March - 2018

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Tax Blog

Tax Blog

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Form 4684 Casualties and Thefts

Form 4684 Casualties and Thefts

In 2017, hurricanes battered the Gulf Coast, wild fires raged thru California, floods devastated Missouri, and Earth Quakes shook Montana. To provide support for such catastrophes, Congress included additional tax relief in the form of a casualty disaster loss deduction within The Bipartisan Budget Act. However, many taxpayers are unaware that casualty disaster loss is an available benefit in lowering their tax burdens. To qualify, a casualty disaster loss must be caused by

Dr. Bart Basi and Roman Basi

A New Tax Era

A New Tax Era

December 22, 2017 marked the beginning of a new tax era. The Tax Cuts and Jobs Act (TCJA) is the first major tax reform since the 1980s. Many businesses are aware of major corporate tax changes, but The TCJA may also change the way individuals file their taxes this year and through years 2018-2025. Here are some examples of how TCJA may affect you and how you file: Home Mortgage Interest - This is a frequently used deduction that allows filers to deduct the amount of intere

Women In Industry Spring Conference

Employment Related Identity Theft

Employment Related Identity Theft

When people think of identity theft, they tend to associate it with credit cards, loans, or something else of that nature. But, there is another kind seldom reported - Employment-Related Identity Theft. Employment-Related Identity Theft is when other individuals use a victim’s social security number (SSN) in order to gain employment and file taxes. This can create a significant burden on the victim and cause the IRS to calculate the victim’s final refund or taxes incorrectl

Can Your Accountant/Tax Attorney Read Between the Lines to Maximize Your Tax Savings?

Can Your Accountant/Tax Attorney Read Between the Lines to Maximize Your Tax Savings?

One aspect that separates The Center for Financial, Legal & Tax Planning, Inc., from so many others is our ability to interpret the law. The Center is equipped with a staff of dual lawyers and CPA’s with fifty plus years of experience with the ability to unpack the complications of tax legislation in a manner beyond what a general CPA or tax attorney may provide. You may ask, why does any of this matter? Well, it matters because our tax and accounting practices are changin

Does Your Accountant/Tax Attorney Know the Extended Tax Breaks for the 2017 Tax Year?

Does Your Accountant/Tax Attorney Know the Extended Tax Breaks for the 2017 Tax Year?

If you thought the Tax Cuts and Jobs Act signed into law December 22, 2017 was the final determination on tax matters for the foregoing future, you were wrong. On February 9, 2018, with a 240-to-186 House vote and a 71-to-28 Senate vote, Congress approved the Bipartisan Budget Act. The Act contains a number of tax provisions and extensions of over 30 expired tax breaks. While the majority of tax relief in the legislation applies only to the 2017 tax year, the retroactive c

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