Remember our last post on identity theft? Here’s a brief summary: Tax refund fraud is up to $21 BILLION! Increased online services from the IRS allow hackers more opportunities to steal taxpayer identities and file for fraudulent refunds. More than 330,000 taxpayers were affected by a security breach in May 2015. Why are we talking about [...]
Over the past few years, the IRS has taken an aggressive step to ratchet up its ability to enforce business compliance with annual 1099 income reporting regulations. We would like to discuss Form 1099-Misc and these enforcement changes. We will also share the potential consequences for not filing these annual reports and how to stay [...]
No major changes for the year, but keep these thoughts in mind as we near the end of 2015. Congress is expected to revive key breaks including bonus depreciation to allow writing off 50% of cost of qualifying assets put in service this year. The higher ceiling on expensing assets is likely to be reinstated. [...]
As 2014 comes to a close, here are a few tips to make sure you don’t miss out on the tax deduction for your charitable contributions: The IRS requires written acknowledgement from organizations for gifts worth $250 or more. Keep bank records or written statements from organizations, regardless of the amount donated. Make sure that [...]
A "close to retirement" IRA question Q: I retired from my full time job in 2013 but I plan to keep working part-time for at least a three or four more years. How much can I deduct in an IRA contribution? A: A tax accountant’s favorite answer: it depends! Generally, for 2013 and 2014 you [...]
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