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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.

US Green Card holders & IRS issues: Why they can be so tricky

US Expatriates have rights been garnering a tremendous amount of attention towards the ridiculously complicated tax compliance regime they are subjected to. We like to think we are somewhat responsible. But one group - US Green Card holders - officially known as US Permanent Residents, often have more difficult problems. And, because they aren’t US citizens and can not vote, have little recourse. This is not a good thing for the country as we explain.

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.

How the US government miscarries justice: Inside the Ty Warner tax evasion case

In cases of tax evasion, cynics will point out that courts adjudicating the law are often less concerned with providing justice, and more concerned with making an example out of the accused. The government’s prosecution of Ty Warner – the international billionaire, creator of “Beanie Babies”, and philanthropist - is an example of the court providing unreasonably harsh treatment to a public figure, for the sake of admonishing the public to pay their taxes.

A look inside: The Taxpayer First Act of 2018

A new bill, The Taxpayer First Act of 2018 has bipartisan support and it is making its way through Congress. We expect it to pass. While there are some helpful items in the bill, many of them are rehashed ideas that failed, or lack any concrete metric for success. We expect money to be spent, but leading to nothing positive. Yet there is some good. So let's get to it.

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.

Join the effort --- sign these petitions for much needed fixes to tax reform!

Complaining about the overly complicated US tax code doesn't actually help all that much. Action is needed. Fortunately, Republicans Overseas have announced three separate efforts to bring helpful tax reform for all Americans. Read on to learn how you can be part of the effort to make the US tax code less onerous on all of us.

What didn't make it into tax reform

The Tax Cuts and Jobs Act of 2017 has passed, we are currently going through the new tax code to create a guide that will be out in a few weeks. Until then we will update with a few brief snippets, like today's article in which we will discuss the things that at one point looked like they would make it into the final tax reform bill but did not.

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.

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