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

Delinquent Tax Debts Could Affect Passport Renewal

by TaxGenuity Tax Experts | May 25, 2019 | Tax Advice

As a reminder, individuals with “seriously delinquent tax debts” are subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in...

Credit for Plug-in Electric Vehicles Winds Down

by TaxGenuity Tax Experts | May 20, 2019 | Tax Advice

The tax credit available for purchasers of new General Motors plug-in electric vehicles begins phasing out on April 1, 2019. The phaseout was triggered because General Motors, LLC has sold more than 200,000 vehicles eligible for the plug-in electric drive motor...

Identity Theft and Your Taxes

by TaxGenuity Tax Experts | May 15, 2019 | Tax Advice

Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. It presents challenges to individuals, businesses, organizations and government agencies, including the IRS. Learning that you are...

Tips for Getting Paid on Time

by TaxGenuity Tax Experts | May 10, 2019 | Tax Advice

Have you found that collecting on your accounts receivables has become more challenging? If so, strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. While some tips discussed here...

What to Do if You Missed the Tax Deadline

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

Monday, April 15, 2019, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2018 tax return yet, it’s not too late. First, gather any information related to income and deductions for the tax years for which a return is...

Fringe Benefit Deductions Change; Affect Business

by TaxGenuity Tax Experts | Apr 30, 2019 | Tax Advice

The Tax Cuts and Jobs Act included a number of tax law changes that affect small businesses such as deductions for fringe benefit, which can affect both a business’s bottom line and its employees’ deductions. Here’s a summary of what these are:...

Don’t Delay: Late Filing and Late Payment Penalties

by TaxGenuity Tax Experts | Apr 28, 2019 | Tax Advice

April 15 was the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you missed the deadline (for whatever reason), you may be assessed penalties for both failing to file a tax return and for failing to...