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Tax

April 15 Income Tax Filing and Payment Deadlines Extended to July 15, 2020

(a)   The IRS extended the April 15, 2020 filing and federal income tax payment deadline to July 15, 2020. (b)   First quarter estimated tax payments usually due April 15, 2020 are now extended to July 15, 2020. April 15, 2020 filing deadline extended to July 15,2020 (c)   California conforms to the above law.

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Tax

Frequently Asked Questions (FAQs) About International Individual Tax Matters. Source: IRS

1.  I’m a U.S. citizen living and working outside of the United States for many years. Do I still need to file a U.S. tax return?  Yes, if you are a U.S. citizen or a resident alien living outside the United States, your worldwide income is subject to U.S. income tax, regardless of where you live. However, […]

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Tax

2017 Tax Law, § 199A Deduction; 20% Deduction for pass-through businesses

RS provided Frequently Asked Questions (FAQ) § 199A Deduction for Qualified Business Income (QBI) Basic questions and answers on new 20% deduction for pass-through businesses Below are answers to some basic questions about the new 20% deduction for pass-through businesses. Also known as the section 199A deduction or the deduction for qualified business income, the […]

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Tax

2017 Tax Law, § 199A Deduction; 20% Deduction for pass-through businesses

IRS provided Frequently Asked Questions (FAQ) § 199A Deduction for Qualified Business Income (QBI) Basic questions and answers on new 20% deduction for pass-through businesses Below are answers to some basic questions about the new 20% deduction for pass-through businesses. Also known as the section 199A deduction or the deduction for qualified business income, the […]

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Tax

IRS; Must-Know Tips about the Home Office Deduction

If you use your home for business, you may deduct expenses for the business use portion of your home. If you qualify, you can claim the deduction whether you rent or own your place. You may use either the (a) Regular method or (b) Simplified method to determine such deduction. Here are six tips (modified […]

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Tax

SEP-IRA Frequently Asked Questions Provided by IRS

How much can I contribute to my SEP? The contributions (cash only, no other property) you make to each employee’s SEP-IRA each year cannot exceed the lesser of: a) 25% of compensation, or b) $53,000 for 2015. Compensation up to $265,000 in 2015. How much can I contribute if I’m self-employed? The same limits on […]

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Tax

Eight Things Applicable Large Employers (ALEs) Should Know about Information Reporting and Health Coverage Offers

The Affordable Care Act (ACA) requires ALEs to file information reporting returns with the IRS and employees.  ALEs are generally those employers with 50 or more full-time (FT) employees, including FT equivalent employees in the preceding calendar year. The substantial majority of employers are not ALEs, and are not subject to this health care tax provision.  However, […]

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Tax

US Tax Filing Requirements for Persian-Americans living in Iran

If you are a U.S. citizen or a Green Card Holder of the United States and live in Iran, you are taxed on your worldwide Income regardless where you earned it. In addition, you are subject to all the US international tax laws including Foreign Bank Account Report (FBAR),  http://www.zflegal.com/services/report-of-foreign-bank-and-financial-accounts-fbar., Foreign Account Tax Compliance Act (FATCA), see http://www.zflegal.com/services/foreign-account-tax-compliance-act-fatca and other […]

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Tax

Job Search Expenses May be Deductible

Taxpayers often change their job in the summer. If you look for a job in the same line of work, you may take a tax deduction for some of your job search costs. Here are some key tax facts you should know about looking for a new job: Same Job.  Your expenses must be for looking […]

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Tax

Orange County CPA, Zaher Fallahi; What to do about an IRS notice?

Each year the IRS sends millions of letters and notices to taxpayers. Although some people may feel anxious when they receive one, many are easy to resolve. Here’s what to do if you receive a letter or notice from the IRS: 1. Don’t panic. Follow the instructions in the letter. 2. There are many reasons the IRS […]