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Within the last few weeks, and "to help struggling taxpayers affected by the COVID-19 pandemic", the IRS issued late filing penalty relief for most taxpayers who filed 2019 or 2020 tax returns late. This penalty relief also may apply to returns still to be filed for those years. "Throughout the pandemic, the IRS has worked hard to support the nation and provide relief to people in many different ways," IRS Commissioner Chuck Rettig stated in ...

When a business or property owner client is considering selling assets in which they have substantial appreciation (i.e., taxable gain), I am often asked if there are any strategies that might minimize the tax impact of the sale. One such strategy is the use of an installment sale. An installment sale is basically the seller financing of the transaction in which payment is received over a number of years. Properly structured, an installment sale at ...

As I've written about frequently, tax-related identity theft is rampant. If it was a disease, certainly it would no doubt be considered a pandemic. I personally have clients right now that are having to deal with this problem, and take it from me, it's not just an annoyance, it's a life disruption event that you want to avoid if at all possible. That's why, like many tax professionals, I strongly recommend that you consider obtaining ...

Section 529 plans have been for years now a popular way to save for future education expenses, especially to pay for college. What makes them so popular is the ability to invest funds held in a 529 plan account, have the income earned on the investments be tax deferred (like an IRA), and then if used to pay for qualified education expenses, such income will become tax-free.  Further, many states, Arkansas being one, allow some ...

Every now and again, popular culture introduces a new word or phrase into the common vernacular. Think "deplatform" or, "dad bod" (he says with a straight face -- not).  The field of economics is no different. Anyone remember the days of what became known as stagflation, the economic phenomenon of economic stagnation combined with inflation (see what they did there)? Add to that what is now becoming widely known as "shrinkflation". Shrinkflation is the practice ...

The Arkansas Legislature on August 11, 2022, wrapped up a special session called by Governor Asa Hutchinson in which it passed several significant and important changes to the Arkansas tax code. These changes affect individual taxpayers, as well as businesses. In a statement released by the Governor, Hutchinson said, "This has been a good day for the taxpayers of Arkansas with the passage of the $500 million tax relief bills in both the House and ...

In our final article on the recently released IRS "Dirty Dozen" tax scams, we'll take a broad look at the last five on the list. Not to spend much time on number eight, but just so you know, it's not just taxpayers who fall prey to subterfuge attempting to steal data, but so can tax professionals. After all, the client information to which we are privy would be a treasure trove for the unscrupulous.  Suffice ...

This week we continue in our series regarding the recently issued IRS "Dirty Dozen" tax scams. Last time, we discussed numbers one thru four on the list. This week we'll highlight numbers five thru seven. Number five of the Dirty Dozen is a sad reminder, as the IRS put it, that scammers are still using the COVID-18 pandemic to steal people's money and identities. These hazards can arise from within social media, emails, texts, and ...

Every year, the IRS releases what it calls its "Dirty Dozen" tax scams as a warning to unsuspecting taxpayers about schemes they need to know about so as not to get taken. Scammers have gotten evermore clever, so over the next few articles, I will lay these out for you so you don't fall victim too. The IRS began its cautionary tale by warning of abusive tax transactions and scams, with four, in particular, they ...

It can't be news to anyone that gas prices recently hit an all-time high with an average price of over $5.00 per gallon. And while they have backed off a little bit in recent days, the pain being felt at the pump is very real and, for many, lifestyle-altering. Just yesterday, I heard about someone who lives in one community but whose job is in another, requiring a commute of about 120 miles roundtrip. The ...

Under the right circumstances, it can be a smart long-term move from a financial planning perspective to hold retirement funds in a Roth IRA rather than in a traditional IRA.  The advantages of doing so include never having to pay income tax on the earnings and growth of the Roth account even upon withdrawal, unlike a traditional IRA where distributions are generally fully taxable.  Another advantage is that, unlike traditional IRAs which upon reaching age ...

EGP PLLC was recently named 2022 Most Admired Companies by Arkansas Money & Politics and we are over the moon and back! Not all public accounting is the same and the difference lies within the culture built by leaders who are willing to adapt, change, innovate, and meet clients and associates where they are right now in life. Our values – Responsive, Proactive, Knowledgeable, and Empathetic are what we believe set great leaders and companies ...

Changes to the tax break known as the mortgage interest deduction made by the Tax Cut and Jobs Act (TCJA) way back at the end of 2017 continue to be a source of confusion for many taxpayers, and a compliance headache for tax preparers and tax agencies like the IRS. The TCJA changes put a limit in some ways on the ability to take an itemized deduction for mortgage interest, defined broadly as interest on ...

If you drive at all (well, drive anything powered by gas), no doubt you are feeling the sting of sharply risen gas prices. The average price for a gallon of gas in the USA in 2021 was $3.28. As of this writing, the average price is nearly $5.00 per gallon, and all indications are it will continue to climb for the foreseeable future. Just as it does with individuals, the increased cost hits many businesses ...

Interest rates charged by the IRS for tax underpayments (and paid by them for overpayments) is largely a function of how overall interest rates are moving. More specifically, most are tied to the "federal short-term rate", so as this rate moves, the IRS rate moves also. As such, the IRS interest rates have been relatively low, from an historical perspective, for quite some time. Going back to around the time of the 2008 financial system ...