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Author Archive for Brian Whelan

bwhelan

Tax reform proceeds to possible summer enactment

Tax reform proceeds to possible summer enactment Lawmakers continue to debate comprehensive tax reform, aiming for a package to clear Congress and signed into law by the President before summer. At the same time a “mini” tax reform package in an Affordable Care Act (ACA) repeal and replacement plan appears to have stalled in Congress. […]

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bwhelan

Lack of contemporaneous written acknowledgement nixes donation

Lack of contemporaneous written acknowledgement nixes donation In a case that provides a lesson to anyone donating property to charity for which a deduction of more than $500 is claimed – get proof in writing and get it at the time you donate the property. After-the-fact substantiation, no matter have convincing, is not acceptable under […]

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bwhelan

FAQ…What are miscellaneous itemized deductions?

FAQ…What are miscellaneous itemized deductions? Miscellaneous itemized deductions are certain nonbusiness expenses that individuals as taxpayers who otherwise itemize deductions may take against their taxable income. Such miscellaneous expenses are allowed only to the extent that they exceed 2-percent of a taxpayer’s adjusted gross income. Miscellaneous itemized deductions may also be limited by the overall […]

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bwhelan

April 2017 tax compliance calendar

April 2017 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of April 2017. April 1 Individuals. Taxpayers who turned 70½ during […]

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bwhelan

Filing season begins; IRS warns of refund delays

Filing season begins; IRS warns of refund delays The 2017 tax filing season launched on January 23. The IRS predicted a few speedbumps for taxpayers, especially for taxpayers who file early in anticipation of early refunds. The agency expects to receive more than 150 million individual income tax returns. The vast majority of individual income […]

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bwhelan

Filing season launches January 23; some refunds may be delayed

Filing season launches January 23; some refunds may be delayed The individual income tax filing season opens on January 23, 2017, the IRS has announced. The IRS also reminded taxpayers that the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) (P.L. 114-113) may impact certain refunds in 2017. Filing season launch The IRS will […]

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