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Understanding the difference between standard and itemized deductions

One of the first decisions taxpayers must make when completing a tax return is whether to take the standard deduction or itemize their deductions. There are several factors that can influence a taxpayer’s choice, including changes to their tax situation, any changes...

Taxpayers should hang up if tax season scammers come calling.

The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information. However, it’s easy for people to...

Start the new year off by reviewing the Taxpayer Bill of Rights

By law, all taxpayers have fundamental rights when they're interacting with the IRS. These rights apply all year, not just during the filing season. However, knowing and understand these rights may help taxpayers resolve any filing season questions with confidence....

2022 Annual Report of the National Taxpayer Advocate.

National Taxpayer Advocate delivers Annual Report to Congress focused on taxpayer impact of processing and refund delays. WASHINGTON — National Taxpayer Advocate Erin M. Collins today released her 2022 Annual Report to Congress, saying taxpayers and tax professionals...

The new tax season arrived for Form 1040 and FinCEN 114.

The new tax season arrived for Form 1040 and FinCEN 114.

The new tax season arrived. Form 1040 and FinCEN 114. The IRS set Monday, Jan. 23, as the beginning of the nation’s 2023 tax season, when the agency will begin accepting and processing 2022 tax year returns. With the three previous tax seasons dramatically impacted by...

When Would You Get Your Refund in 2023?

When Would You Get Your Refund in 2023?

Isaac M. O'Bannon – CPA Practice Advisor It’s still a bit too early to think about it, but in case you are wondering, here’s our annual chart for the #1 question we get every year: “When will I get my tax refund?” The answer is never exact, but we are able to make...

Solidarity Tax on Large Fortunes. Wealth Tax in Spain

Solidarity Tax on Large Fortunes. Wealth Tax in Spain

Last September 22, Ministry of Finance announced that the Government has reached an agreement for the creation of a new tax. The tax on large fortunes, or tax on the rich, will be levied on taxpayers with more than three million euros, some 23.000 people, under the...

State Taxes and Residency for expats

State Taxes and Residency for expats

Regardless of where you reside, U.S. citizens and green-card holders living outside the United States are subject to U.S. income tax on their worldwide income. However, you might not realize that you're still considered a resident of your home state and are subject to...

Who is not required to declare U.S. taxes in 2023?

Who is not required to declare U.S. taxes in 2023?

The IRS’ standard deduction thresholds have been upped for 2023, meaning that you may no longer be eligible to pay federal income tax on your earnings. As we approach the end of the year, some will already be looking ahead to 2023 and the upcoming tax season in the...

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