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UPDATES&INSIGHTS: TAX – May 2019

UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.

In This Issue:

Send Your Kids to Day Camp and You Get a Tax Break

Among the many great challenges of parenthood is what to do with the kids when school lets out. If one chooses to send a child to day camp, he or she may qualify for a valuable tax break: the child and dependent care credit. This article explains why tax credits are so valuable and how eligibility for this one is determined. Read More

Deducting Business Losses for Pass-Through Entities

It’s not uncommon for businesses to sometimes generate tax losses. But the tax law limits deductible losses in some situations, and the Tax Cuts and Jobs Act limits them even further for pass-through entities. This article explains how and why the rules have changed following tax law reform. Read More

Innocent Spouse Rules Offer Protection Under Some Circumstances

Must one spouse pay the tax resulting from a fabrication or omission by another spouse on a jointly filed tax return? It depends. This article explores the “innocent spouse” rules, which aren’t easy to qualify for but do offer relief to some taxpayers. A sidebar discusses the facts and circumstances the IRS considers when determining whether to hold an “innocent” spouse liable for taxes due. Read More

Should You be Worried About an IRS Audit?

Now that most taxpayers have filed their 2018 tax returns, one troubling afterthought may come to mind: Could I get audited? This brief article discusses how the IRS goes about choosing returns to audit and why most people should breathe easy. Read More