Tax Talk

Our thoughts and prayers go out to all the north-easterners in the country who are battling hurricane Sandy. Please, take care of yourselves.

There are more than 30 different tax breaks set to expire at the end of 2012. Nearly everyone will be effected if the credits are not renewed. If the credits are not renewed everyone will pay more income taxes, and workers will bring home a little less money in each paycheck. Groups that will be […]

The IRS has been working with the Treasury Inspector General for Tax Administration (TIGTA) to make improvements to the tax system in 2019. The plan is that working together they will be able to find ways to prevent erroneous payments to taxpayers who incorrectly or fraudulently claim refundable credits that they are not entitled to. […]

It is now preparer tax identification number (PTIN) renewal season. Please renew your PTIN by the end of the year. Before you begin the PTIN requirements process, be sure to review the list of information you will need for getting a PTIN. Logging Into Your Online Account You will notice some changes when you log […]

For the upcoming tax year the annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012. Any monetary, or tangible gift with FMV, of less 14 thousand dollars does not require a gift tax return to be filed nor is the recipient required to pay taxes on that gift, so let’s […]