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© 2019 Trout | James & Associates, P.C.

News & Updates

February 1, 2019

To Our Clients and Friends:

Over the past several months, we’ve digested the many tax law changes brought by the Tax Cuts and Jobs Act (TCJA). These changes bring a host of uncertainties as well as planning opportunities. From lower tax rates to a new deduction for pass-through income, the new tax law may mean more cash in your pocket. This letter presents...

February 2, 2017

The IRS has opened the doors to begin receiving 2016 tax returns, but some early filers may find they are left waiting weeks before their refund arrives. That's thanks to a new law intended to reduce cases of tax fraud.

Refundable tax credits are prime targets for fraud. The Protecting Americans from Tax Hikes Act of 2015, more commonly called the PATH Act...

February 2, 2017

Tax day for 2016 is approaching, and there are a few changes to expect in 2016 regarding tax law that you should be aware of when preparing your taxes. Here is what you need to know to ensure you’re heading into this year prepared.

Affordable Care Act Penalties: People without health insurance in 2016 will be hit with higher penalties. The maximum penalty...

February 1, 2017

What to keep and how long to keep it

Tax records should be kept on a year-round basis, not hastily assembled just for your annual tax appointment. Without tax records, you can lose valuable deductions by forgetting them on your tax return, or you may have unsubstantiated items disallowed if you are audited.

Generally, returns can be audited for up to three...

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