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The IRSMedic MasterGuide to 2019 Federal Tax Table, Rates, and Brackets

Everyone needs to pay tax of one kind or another, so we’ve created a comprehensive guide to most of the ways the IRS and your state will charge taxes to you. From federal tax brackets and standard deductions to corporate, estate, and gift taxes, we’ll share the latest information from the IRS and state agencies on what you’ll need to pay.

Tax Reform: What is the Tax Cuts and Jobs Act and What it Means to Your Business

The Tax Cuts and Jobs Act (TCJA) is a major piece of legislation voted into law as a tax reform in 2017. The changes introduced by the TCJA affect many aspects of how individuals and businesses report on, file, and pay federal income taxes from 2018 and onward. In this guide, we’ll explore the specific changes that businesses need to make so stay compliant with federal legislation and IRS guidelines.

What Federal Tax Credits are available? Here's the definitive list of what's old and new.

Tax Reform was poised to eliminate many Federal Tax Credits and create new ones. And now that the smoke has cleared, we are able to see which tax credits survived, and which ones have been modified, and which ones have been added and will be available for tax years 2018 and going forward.

2018 IRS tax brackets and tax rates for individuals and business

The Tax Cuts and Jobs Act of 2017, otherwise knows as Tax Reform reduced the amount of tax brackets for individuals and lowered the rates. Tax reform reduced the corporate tax rates to one flat rate. Find out how much you can expect to save with the new federal tax table.

The incredible things we’ve learned as OVDP lawyers

Our work as Offshore Voluntary Disclosure Program (OVDP) attorneys is rewarding. Working with our dynamic clients, getting to know them, their families, while doing our best to mitigate the risk and damage the IRS intend to cause --- we feel great because the work we do is incredibly consequential.

Will bankruptcy get rid of IRS tax debt?

Many people ask us whether or not you can use bankruptcy to resolve back tax debt with the IRS. The answer is... yes! Let's take a look at the different types of bankruptcies available to taxpayers, along with some of the advantages and disadvantages of each.

FATCA Compliance: Form 8938 Filing Deadlines

Trying to simplify information from the IRS can be quite a challenge; we've decided to take FATCA head on and make it as easy as we can for you to understand. If you need to file Form 8938, "Statement of Foreign...

6 Myths about the Offer in Compromise Program

Here's a fact for you: the IRS Offer in Compromise program has helped tens of thousands of US taxpayers get out from under crippling tax debt. As a tax attorney, that's the kind of resolution that I like to see. Unfortunately, thanks to misinformation on late night TV ads, various internet ...

Why did an IRS Revenue Officer show up at my business? At my home?

There are fewer Revenue Officers collecting in the field then there were ten years ago because the IRS Field Collections' budget has been slashed. This means that if your case was assigned to a Revenue Officer, the IRS believes that your tax delinquency is one of the most severe.

Is the IRS restricting passports?

In what looks like a certainty to be passed into law, the House and Senate have separately passed versions of a highway bill that includes the necessary language to restrict the passports of those owing over ...

Do you qualify for the IRS Fresh Start Program?

Believe it or not, the IRS Fresh Start Program actually offers some benefits! We've used this initiative to help individuals and small businesses around the country and the world settle their an IRS probem. But who qualifies and for what exactly? Read this article to learn what you need to know about the IRS Fresh Start Program.

Thinking of Getting Your LLC Taxed as an S Corporation? Here’s How to Stay Legal and Compliant

Business owners who run a Limited Liability Company (LLC) can reduce the tax they pay to the IRS by choosing to be treated as an S Corporation. Known as an “S Corporation Election,” this changes the tax status of your business. It makes you a different type of “tax entity” meaning you need to report on, file, and pay your taxes in a different way. We’ll explain the changes you need to make to stay compliant with IRS rules and the tax code, so you can avoid unpleasant penalties.

How long should you keep your tax records?

The IRS website has a page that claims to answer this question. But how accurate is this information? Are there things the IRS forgets to mention? Is there advice the IRS gives that could lead to disaster? In this article we will discuss what the IRS gets right and what it completely misses and how this misdirection could prove quite consequential.

