Solar energy credit for residential 2
SEC 25C refers to the $500 home or residential energy efficient credit expired after 2016. Sec 25D refers to the solar electric and solar water heating systems residential energy efficient…
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Visa applicants may soon be required to submit social media details
“Applicants for diplomatic or official visas will be exempt from the proposed revised questions.” ON March 30, 2018, the Department of State published in the Federal Register its…
OIC basics: Series 1
STARTING March 27, 2017, new applications for offer in compromise (OIC) plus the application fee will be returned by the IRS if all required income tax returns are not filed…
What to do when the IRS contacts you
WHAT you need to do when you received a call or notice from the IRS? Below are some tips that you should be aware of: • Revenue Officer (RO) observes…
Exclusion of gain from sale of home
“Any use use other than as your principal residence is nonqualified use. This includes vacation home, renting it out, vacancy and allowing someone’s living in it.” (Part 1) You may exclude…
Solar energy credit for residential
A SOLAR electric residential property to be qualified for the credit must meet the following requirements: 1. Costs paid must be for qualified for solar electric property. 2. Qualified solar…
FATCA reminder for US persons
THE Foreign Account Tax Compliance Act (FATCA) requires foreign financial Institutions and other non-financial foreign entities to report on the foreign assets held by their U.S. account holders or be…
Death of a taxpayer
Part 1 WHAT you need to know when your loved one dies or when you die? What is meant by Final Form 1040, filing of Form 1041 and Form 706?…
What you need to know about pretax plans
THE only means an employer can offer employees between taxable and nontaxable benefits is through section 125 plan. What are a section 125 plan, a cafeteria plan, and the IRS…
California updates: Part 1
Audit Issues: If you claim deductions for medical expenses, charitable contributions, and employee business expenses in Schedule A of your Federal Form 1040 do not be surprised if you received…
Federal tax update part 2: 2017 and 2018 H.R.1
2017 versus 2018 tax rates: individual income tax rates in 2017 in percentage are 10, 15, 25, 28, 33, 35, and 39.6. The 2018 rates in percentage are 10, 12,…
California tax rates and exemptions for 2017 tax returns
AMOUNTS for tax returns in 2017 are compared with amounts in 2016. Exemption credits: a. $114 from $111 – Single, Married filing separately, Head of Household. b. $228 from $222…
Federal tax update for 2017 tax returns
2017 versus 2018 tax rates: individual income tax rates in 2017 in percentage are 10, 15, 25, 28, 33, 35, and 39.6. The 2018 temporary tax rates percentage are 10,…
2017 guide for rental property owners and managers
THE bills described in this Rental Property Owner and Mangers Guide are rental housing related bills that were signed into law in 2016 and become effective January 1, 2017 unless…
Penalty relief: How to establish reasonable cause
PENALTY could still be relived even if you fail to file your tax returns and pay taxes owed if you have reasonable cause. How to establish reasonable cause • Facts….
Deliquent tax debt could mean revocation of your passport
BEGINNING January 2018, the IRS will start certification of individuals with delinquent tax debt to the State Department. How will the IRS certification impacts you? • Upon receipt of certification….
OIC Basics: Series 3
SERIES 1 we talked about the factors you need to consider before you decide choosing OIC, and meeting the compliance requirements before proceeding. Series 2 we explored on what you…
Delinquent tax debt could mean revocation of your passport?
BEGINNING January 2018, the IRS will start certification of individuals with delinquent tax debt to the State Department. How will the IRS certification impacts you? • Upon receipt of certification….
Tips to remember when you owe the IRS: Series 2
” If you cannot pay your tax liability in full, request for an installment agreement.” IF you cannot pay your tax liability in full, request for an…
Penalty relief: How to establish reasonable cause
PENALTY could still be relived even if you fail to file your tax returns and pay taxes owed if you have reasonable cause. How to establish reasonable cause • Facts….
OIC Basics: Series 2
IN series 1 we talked about the factors you need to consider before you decide choosing OIC, and meeting the compliance requirements before proceeding. If your offer is accepted, congratulations!…
OIC Basic 1
BEGINNING on March 27, 2017, new offer in compromise (OIC) applications plus fee will be returned by IRS if all required income returns have not been filed unless there is…
Delinquent tax debt could mean revocation of your passport?
BEGINNING January 2018, the IRS will start certification of individuals with delinquent tax debt to the State Department. How will the IRS certification impacts you? • Upon receipt of certification….
Penalty relief: How to establish reasonable cause
PENALTY could still be relived even if you fail to file your tax returns and pay taxes owed if you have reasonable cause. How to establish reasonable cause • Facts….
Deliquent tax debt could mean revocation of your passport
Beginning January 2018, the IRS will start certification of individuals with delinquent tax debt to the State Department. How will the IRS certification impacts you? • Upon receipt of certification….
Tips to remember when you owe the IRS
Tips to remember when you have outstanding tax liability to the IRS: • Receipt of tax bill. If you receive a bill for taxes due, pay the taxes owed including…
Why do you need to file your past due return?
FILE your past due returns even if you cannot pay in full your . And file the returns the same way you file if you file on-time. Let me tell…
What to do when the IRS contacts you
WHAT you need to do when you received a call or notice from the IRS? Below are some tips that you should be aware of: • Revenue Officer (RO) observes…
Consumer alert tips: The IRS is calling or at your door
DO not get scammed. Scammers may impersonate in person, through phone call, or e-mail, and pretend themselves as IRS agent or representative. Remember that the IRS: • Will first mail a…
Sale of real property outside of the US
PART 1 U.S. itizens re enerally taxed on their worldwide income regardless of where the income is earned or received. Facts • US Citizen sold residential property outside of U.S. • Property is…