Rod's Blog

With almost every type of scam taking over the country, it seems to be impossible to know for sure if it’s really the IRS calling or if it is someone else. You should always remember how the IRS will contact you, so you can avoid becoming a victim of identity theft. Here are a few facts to know about how the IRS communicates with taxpayers.

Check out just a few of the FANTASTIC results achieved for our clients last month!

As the US continues to undergo major tax reform changes, there is one in particular that might catch your eye.  The IRS released a draft of a new post-card sized Form 1040 that will streamline tax returns and allow all American taxpayers to use the same form.  The updated form will replace and consolidate the 1040 with the 1040A and 1040EZ as well, eliminating the latter two.  The IRS plans to complete the streamlined Form 1040 over the summer with the help of the tax professional community. The 1040 forms are the most common tax forms and this will be the first major change to the forms in decades.  

If you’re a truck driver, you have an upcoming tax deadline that you don’t want to miss! The Highway Use Tax Return must be filed by August 31, 2018.  Owners of most heavy highway vehicles must file Form 2290 by the deadline. Form 2290 applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. 

It’s that time of year! Every August, several states across the U.S. dedicate an entire weekend to tax free shopping! For those of you in Oklahoma, the annual sales tax holiday is this coming weekend, August 3 – 5. Retailers are required to participate and may not collect state and local sales or use tax on most footwear and clothing that are sold for less than $100 during the holiday.

Time is running out for taxpayers to disclose offshore financial assets to the IRS. The IRS is ending its Offshore Voluntary Disclosure Program (OVDP). The IRS will officially end the program on September 28^th, giving taxpayers a little under two months to come forward with previously undisclosed foreign financial assets.

Starting a business can be frightening and confusing with all the different rules, regulations and steps you must take before you even make your first dollar. But owning your own business can come with some of the greatest rewards. One of the most important things to remember when starting a business is to make sure you’re staying compliant with your taxes. Here are a few tips to help you stay out of tax trouble!

If you didn’t file your federal tax return in April and filed for an extension, you have a big tax deadline coming up! The tax extension deadline is October 15th. That means you have to have your income tax return filed by that date or your tax return will be considered late. To help you make sure you file on time, here are a few tips for those taxpayers that took the extra six months:

If you plan on deducting any moving or vehicle expenses on your 2018 tax return, there are some changes you should be aware of. The IRS released information on changes from the Tax Cuts and Jobs act that affect moving expenses, vehicle expenses, unreimbursed employee expenses and depreciation limits for some vehicles. Here are a few of the changes:

Check out just a few of the FANTASTIC results achieved for our clients last month!