Dr. Basi and Roman Basi are filming the 2nd 6 hours of the IRS Annual Filing Season Program this morning for tax preparers across the U.S. Check out their program at: www.mytaxcoursesonline.com

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 a specific incident outside of normal wear and tear or progressive deterioration. Events that qualify for a casualty disaster loss are most often theft, fire, or flood. But, there are limitations, the loss must be more

Roman Basi and Dr. Bart Basi received another flattering comment for being exceptional speakers. "If this person is the son of the other Basi, the family has much to be proud of." (the Forms of Business Update).

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 interest paid on their mortgage. After the TCJA changes the deduction is now limited to claiming the home mortgage interest only for interest paid or accrued on the acquisition debt during those years. Alimony/Separate Mainte

Roman will be speaking on Thurs. April 26th 12:00-1:30 Eastern Time at the American Supply Association - Women In Industry Spring Conference Savannah, Georgia. Follow the link below for more information. http://www.asa.net/Women-in-Industry-Spring-Conference-Schedule

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 incorrectly. Fortunately, the IRS has implemented a system to identify when Employment Identity Theft may be occurring through the process of verifying Individual Taxpayer Identification Numbers (ITIN) and SSN’s. When a discrepanc

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 changing every day. More specifically, the Tax Cuts and Jobs Act (TCJA) signed into law December 22, 2017, was the largest tax overhaul since the 1980’s. One major aspect of the TCJA is an allowance for pass-through entities t

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 changes will have a large impact on the current filing season. Additionally, a number of new provisions within the Bipartisan Budget Act modified provisions passed under the Tax Cuts and Jobs Act. The modifications inclu