Last week, millions of last-minute filers got their returns to the Internal Revenue Service. As of April 22, the federal tax collector had 136.5 million returns in hand. Source: Tax gap hits $458 billion …
Prince’s lack of a will highlights the need for estate and inheritance tax planning
The estate planning world is stunned by the news that Prince passed away without a will. While lots of folks delay officially putting their final wishes on paper, the wealthiest among us, which definitely included The Purple One, tend to have a …
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Tax Day From The Trenches: How the IRS Handles Identity Theft
The IRS and the Justice Department are working hard to combat stolen identity return fraud. But one important security tool is making life needlessly complicated for many tax filers. Source: Tax Day From The Trenches: How the IRS Handles Identity …
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Tax identity thieves working up to filing deadline, too
Millions of folks are working diligently these last few days before the April 18 (19th in Maine and Massachusetts) tax filing deadline. Unfortunately, that tax-focused group includes criminals.Source: Tax identity thieves working up to filing …
Tax identity thieves working up to filing deadline, tooRead More
Five tips for individuals navigating the Health Care law tax filing requirements
The IRS recently released a Health Care Tax Tip to assist individuals in navigating the filing requirements related to the Affordable Care Act (ACA). Source: Five tips for individuals navigating the Health Care law tax filing requirements …
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ALERT: Tax Refund Scam Artists Posing as Taxpayer Advocacy Panel
The Taxpayer Advocacy Panel (TAP) has been alerted that taxpayers are receiving emails allegedly from TAP about their tax refunds. These emails are a scam; do not click the links in them. TAP never requests or has access to personal or financial …
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5 Tips for Choosing a Tax Return Preparer
Your annual physical. Spring cleaning. Flu shots. What do these activities have in common? Just like preparing and filing your taxes, you need to complete them every year. Yet filing your annual tax return can seem confusing or even scary. To …
Learn about claiming the Earned Income Tax Credit, and help spread the word!
The Earned Income Tax Credit puts money in the hands of hard-working taxpayers and can be a significant financial boost to individuals, their families, and local communities. It can return as much as $6,242 to families earning less than …
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What is a 1099-K?
One new phenomenon that gained prominence during 2011 tax season is a new form called “1099-K”. Not to belabor the point, but I’ve received so many questions from clients so I’d like to offer a complete explanation to eliminate misconceptions about …
IRS Eliminates 1099K Reconciliation
The Internal Revenue Service has eliminated the requirement regarding how credit -and debit card payments are accounted for on tax returns. The IRS would have required companies to explain the differences between the 1099K numbers and their own …
S Corporation shareholder’s compensation must be reasonable.
A recent court decision reported that an S corporation shareholder's salary should be a reasonable compensation. Despite the fact that there is no statute, rule or regulations requiring minimum compensation to be paid, the compensation should be …
S Corporation shareholder’s compensation must be reasonable.Read More
New Tax Treatment of Cell Phones for Business
Lifts Record Keeping Burden for Small Business The IRS categorization of mobile phones as listed property required business owners and their employees to keep detailed records listing exactly which phone calls were personal. Many employees needed …