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Category: Tax Compliance

The Internal Revenue Service Disallows Child Tax Credits

14 March, 2013 | Tax Compliance

The Internal Revenue Service Disallows Child Tax Credits The Internal Revenue Services is strict when it reviews child tax credits.  The tax law allows a deduction for each dependent the taxpayer is supporting.  A dependent is defined as a qualifying child or qualifying relative under Section 152 (a). Section 152 sets strict standards as to who can be claimed as a qualifying child or qualifying relative. One of the requirements to be a qualifyin... CONTINUE READING

New York State Filing Tips

8 March, 2013 | Tax Compliance

New York State Filing Tips According to the New York State Department of Taxation and Finance, taxpayers tend to make several common mistakes every year.  The following list is a way for you to double check so you can hopefully avoid simple filing errors with this tax help.   Always file.  Avoid the penalties and interest that occur when you file late.... CONTINUE READING

Mileage Logs: Keeping records is not enough to guarantee tax deductions

21 January, 2013 | Tax Compliance

Mileage Logs: Keeping records is not enough to guarantee tax deductions Every year the Internal Revenue Service issues optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.  Starting on January 1, 2013, the stand mileage rates for the use of an automobile are: 56.5 cents per mile for business miles driven 24 cents per mile driven fo... CONTINUE READING

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Willful and Non-Willful Failure to File FBAR Penalties

FBAR Penalties: What to Expect If You Don't Report Foreign Bank Accounts Nothing’s quite as alarming as finding out you’re in violation of a law that you didn’t know existed. If you have foreign bank or financial accounts, you may be required to file an FBAR every year. Failing to do...