PWCPA Blog

Navigating the complexities of foreign financial accounts is essential for U.S. citizens to ensure compliance with the Treasury Department and the IRS. Here's what you need to know about the filing requirements and potential implications. Understanding the Reporting...

What should you do if you find that you made a mistake on your 2012 tax return after it’s been filed? Perhaps you find that you missed a big deduction. Perhaps you receive a late notice of income you earned. Or perhaps you receive a corrected Form 1099 from your...

If you need more time to file your 2012 income tax return, you can get an extension — and no explanation is necessary. You may have a very good reason for wanting more time to file your 2012 individual income tax return. For instance, you might want to hold off...

Nonprofit organizations play a crucial role in serving communities and pursuing social causes. However, they are also subject to certain nonprofit tax obligations and reporting requirements imposed by the IRS. Understanding these obligations is essential for nonprofit...

April 15, 2013, is a major tax day, with the following IRS deadlines falling on that date: – Individual income tax returns for 2012 are due. – 2012 partnership returns are due. – 2012 annual gift tax returns are due. – Deadline for making 2012 IRA contributions. First...

It sounds like a great idea: Have the IRS directly deposit your tax refund into one or more individual retirement accounts (IRAs). In fact, the IRS touts this option as a way to speed up retirement contributions. The whole process is automated and simple. It’s hard to...

You may be a victim of identity theft and not have a clue that this has happened to you until you get a notice from the IRS telling you that: – You filed more than one tax return, or someone has already filed using your information. – You owe taxes for a year even...

Mortgage debt forgiveness is something that many taxpayers should remember when pulling together their tax documents. One’s mortgage debt forgiven can substantially reduce their tax liability if they have had their home foreclosed or mortgage loans restructured. The...

Will you be among the thousands of taxpayers who get a big tax refund this year? If so, will you be among the majority that think a big tax refund is a good thing? While most Americans happily accept their tax refund checks, smart taxpayers understand that refunds...