The IRS urges taxpayers to beware of fake calls to return money from tax return refund checks that have been deposited in error into bank accounts. Scammers either pretend to be collection agency employees or use a recorded message threatening people to return the refund. These scammers have already filed fraudulent tax returns and used the taxpayers’ real bank accounts...
Tags: tax scams 2018
Category: Taxes
The Bipartisan Budget act of 2018 was recently signed in to law by President Trump on February 9, 2018. The bill is the third in a group that increased spending caps previously imposed by prior budget acts. The bill contains several provisions including several provisions that impact taxpayers for the 2017 filing season. for example, the bill restores above the...
Tags: retroactive law change for 2018
Category: Taxes
Not for profit organizations are under more pressure than ever from the IRS to file their year end tax returns, or else face the possibility of losing their tax exempt status. While there is a minimum threshold which requires an organization to file, many organizations do not know that they must file a statement with the IRS even when they...
Tags: Not for Profit
Category: Taxes
A growing number of businesses are using the barter system to supplement their normal purchasing activity. Bartering is a payment method in which goods and services are exchanged between parties in lieu of cash. Before you consider jumping on the bartering bandwagon, though, it is important to be aware of the tax consequences of these transactions. While your first thought...
Tags: Bartering and bitcoins
Category: Taxes
Chances are you’re a little confused about what to keep and what to throw when it comes to tax and financial records. No worries. It’s time to sort through what you’ve got and keep only the important stuff. Here’s what to keep in mind: Keep records that directly support income and expense items on your tax return. For income,...
Tags: record retention
Category: Uncategorized
The Tax Cuts and Jobs Act has changed the way unearned income is taxed for your children. In the past, interest, dividends and other unearned income used to be taxed in phases. The first $1,050 was tax-free, the next $1,050 was taxed at the child’s rate and any additional was taxed at the parent’s tax rate. The act now calls...
Tags: kiddie tax 2018
Category: Taxes
The IRS recently announced new withholding guidelines for all employers and payroll companies. Employers are expected to update your paycheck on or before Feb. 15. That means you’ll need to review the amount withheld from your paycheck. Why? Because the Tax Cuts and Jobs Act lowered tax rates, increased standard deductions and eliminated personal exemptions. Many employees should see an...
Tags: withholding
Category: Taxes
There’s no doubt you’ve seen TV advertisements telling seniors that their lives could improve if they use reverse mortgages to harvest the equity in their homes. They go on to tell you that you can free up money to take an expensive trip, remodel your home or just have fun. It sounds appealing — but is it worth it? ...
Tags: reverse mortgages
Category: Taxes
Don’t forget that Jan. 31 is an important due date if you own a business, or have a side business in addition to your regular job. Avoid fines by making sure Forms W-2 and 1099-MISC are postmarked or sent electronically by this date to the IRS as well to the people you did business with in 2017. Remember, you may...
Unless a small business owner handles all aspects of computing and paying payroll, there is room for fraud. Even if your company has only a few employees — it does not guarantee your funds will be safe. How payroll fraud happens Perhaps one of the easiest payroll fraud techniques is the overpayment of withholding or payroll taxes. Your bookkeeper...
Tags: payrol fraud
Category: Business