The IRS processed more than 128 million returns and issued some 97 million refunds without hitting any major roadblocks by the end of the filing season. As in past years, the vast majority of returns were filed electronically. Likewise, most…
The Treasury Department is to undertake a review and re-evaluation of tax regulations issued by the IRS since January 1, 2016. President Trump signed an Executive Order 13789 (“Identifying and Reducing Tax Regulatory Burdens”) ordering this action in later April,…
By: Ronald S. Zweig, CPA, Partner – Warady & Davis LLP and Registered Investment Advisor with RS Zweig Financial Advisors LLC Being smart about your taxes isn’t just about making good decisions when you file. While you have your tax…
Submitted By: Ronald S. Zweig, Registered Investment Advisor, CPA, Partner, Warady & Davis LLP. www.rszfinancialadvisors.com When it comes to your financial resolutions this year (and beyond), use these tips to actually keep and reach your goals. Turn Dream into Goals…
Following President Trump’s promise to move quickly on tax code changes, the three major indexes booked fresh records. The White House and lawmakers from both parties have discussed tax cuts, infrastructure spending, and more to encourage economic growth. However, the…
The IRS has released the 2017 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The…
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.…
Every four years, Congress returns to work after a summer recess and is overshadowed by the looming presidential election. This year is no exception with taxpayers and lawmakers focused on Election Day, November 8. In the meantime, however, lawmakers have…
Preserving and managing wealth requires addressing a number of major issues. These include saving for your children’s education and funding your own retirement. Juggling these competing demands is no trick. Rather, it requires a carefully devised and maintained wealth management…
The IRS recently released its Spring 2016 Statistics of Income (SOI) Bulletin containing a treasure-trove of useful information. The bulletin contains data gleaned from more than 148 million individual income tax returns filed for the 2014 tax year (TY). The…
Election-year politics continue to dominate legislative action this year as both parties lay down policy agendas for 2017 and beyond. As expected, Congressional party leaders are offer competing plans on how to reform the US tax system and to promote…
The 2016 filing season has closed with renewed emphasis on cybersecurity, tax-related identity theft and customer service. Despite nearly constant attack by cybercriminals, the IRS reported that taxpayer information remains secure. The agency also continued to intercept thousands of bogus…
Passage of the “Tax Extenders” undeniably provided one of the major headlines – and tax benefits – to come out of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law on December 18, 2015. Although…
Both Congress and the White House want to increase access, coverage and participation in retirement savings plans. A recent study indicates that a majority of American households may not be able to maintain their standard of living after retirement and…
Tweaks to enhanced Code Sec. 179 expensing and the high-dollar health care excise tax are two proposals in President Obama’s fiscal year (FY) 2017 budget that could become law before the end of his term. President Obama released his FY…
In recent years, identity theft has mushroomed and during the filing season, tax-related identity theft is especially prevalent. Identity thieves typically file fraudulent returns early in the filing season, before unsuspecting taxpayers file their legitimate returns. Criminals gamble that the…
As the 2016 filing season gets underway, many individuals will be receiving new information returns from their employers and/or health insurance providers. The information returns reflect new reporting requirements put in place by the Affordable Care Act. Some taxpayers will…
Going into the 2016 filing season, the IRS has additional monetary resources to improve customer service and cybersecurity along with curbing identity theft. The fiscal year (FY) 2016 omnibus spending bill approved by Congress and signed into law by President…
CEO’s do it; athletes do it; in fact, anyone who needs to be able to achieve a certain level of performance in order to achieve a specific goal constantly assesses where they are in relation to where they want to…
The state of Illinois is no longer sending out the vehicle sticker reminder letters (see the link below for state website). However, you can sign up to receive electronic reminders via e-mail, which may allow you to avoid having to…
