Category: Direct Tax

FinCEN Form 114 (the FBAR) is due every year on April 15 for the prior calendar year, with an automatic extension to October 15. However, certain circumstances may justify or require additional deferrals beyond this six‑month extension. Understanding your options, the appropriate timing,...

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The Report of Foreign Bank and Financial Accounts (FBAR), officially known as FinCEN Form 114, is an annual filing requirement for U.S. persons who have a financial interest in or signature authority over foreign financial accounts that, in aggregate, exceed $10,000...

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Moving between states, working in one and living in another, or retiring partway through the year are common reasons people file tax returns in more than one state. But what does this mean for medical expense deductions? Given that state...

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For New York residents with substantial unreimbursed medical expenses, properly filing Form IT‑196 (Itemized Deductions) can unlock significant tax savings. In tax year 2025, New York closely aligns with federal rules on medical deductions—applying the familiar 7.5% of AGI threshold...

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Form 1120, U.S. Corporation Income Tax Return, is due on the 15th day of the fourth month after the end of a C‑corporation’s tax year (April 15 for calendar‑year corporations). Missing this filing deadline can trigger a cascade of penalties and...

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The Report of Foreign Bank and Financial Accounts (FBAR) and the Foreign Account Tax Compliance Act (FATCA) serve as critical pillars in U.S. efforts to combat offshore tax evasion and illicit financial activity. FinCEN Form 114 (FBAR) and IRS Form 8938 (FATCA)...

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In 2025, Iowa is undergoing a transformative tax reform: the state will implement a flat income tax rate of 3.8% for all individuals, replacing the previous tiered brackets :contentReference[oaicite:0]{index=0}. While the headline focuses on rate simplification, the reform also affects...

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When it comes to tax deductions for medical expenses, federal and state rules can diverge significantly. For Georgia taxpayers, it's crucial to understand whether the state conforms to federal guidelines for deducting medical expenses on state returns. While Georgia does...

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As healthcare costs continue to rise, especially for aging individuals and those managing chronic conditions, long-term care (LTC) insurance has become an essential financial planning tool. While the federal government offers partial tax relief for qualified LTC insurance premiums under...

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Schedule K-1 (Form 1065) is a crucial document issued by partnerships and certain pass-through entities to report each partner's share of income, losses, credits, and deductions. If you’re a partner in a partnership or a member of a multi-member LLC...

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