Previously, the IRS announced that they were testing new expanded criteria for streamlined installment agreements. This expanded criteria allowed previously unqualified taxpayers to qualify for the streamlined process. This test was set to run through September 30, 2017. The IRS has now extended the testing period to run through September … Continued
In a recent Revenue Procedure, the IRS has provided a permanently available simplified method for estates to obtain an extension of time to make the estate tax portability election. The simplified method is only available to estates that are not required to file an estate tax return based on the … Continued
Oklahoma Senate Approves Tax Amnesty Program
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If signed by the Governor, individuals who contact the Oklahoma Tax Commission after September 1, 2017 and before November 30, 2017 can make arrangements with the O.T.C. to pay the principal portion of taxes owed and a small user fee in exchange for a automatic waiver of penalties and interest. … Continued
Qualified Charitable Distributions
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The tax code permits “qualifying charitable distributions” from traditional IRA or Roth IRA accounts to be excluded from gross income. It is a powerful incentive to charitable giving, and through the use of life insurance, the ultimate amount the charity receives can be substantially increased. What is a “qualifying … Continued
Year End Tax Planning for Businesses for 2016
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Several significant tax law changes took effect in 2016 that may affect your business’s federal tax filings in 2017. As the year draws to a close, we should review these changes, as well as your business’s projected taxable income or loss to see what actions might be appropriate before year … Continued
Year End Tax Planning for Individuals for 2016
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While little happened in the way of tax legislation in 2016, there are certain tax breaks from which you may benefit and certain strategies that can be employed to help minimize taxable income and your federal tax liability. For 2016, the top tax rate of 39.6 percent will apply … Continued
The site’s homepage features an uncluttered design and our newly designed logo. We wanted to make the new website faster, easier to navigate, and more user-friendly. As a leader, it’s important for us to make information regarding tax and legal issues, estate planning and business trends easily accessible for … Continued
Permanent Extension of Section 179 Expensing and Modification of Amounts Eligible for Expensing One of the biggest wins for businesses is the permanent extension of the small business Code Sec. 179 expensing limitation and phase-out amounts in effect from 2010 to 2014 of $500,000 and $2 million, respectively. Both the … Continued
Taxpayer Who Didn’t Meet Common-Law-Marriage Test Had to Use Single Filing Status While a taxpayer satisfied four of the five elements of Oklahoma’s common-law-marriage test, there was no evidence that he and his live-in girlfriend held themselves out as married in any formal settings and, thus, his filing status was … Continued