The IRS has shared its new highly anticipated and complex regulations for the new deduction of up to 20 percent of qualified business income from pass-through entities. Here’s an overview of the biggest issues and changes.

The IRS once again is warning taxpayers to watch out for phone scammers who call and threaten legal consequences unless they pay the IRS with an immediate wire transfer or gift card.

Taxpayers who turned age 70½ during 2017 (in most cases) must start receiving required minimum distributions (RMDs) from individual retirement accounts (IRAs) and workplace retirement plans by Sunday, April 1, 2018. A 50 percent tax normally applies to any required amounts not received by the April 1 deadline.

The Bipartisan Budget Act of 2018 (BBA), signed into law on February 9, contains additional tax-related provisions that taxpayers should take note of. Though tax-filing season is already underway, some of the extenders and measures within the BBA could affect your liability for the 2017 tax year.

The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, delivers a treasure trove of tax breaks for businesses.

The Tax Cuts and Jobs Act (TCJA) includes significant changes for individual taxpayers — most of which take effect for 2018 and expire after 2025.

If your business is buying new assets in 2018, the new tax law could benefit you in several ways. The Tax Cuts and Jobs Act (TCJA) even provides some opportunities that you may be able to take advantage of on your 2017 tax return.

On December 20, the House passed the reconciled tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. The finalized legislation represents the most sweeping tax overhaul since the Tax Reform Act of 1986.

Around 2 a.m. on December 2, the U.S. Senate passed its version of the Tax Cuts and Jobs Act by a narrow majority of 51 to 49. The bill represents a significant overhaul of the U.S. tax system.

The House Ways and Means Committee made amendments to and approved the Tax Cuts and Jobs Act, which they introduced the previous week. And the Senate Finance Committee released “policy highlights” for its proposed version of a tax plan.

On November 2, following months of discussion, the U.S. House Ways and Means Committee released its highly anticipated bill to reform the tax code, The Tax Cuts and Jobs Act.

If you filed your 2016 income tax return (rather than filing for an extension), you may now wonder whether your business could face an IRS audit. Every business owner should understand what the IRS audit process may entail, and how it could impact the business.

Tax season may have come and gone, but there’s no offseason for tax-scammers. The IRS recently issued a warning about a prevalent phone scam that’s been reported nationwide this summer.

Retention guidelines help determine whether to keep or destroy tax records.

Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex tax rules apply to this type of compensation.

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make this itemized deduction less beneficial than you might think.

When President Obama signed into law the 21st Century Cures Act on Dec. 13, 2016, most of the media coverage focused on the provisions related to medical innovation. But the law also includes some good news for small businesses that have been prohibited in recent years from providing their employees with Health Reimbursement Arrangements (HRAs).

Today it’s becoming increasingly common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it.