by hoodlawkc | Tax Planning
In the 2017 Tax Cuts and Jobs Act, Congress limited the deductibility of (1) state and local, and foreign, real property taxes; (2) state and local personal property taxes; and (3) state and local and foreign income, war profits and excess profits taxes to a cap of...
by hoodlawkc | Tax Planning, Business Planning
Tax deductions are a matter of legislative grace, and failure to comply with substantiation requirements can have dire consequences. One family in El Paso discovered this harsh reality after an audit of their 2012 and 2013 taxes. Mrs. Baca is a W-2 employee of a bank...
by hoodlawkc | Tax Planning
A lot of our friends and clients here in the Kansas City area send their children to private schools and pay dearly for the privilege. According to privateschoolreview.com, the average yearly tuition for elementary school is over $6,000, and the average for high...
by hoodlawkc | Tax Planning
More than ten thousand virtual currency owners will receive letters from the Internal Revenue Service reminding them of their tax reporting requirements. Three variants will be sent: Letter 6173 appears to be addressed individuals who buy, sell and trade...
by hoodlawkc | Tax Planning
In a recent decision, the failure of the IRS to follow its internal procedure as set forth in its Internal Revenue Manual for IRS revenue agents and/or revenue officers, does not negate the assessment of FBAR (Report of Foreign Bank and Financial Accounts)...
by hoodlawkc | Tax Planning, Tax Law
Looking for ways to zero out your Flex Spending Account at year-end? The IRS may have a way to help. In a Private Letter Ruling, the Service recently decided to allow the deductibility of at least portion of DNA test kits from providers like 23andMe and MyHeritage....
