Tax Warrior Chronicles

IRS OFFERS PENALTY AND FILING RELIEF ON TRANSITION TAX

Posted on Fri, Jun 08, 2018

By: Yi Yang, CPA, MBA

 

Since our last post on the mandatory Section 965 Transition Tax, the IRS has provided additional guidelines on the reporting procedures for 2017 tax returns.  In today’s post, we’ll delve deeper into the guidelines and learn how you may secure some penalty and filing relief.

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Tax Reform Update: Interest on Home Equity Loans Often Still Deductible

Posted on Thu, Mar 01, 2018

By: Rosalind W. Sutch, CPA, MT

 

On February 21, 2018, the IRS released IR-2018-32 where it clarified that, in many cases, taxpayers can continue to deduct interest paid on home equity loans under the recently enacted Tax Cuts and Jobs Act (TCJA).  If you have or are contemplating taking out a home equity loan or line of credit, read on to see how you may be affected by TCJA.

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Philadelphia Tax Update - Fall 2012

Posted on Mon, Dec 10, 2012

October was a busy month for City Council as Philadelphia lawmakers introduced a slew of proposed legislation, much of which aims to increase revenue collections for the city.  What this usually means for Philadelphians are rising business or property tax rates, expanded commercial licensing requirements, or a repeal of the most particularly useful credits.  However, the proposals this year are rather different. Focusing on delinquent taxpayers, the new legislation proposes to lower interest and penalty rates on unpaid taxes, along with other measures, to encourage payment of overdue tax bills.

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