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State Tax Changes of Summer 2019
The Tax Cuts and Jobs Act made huge changes to the federal tax code when it passed in late 2017. And this summer, we’ve also seen some significant tax changes at the state level as 23 states (and the District of Columbia) made changes to their statewide tax laws....
Protect Client Data with These Simple Steps
Every year, cybercriminals use things like phishing emails and malware to steal sensitive taxpayer data. And while it’s important for individual taxpayers to protect themselves from identity thieves, it’s equally important for tax preparers to protect their clients’...
These Two Tax Credits Can Help Your College Costs
Higher education is pricy. But there are two valuable tax credits that can help parents and students offset the cost of college or vocational education: the American opportunity tax credit and the lifetime learning credit. Our experts here at Tax Defense Partners...
The Alternative Minimum Tax: What You Should Know
The Alternative Minimum Tax (AMT) is a somewhat controversial tax. This separate tax was designed to ensure that higher income individuals pay their fair share of taxes. However, for many years, this tax was never adjusted for inflation. This meant that, over the...
Fresh Start Initiative Program: What it is and How to Qualify
Tax debt can be incredibly overwhelming. However, if you’re struggling to get out of tax debt, there’s an IRS initiative called the Fresh Start Initiative that may be able to help. But what exactly is the Fresh Start Initiative Program? And how do you know if you...
Identity Theft: What it Is and How to Stop It
Identity theft is a a serious crime that is, unfortunately, all too common. Every year at tax time, identity thieves file fraudulent tax returns in order to steal the tax refunds of innocent taxpayers. So what can you do to make sure this doesn’t happen to you? What...
Protect Yourself From Tax Return Fraud With These Simple Tips
Every year, criminals invent new ways to commit tax return fraud. Fraudsters look for ways to steal the sensitive data of taxpayers, which can help them commit tax-related identity theft. Identity theft can lead to a whole host of problems, including losing your tax...
IRS Sending Warning Letters to More Than 10,000 Taxpayers About Cryptocurrency Reporting
Though cryptocurrency is designed to be a virtual currency, the IRS does not categorize it as a currency. Instead, the IRS categorizes cryptocurrency as property. For federal tax purposes, this means cryptocurrency must be reported just like physical assets or stock...
Income Tax: Fraud vs. Negligence
Millions of Americans make mistakes on their tax returns each year. The IRS estimates that as many as 17% of all taxpayers fail to completely comply with the tax code in one way or another. Sometime, people do this intentionally, which is tax fraud. In many cases,...