Author: taxsecretsblog

Article Highlights:   If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Tap a Retirement Account Offer-in-Compromise Filing Extensions If the Taxes Cannot Be Paid Timely About 3

Tax fraud isn’t just a modern problem. A recently translated papyrus has revealed a 1,900-year-old Roman court case involving forgery and tax fraud, showing that even in the days of emperors and gladiators, individuals sought ways to cheat the system. While today's tax codes are

Article Highlights: Purpose of an Offer in Compromise Requirements for Filing an OIC Application Fee and Partial Payment Requirement Possible Upfront Payment Waivers and Low-Income Offers Grounds for an OIC OIC Procedures and Processing Accepted and Rejected Offers Analysis of a Taxpayer’s Financial Information Lump

Article Highlights: Treasury Announces BOI Reporting Will Not Apply to Domestic Companies Rules Making to be Released Will Apply to Foreign Companies Only On Sunday, March 2, 2025, the Treasury Department made a significant announcement regarding the Corporate Transparency Act. After months of fluctuating deadlines

Jensen Huang, the mastermind behind Nvidia’s meteoric rise, is not just a pioneer in artificial intelligence chip manufacturing—he’s also an expert in navigating America’s tax system. With an estimated net worth of $127 billion, Huang’s estate should, in theory, be subject to the 40% federal

Article Highlights: Tax Credit for Employer Contributions to New Retirement Plans Retirement Plan Qualifications Employer Qualifying Contributions Employer Eligibility Phase-Out Based on Number of Employees Employee Qualifications Phase-Out of Credit Over Five Years Part of the General Business Credit Effective Years Encouraging Employers Without a

March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. See Pub.

Article Highlights: Eligibility for Charitable Contributions Qualified Charities Contribution Acknowledgment Claiming a Charitable Deduction for Vehicles Determining Fair Market Value (FMV) Contemporaneous Written Acknowledgment and Form 1098-C State Regulations Charitable donations have long been a method through which individuals can meaningfully contribute to their communities

Picture this: You’re hunched over last year’s budget, crossing out line items you think you can live without. And then what happens? The same stuff makes it back on the list anyway. Why? Because “that’s what we spent last year,” right? The Problem with “That’s How

This is the fifth in a series of articles for clients to keep them updated on the thinking on Capitol Hill on proposed tax changes so they can plan appropriately. This delves into a pair of Senate bills that would kill electric vehicle (EV) credits.