Tom Hodge CPA

Collection of blog posts on taxation & accounting topics.

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Tax deadlines are getting closer! Partnership and S. Corporation income tax returns are due on Monday, September 16, 2019, for 2018 income taxes. Please note this valid for companies that t…

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IRS giving millions a pass on penalties for 2018 underpayment

Important info for anyone who was assessed a penalty for underpayment of withholding on your 2018 individual income tax returns.

CNBC: IRS giving millions a pass on penalties for 2018 underpayment. https://www.cnbc.com/2019/03/22/irs-giving-millions-a-pass-on-penalties-for-2018-underpayment.html

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S Corps and Partnership 2017 taxes are due Friday, March 15, 2019 Unless You File For An Extension

S Corps and Partnership 2017 taxes are due Friday, March 15, 2019 Unless You File For An Extension

  The first of March brings thoughts of spring warmth (and showers) but for some of you, it means a tax deadline is only 2 weeks away. If you file a Form 1065 (Partnership) or 1120S (S Corporation), your tax return is due on Friday, March 15, 2019, for the 2018 tax year.

Please note you can file a 6-month extension of TIME TO FILE. However, if you believe any tax will be owed by your business,…

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From Fox Business: 15 tax deductions for the self-employed

Fox Business: 15 tax deductions for the self-employed.

Good info for the self-employed.

https://www.foxbusiness.com/personal-finance/15-tax-deductions-for-the-self-employed

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It's Tax Season. Watch Out for These 3 Signs of a Tax Scam

It’s Tax Season. Watch Out for These 3 Signs of a Tax Scam

Be aware of potential tax scams! This article explains some of the signs of scammers.

The Motley Fool: It’s Tax Season. Watch Out for These 3 Signs of a Tax Scam. https://www.fool.com/retirement/2019/02/03/its-tax-season-watch-out-for-these-3-signs-of-a-ta.aspx

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5 Often Overlooked Tax Strategies as You Approach Retirement

Good advice if you’re close to retirement.

Kiplinger’s Personal Finance: 5 Often Overlooked Tax Strategies as You Approach Retirement. https://www.kiplinger.com/article/retirement/T055-C032-S014-5-often-overlooked-tax-strategies-for-retirement.html

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Big tax-law changes, IRS understaffed so expect big surprises this tax season

The Mercury News: Q&A: Big tax-law changes, IRS understaffed so expect big surprises this tax season. https://www.mercurynews.com/2019/01/27/qa-big-tax-law-changes-irs-understaffed-expect-big-surprises-this-tax-season/

We were already dealing with the new tax laws and additional changes, plus additional requirements for Head of Household status. Please send your papers to your preparer early.

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New federal income tax brackets 2019: How much am I paying in taxes?

Business Insider: New federal income tax brackets 2019: How much am I paying in taxes?. https://www.businessinsider.com/new-federal-income-tax-brackets-tax-calculations-2019-1

Here’s a preview of what your 2019 taxes will be (returns for 2019 are due in 2020)

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A good summary. The 10 tax law changes that will most affect your 2018 personal return

MarketWatch: The 10 tax law changes that will most affect your 2018 personal return. https://www.marketwatch.com/story/the-10-tax-law-changes-that-will-most-affect-your-2018-personal-return-2019-01-22

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IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together

IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together. https://www.forbes.com/sites/anthonynitti/2019/01/19/irs-publishes-final-guidance-on-the-20-pass-through-deduction-putting-it-all-together/

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Treasury releases filing-season shutdown plan for IRS

Good to read the IRS help lines will be open soon.

The Hill: Treasury releases filing-season shutdown plan for IRS | TheHill. https://thehill.com/policy/finance/425473-treasury-releases-filing-season-shutdown-plan-for-irs

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Motley Fool: 2019 Tax Refund Schedule: When the IRS Will Pay You Back

Motley Fool: 2019 Tax Refund Schedule: When the IRS Will Pay You Back. https://www.fool.com/taxes/2019/01/11/2019-tax-refund-schedule-when-the-irs-will-pay-you.aspx

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2019 Tax Season To Begin January 28th

2019 Tax Season To Begin January 28th

Yesterday, the IRS announced the 2019 Tax Filing Season will begin on Monday, January 28, 2018. This means individual tax returns can be filed beginning on that date. The IRS News Release can be found here.

Do you need help filing your 2018 taxes?  Please fill out the following form and we can discuss your situation.

Cheers!

Thomas C. Hodge, CPA

President

Hodge Group, LLC

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The IRS can't pay out tax refunds during the partial government shutdown, and it's the biggest problem for people who need it the most

The IRS can’t pay out tax refunds during the partial government shutdown, and it’s the biggest problem for people who need it the most

From Business Insider: The IRS can’t pay out tax refunds during the partial government shutdown, and it’s the biggest problem for people who need it the most. https://www.businessinsider.com/irs-tax-refund-delay-partial-government-shutdown-2019-1

Sadly, this has happened in years past with other government shut downs. If you’re expecting a refund, be prepared to wait.

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Park Ridge (IL) Once Again Reduces Property Taxes Due To The Expiration of Library Referendum.

Park Ridge (IL) Once Again Reduces Property Taxes Due To The Expiration of Library Referendum.

On December 17, 2018, the City Council of Park Ridge reduced the property tax levy for the third consecutive year.  While School District 64 and Maine Township High School District each approved a property tax levy (estimated/proposed at 4.64% and 3.12% respectively), the City Council reduced their tax levy by 10.1%.

Please realize these 2018 taxes are payable in 2019 so you will see the overall…

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Why the IRS rejected the Offer In Compromise from Wesley Snipes.

Why the IRS rejected the Offer In Compromise from Wesley Snipes.

Wesley Snipes’ issues with the IRS have been widely documented – from his failure to pay taxes to jail time.  Mr. Snipes recently was given a tax bill of $23.5 million (up from $17.5 million assessed about 2015).

Previously, Mr. Snipes filed for an Offer In Compromise (OIC) where he claimed he couldn’t pay the IRS and offered a lower amount.  The OIC was for $842,061, or about 4 percent of the…

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Illinois Dept. of Revenue Offers Resources to Remote Sellers for Sales and Use Tax

Illinois Dept. of Revenue Offers Resources to Remote Sellers for Sales and Use Tax

Pursuant to the Wayfair, Inc. decision, Illinois Public Act 100-587 enforces that Remote Sellers are required to collect sales and use taxes on cumulative sales in Illinois of $100,000 or more or 200 or more separate transactions in Illinois for tangible personal property made on or after October 1, 2018.

Additional resources can be found here.  

Do you need help with the new sales tax…

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