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2015’s dirty dozen tax scams

Phone scams, phishing and identity theft topped this year’s IRS list of the dirty dozen tax scams. The IRS released one scam at a time, an approach that allowed the IRS to explore each one in more detail. Here is the complete list: Phone scams Phishing Identity theft Return preparer fraud Hiding income offshore Inflated refund […]

No Comment / March 19, 2015 | Posted in Commentary | Read More »

The IRS, Obamacare and You

Just about every living American has heard about Obamacare by now. The Patient Protection and Affordable Care Act is about to create an avalanche of new employee counting, coverage tracking and reporting requirements for employers. Who is responsible for tracking all this data? Well the Internal Revenue Service, that’s who. Due to the unilateral modifications […]

Comments Off / January 25, 2015 | Posted in Commentary | Read More »

Taxpayer Bill of Rights

The IRS, on June 10, 2014, released a “Taxpayer Bill of Rights” intended to better communicate to taxpayers their existing statutory and administrative protections. Modeled after the U.S. Constitution’s Bill of Rights and a document of the Organization for Economic Co-operation and Development, the 10 broad provisions were announced at a news conference at IRS […]

Comments Off / June 21, 2014 | Posted in Commentary | Read More »

Business tax mistakes

Starting a new business can be intimidating, but extremely rewarding. However, many entrepreneurs are focused on so many different things that they overlook some simple steps that can save them money when it comes time to pay Uncle Sam on April 15. 1. Employee vs. subcontractor: When a business pays individuals for work done for […]

Comments Off / February 05, 2014 | Posted in Commentary | Read More »

New Safe Harbor deduction

Effective for tax years beginning in 2013, taxpayers can elect a simplified deduction for the business use of their home. The deduction is $5 per square foot with a maximum square footage of 300. Thus, the maximum deduction is $1,500 per year. Here are the details of this simplified method: Annual election – A taxpayer […]

Comments Off / January 16, 2014 | Posted in Commentary | Read More »

Health-care reform: How does it affect you?

In June 2012 comprehensive health-care reform became the law of the land. Do you know how will it affect you? The major provisions will be effective in 2014. How will health coverage change? The health-care reform law contains provisions that expand benefits, improve access to health care, and protect the rights of consumers. Here are […]

Comments Off / August 01, 2013 | Posted in Commentary | Read More »

Prepare for estate tax changes

By Chris Torchiana There may be a short window to take advantage of high exemption levels and low rates. If Congress doesn’t act before the end of the year, significant increases to estate and gift taxes are on the horizon. That’s because both federal estate and gift tax exemptions are set to revert to lower […]

Comments Off / August 31, 2012 | Posted in Commentary | Read More »

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