The Wash Sale Rule and Cryptocurrency

When you sell a capital asset, the difference between the adjusted basis in the asset and the amount you realized from the sale is a capital gain or a capital loss. Selling a security at a lower price than it was purchased qualifies as a capital loss. That is, however, unless you repurchase the same stock or security within 30 days (well technically 61-day window). These sorts of sales are considered wash sales, and they are excluded from the capital loss deduction allowance. So the question is, does the same rule apply to cryptocurrencies? The answer is most likely not. In this article we will explain our reasons why.

How you can avoid being charged with a Federal Tax Crime

Did you know that --- that in theory --- it is actually fairly hard for the US government to get a tax evasion conviction. However, because so many practitioners don't fully understand how the system works, they mistakenly have their clients fall into the same old trap year after year. In this article we will explain how you can avoid the mistakes of others.

Desperate for revenue, Connecticut DRS makes a bold move sending notices to Newegg customers

If you're a Connecticut resident, chances are you've been shortchanging the State Treasury each year when you file your state income tax return, most likely without even realizing it. With the increasing ubiquity of the online marketplace and the convenience that online shopping offers, many have turned to the internet to buy all manner of goods and services. The fact that many online retailers do not charge sales tax on purchases is seen by many to be an extra incentive to shop online. However, what many do not realize is that just because your go-to online store doesn't charge you sales tax doesn't mean that you're off the hook for paying taxes. Connecticut law requires you to self-report the purchase and pay use tax in lieu of sales tax. For years, many have flouted this requirement with little to no consequence, as means of effective enforcement simply did not exist. However, this week the Connecticut DRS made waves by sending out use tax assessments for prior years to customers of at least one online retailer: Newegg.com.

You don't need tax reform to find insane tax rates

With tax reform in the news, the media has found an interest in various absurdities the new law will create. For instance, with an progressive higher tax rates and a phase out of deductions, those who earn just over a million dollars have an effective marginal tax rate of 100%. But this outrage speaks to an unfortunate ignorance of our current tax code. For there are far greater outrages that are currently the law. In this article I will explain one of them --- how it is possible to be taxed when you have a loss.

2017 Tax reform updates: The winners and losers so far

H.R. 1, "the Tax Cuts and Jobs Act" which is the first draft of the 2017 Tax Reform bill fulfills some of the promises made by Republicans. However, it has got some weak points. In this article I will analyze the major benefits and the drawbacks of the latest tax reform package.

Why I stopped worrying about my tax practice and learned to love Trump’s tax plan

With the news that the Senate will allow a ratification of tax reform on a simple majority vote, there exists a larger than 50% chance that tax reform will pass this year. Loaded with stress and anxiety? I suppose I should be suffering these ailments as well, but I am not. I suppose I should join many large players are who actively fighting against reform because they fear a simplified tax code will reduce the need for their services. But I won’t. Why?

Hedge Fund taxation - why state tax hikes are a bad idea if prosperity is your goal

Anthony and I had the opportunity to speak to Bruce McGuire, the Founder and President of the CT Hedge Fund Association, and also the managing partner at Global Alpha Research. He helped us to understand just how much Hedge Fund investors benefit Connecticut's economy.

IRS Updates for those affected by Hurricanes

Hurricane Harvey wreaked havoc on Texas. Now, Hurricane Irma is threatening Florida. The IRS is offering assistance to those in the affected areas.

What is the Carried Interest Loophole?

There is actually no such thing as the Carried-Interest Loophole. Try as one might, it is impossible to find a special tax rule that allows Hedge Funds and Hedge Fund managers to take advantage of the US tax code in a way that no other investor can. In this article we will explain the rules, and why any attempts at closing the non-existent loophole would necessitate the removal of long terms capital gains treatment --- something that is completely infeasible.

How Federal Tax Amnesty Programs work

IRS problems can sneak up on anyone. But not everyone's circumstances are the same. When solving a tax problem, the best option for your neighbor might not be the best option for you. In this article, we are going to go over some of the tights spots Americans get themselves into each year and the best federal tax amnesty programs for each situation.

FATCA repeal and tax reform updates with Solomon Yue

We were joined by Solomon Yue -- an integral force behind the effort to repeal the Foreign Account Tax Compliance Act (FATCA). We wanted to check in with Solomon to find out what progress has been made since the hearing.

The Pomerantz FBAR victory -- for now

FBAR penalties cannot be collected like regular taxes. In order to enforce collections, a civil judgement is required. The IRS civilly assessed Mr. Pomerantz FBAR willful penalties and interest on unreported accounts. Things did not go well for the government

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