For many business taxpayers, time is running out to elect out of new 100-percent depreciation deduction for 2017

For many business taxpayers, time is running out to elect out of new 100-percent depreciation deduction for 2017

The IRS reminds business taxpayers who placed qualifying property in service during 2017 but choose not to claim the new 100-percent depreciation deduction, that they have a limited time to file the required election with the IRS. In general, individuals and calendar-year corporations must file the election with the IRS by Oct. 15, 2018. The new 100-percent deduction allows businesses to write off most depreciable business assets in the year they are placed in service.

New Tax Law and Home Purchase

New Tax Law and Home Purchase

Confusion surrounding the recently passed Tax Cuts and Jobs Act (TCJA) is widespread in higher local tax states like California and the Northeast. While many buyers are postponing the purchase of a new house this season, waiting until 2019 to find out what is owed in taxes for the 2018 tax year could be a mistake.

IRS alerts taxpayers: Scammers scheming around Oct. 15 deadline; Here’s what to do

IRS alerts taxpayers: Scammers scheming around Oct. 15 deadline; Here’s what to do

The Internal Revenue Service is reminding taxpayers to beware of criminals who continue using devious tactics to steal money and personal information from unsuspecting victims, especially as the fall season approaches.

Window Closing On IRS Program To Lessen Penalties

Window Closing On IRS Program To Lessen Penalties

OVDP is more reasonable.  Eight years of back taxes with penalties and interest.  A reduced FBAR penalty - 27.5% of highest balance over eight years (50% if you used the wrong bank).  No criminal charge.  No prison time.  The window closes on OVDP on September 28th.