Filing Past Due Tax Returns

Filing Past Due Tax Returns

Did you forget to file your 2018 tax return by April 15, 2019? Have you not filed tax returns for several years? If the answer is yes to either, here’s some information to help you catch up with your filing requirements. It’s important to file past due tax returns before the IRS does it for you.

Now, only ITINS may request EINS: IRS

Now, only ITINS may request EINS: IRS

In case you didn’t know, since May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application. The change will prohibit entities from using their own EINs to obtain additional EINs. The requirement will apply to both the paper Form SS-4, Application for Employer Identification Number (PDF), and online EIN application.

Qualified Business Income Deduction for Pass-Through Businesses

Qualified Business Income Deduction for Pass-Through Businesses

Individual taxpayers and certain trusts and estates may be entitled to a deduction of up to 20% of their QBI from a trade or business, including income from a pass-through entity, plus 20% of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.