Did you know that a gain on real or depreciable business property held for more than one year is taxed at the lower capital gains tax rate versus the rate for ordinary income. This is known as a Section 1231 Gain. If the sold property was held for less than one year, the 1231 gain […]
Beware of IRS phone scams during tax season!
Be aware of phone calls from criminals posing as IRS agents, especially during tax season. They will try to steal your money, as well as your identity. Here are some tell-tale signs that someone is trying to scam you, as well as some helpful tips from the IRS on what to do if you receive […]
IRS Launches Identity Theft Central
In an effort to improve online access to information on identity theft and data security protection for taxpayers, tax professionals and businesses, the IRS has recently launched Identity Theft Central. This great new resource offers helpful information, how to report identity theft, signs you may have had your identity stolen, and how you can protect […]
IRS extends filing and tax payment deadline!
The Treasury Department and Internal Revenue Service recently announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This […]