Benjamin Consulting PLLC

With more tax rate thresholds to keep in mind, year-end tax planning for investments is especially complicated in 2018. Find out what your rate might be for short- and long-term capital gains, dividends (whether qualified or not) and the NIIT. Contact us for more details!

Business tax identity theft occurs when a criminal uses the identifying information of a business to obtain tax benefits or to enable individual tax identity theft schemes. The IRS has seen a sharp increase. Here are some red flags & prevention tips to help protect your business.

Kids back in school, the days getting shorter, pumpkin spice everything. It must be fall! For businesses, that means it’s time to begin year-end tax planning. It’s also time to think about the fourth quarter 2018 filing deadlines. bit.ly/2CSd41H

The Government Accountability Office (GAO) says the IRS could take additional steps to leverage its system for detecting and preventing the issuance of invalid tax refunds. Read the full report here: bit.ly/2PbBaLu

While it still feels like summer across most of the country, fall is almost here and students are returning to school. For many teachers, that also means the return of out-of-pocket classroom expenses. Fortunately, they can enjoy a tax deduction for so ... bit.ly/2CSd41H

Damages that a taxpayer receives in a settlement for physical injury or illness can generally be excluded from taxable income. In a new case, a settlement payment was received by a taxpayer for employment discrimination, so the U.S. Tax Court ruled it must be included in income.

Taxpayers often must provide IRS tax forms to lenders, colleges and other third parties for nontax purposes. To better protect taxpayer data, the IRS has announced a new format for online individual tax transcripts that will redact personally identifiable information.

In a new case, the U.S. Tax Court upheld penalties against a taxpayer for not filing tax returns on time. He filed an extension for 2 years and filed his returns 3 days after the extended due dates. The tax code imposes an addition to tax for failing to timely file a return.

For those who enjoy gambling as a hobby, as a professional or only on occasion, be sure you understand the tax hand you've been dealt. The TCJA could make the consequences a little different from last year. Contact us for more details: bit.ly/2CSd41H

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation. But not all businesses are eligible, and S corps may not be quite as attractive from a tax perspective as they once were. bit.ly/2CSd41H

Have you heard those TV commercials touting that delinquent taxpayers can pay the IRS a fraction of what they owe? It’s generally not that simple. Under the “Offer in Compromise” program, taxpayers can propose amounts to settle federal tax debts.

When individuals enroll to receive health coverage through the health insurance marketplace they may be eligible for advance payments of premium tax credits. Advance credit payments are paid to an insurance company on taxpayers behalf to lower the out-of-pocket cost for premiums

The IRS ruled that money received due to attorney malpractice wasn’t gross income. In a private letter ruling, the IRS considered a taxpayer’s claim regarding a bankruptcy estate. The taxpayer lost a nonbusiness wrongful death lawsuit, and then sued the insurance company.

If you requested an extension to file your 2017 tax return, be aware that Monday, October 15, is generally the deadline. This applies to people who, instead of filing their tax returns back in April, requested an extra six months to file their 2017 returns on IRS Form 4868.

The IRS has launched another “paycheck checkup” campaign due to the tax law changes that kicked in this year. “A summertime check on tax withholding is critical for millions of taxpayers who haven’t reviewed their tax situation,” the IRS said.” bit.ly/2OpYc0N

Will Congress again extend breaks for mortgage insurance premiums, mortgage debt forgiveness and college tuition? Even if it doesn’t, you may still be able to benefit on your 2017 return. bit.ly/2CSd41H

The availability of the cash method of accounting for tax purposes has been expanded by the TCJA. If your business is currently using the accrual method, it might be time for a change. bit.ly/2CSd41H

Disaster victims in California may qualify for tax relief. The IRS announced that the victims of wildfires & high winds in California’s Shasta County have more time to make various tax payments and file returns. Find out more about the CA tax relief: bit.ly/2vTJBmX.

The IRS has updated automatic accounting method changes to reflect the Tax Cuts and Jobs Act. Revenue Procedure 2018-40 provides procedures by which a small business taxpayer may obtain automatic consent to change its method of accounting to a new method established under TCJA.

The IRS issues FAQs on the qualified business income (QBI) deduction (also called the pass-through or Sec. 199A deduction). In frequently asked questions (FAQs), the IRS describes the basics of the deduction. Read the FAQs on Sec. 199A here: bit.ly/2vwgkPx