Expert Perspectives

Squire provides complete and personalized accounting solutions to meet your individual needs.

Expert Perspectives

Squire provides complete and personalized accounting solutions to meet your individual needs.

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Category: Tax

categories: Tax

tags: Foreign Income // tax reporting

Foreign Income and Tax Reporting Issues

Article Highlights: Non-Resident Alien Spouse Foreign Rentals Foreign Pensions Foreign Income Exclusion FBAR Statement of Specified Foreign Financial Assets Credit of Foreign Tax Paid Canadian Registered Retirement Savings & Income Plans Reporting Receipt of Foreign Gifts or Bequests Reporting Ownership […]

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categories: IRS // Tax

Owe the IRS Money? How Long Do They Have to Collect?

Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to […]

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categories: Tax

Inheritances Enjoy a Special Tax Benefit

You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if they sell inherited property. When an individual sells property, […]

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categories: Tax

You May Need to File Estimated Tax Payments

Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Employees who will […]

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categories: IRS // Tax

The Tax-Filing Deadline Is Drawing Near

As a reminder to those who have not yet filed their 2021 tax returns, April 18, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate […]

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If You Have a Side Hustle, Be Advised: The IRS is Cracking Down

categories: IRS // Tax

tags: 2022 Tax Season // irs

If You Have a Side Hustle, Be Advised: The IRS is Cracking Down

Article Highlights: Form 1099-K Reporting Threshold Marketplaces Payment Processors (credit and debit cards) Online Service Providers Airbnb and VRBO Delivery and Other Personal Services Business Expenses Record Keeping For several years now, the IRS has required payments made to merchants […]

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Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

categories: Tax

tags: 2022 Taxes // tax credit // Tax Deductions

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers sometimes think provide the same tax benefit, but don’t, are “tax deductions” and […]

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Another Rough Tax Season for IRS and Taxpayers?

categories: Tax

tags: 2022 Tax Season

Another Rough Tax Season for IRS and Taxpayers?

This could be another rough tax season for the IRS and taxpayers. Although this year’s filing season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still has […]

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categories: Tax

Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return

Early in 2021 Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. For […]

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