Direct Tax

FinCEN Form 114 BSA Extension Options: How and When to Seek Deadline Deferrals

FinCEN Form 114 (the FBAR) is due every year on April 15 for the prior calendar year, with an automatic extension to…

4 weeks ago

FinCEN Form 114 (FBAR): Annual Report Deadline, Extension Rules & Penalties

The Report of Foreign Bank and Financial Accounts (FBAR), officially known as FinCEN Form 114, is an annual filing requirement for…

4 weeks ago

Filing in Two States? How Medical Expense Deductions Work Across State Lines

Moving between states, working in one and living in another, or retiring partway through the year are common reasons people…

4 weeks ago

Filing Form IT-196: Medical Deductions for New York Taxpayers in 2025

For New York residents with substantial unreimbursed medical expenses, properly filing Form IT‑196 (Itemized Deductions) can unlock significant tax savings.…

4 weeks ago

Filing Form 1120 Late: Corporate Penalties and Interest Explained

Form 1120, U.S. Corporation Income Tax Return, is due on the 15th day of the fourth month after the end…

4 weeks ago

FBAR and FATCA: Criminal and Financial Risks of Missing FinCEN Deadlines

The Report of Foreign Bank and Financial Accounts (FBAR) and the Foreign Account Tax Compliance Act (FATCA) serve as critical…

4 weeks ago

Does Iowa’s Income Tax Reform Impact Your Medical Deductions?

In 2025, Iowa is undergoing a transformative tax reform: the state will implement a flat income tax rate of 3.8%…

4 weeks ago

Does Georgia Conform to Federal Medical Deduction Rules for State Returns?

When it comes to tax deductions for medical expenses, federal and state rules can diverge significantly. For Georgia taxpayers, it's…

4 weeks ago

Does California Allow You to Deduct Long-Term Care Premiums on State Taxes?

As healthcare costs continue to rise, especially for aging individuals and those managing chronic conditions, long-term care (LTC) insurance has…

4 weeks ago

Do You Need to Report Your K-1 on Your Personal Return? What the IRS Expects

Schedule K-1 (Form 1065) is a crucial document issued by partnerships and certain pass-through entities to report each partner's share…

4 weeks ago

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