Tax Advice | TaxGenuity, Inc. - Tax Experts & IRS Problem Solvers

Avoid Refund Delays by Renewing Expiring ITINs Now

by TaxGenuity Tax Experts | Aug 26, 2019 | Tax Advice

ITINs (Individual Taxpayer Identification Numbers) are used by people who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. Under the Protecting Americans from Tax Hikes (PATH) Act, ITINs that have not been...

Higher Ed Institutions Affected by Proposed Regulations

by TaxGenuity Tax Experts | Aug 23, 2019 | Tax Advice

Proposed regulations were issued by the IRS on June 18, 2019, regarding the new 1.4 percent excise tax on the net investment income of certain private colleges and universities. While the new excise tax is estimated to affect 40 or fewer institutions, it applies to...

Two New Tax Scams to Watch out For

by TaxGenuity Tax Experts | Aug 19, 2019 | Tax Advice

Although the April filing deadline has come and gone, scam artists remain hard at work. As such, taxpayers should be on the lookout for scams that reference taxes or mention the IRS, especially during the summer and fall as tax bills and refunds arrive. The two new...

Who Can Represent You Before the IRS?

by TaxGenuity Tax Experts | Aug 16, 2019 | Tax Advice

Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid Preparer Tax Identification Number (PTIN). All enrolled agents must...

Three Tips for Getting an Accurate Business Valuation

by TaxGenuity Tax Experts | Aug 12, 2019 | Tax Advice

If you’re conscientious about financial reporting, you may already have a sense of your company’s worth, but in some instances, you might need a formal business valuation, such as: Certain transactions: Are you selling your business? Planning an IPO? Need...

Tax Deductions for Teachers and Educators

by TaxGenuity Tax Experts | Aug 9, 2019 | Tax Advice

Educators can take advantage of tax deductions for qualified out-of-pocket expenses related to their profession such as classroom supplies, training, and travel. As such, as the new school year begins, teachers, administrators, and aides should remember to keep track...

Credit Reports: What You Should Know

by TaxGenuity Tax Experts | Aug 5, 2019 | Tax Advice

Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help...