August 24, 2017
The Tax Blotter – August 2017
The IRS can and often will impose tax on workers who don’t receive traditional wages from employment-related activities. Here are three of the latest examples culled from the Tax Court files.
August 23, 2017
10 Big Tax and Accounting Issues for Small Businesses
Entrepreneurs usually aren’t surprised by the amount of work it takes to get a business up and-running and become successful. But these same small business owners are often blindsided by the time and effort required for tax and accounting issues.
August 23, 2017
Home Office Deductions: The “Hard” Way Versus the “Easy” Way
As a general rule, you may write off the direct expenses of the home office (e.g., painting and carpeting a room) as well as a proportionate share of indirect expenses, such as mortgage interest and real estate taxes, utilities, insurance and repairs ...
August 21, 2017
Phishing Scams: Don’t Take the Bait
The scammers have “gone phishing.” This is the crime of using emails, websites and social media to steal your confidential information off your computer. The devious cyber crooks may convince you to install malicious software by having you click on a ...
August 18, 2017
How to Settle Tax Debts With the IRS
Are any of your clients up to their ears in debt to the IRS? Tell them to listen carefully: You don’t have to flee the country or pull off a bank heist to get out from under. There are a couple of ways to resolve a tax debt in a reasonable manner ...
August 7, 2017
Treasury Department Ends the myRA Program
The myRA certainly wasn’t around very long. On July 28, the Treasury Department announced that this government-sponsored retirement savings account – the brainchild of the Obama administration – is being phased out after an assessment.
July 5, 2017
Taxpayer Fails to Meet Requirements for Refund Claim
A taxpayer in a new appellate court case failed to meet the timing requirements enabling him to claim a tax refund or qualify for a “financial disability” exception under the tax law (Chan, CA-10 No. 16-4197, 5/30/17).
June 20, 2017
New Tax Scam Plugs Into Electronic Fears
Now scammers are trying to scare taxpayers by thinking their payments to them will be linked to the Electronic Federal Tax Payment System (EFTPS).
June 13, 2017
IRS Tries to Crack Down on Legal Marijuana Businesses in Pot-Friendly States
The IRS continues to treat legitimate sellers of cannabis as criminals when it comes to claiming tax deductions. In a handful of states around the country – including Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon, Washington and the District of Columbia – residents are now legally allowed to own and smoke certain quantities of weed,...…
June 12, 2017
New Federal Budget Would Cut Retirement Benefits of Federal Workers
The full budget for the upcoming fiscal year – which kicks off on October 1, 2017 – was released on May 23. It includes $3.6 trillion in cost reductions over the next decade. Significantly, the proposals include seeping changes in the federal ...
June 12, 2017
New Bill in Congress Would Fund Border Wall, But It Has Cracks
Who’s going to pay for the infamous border wall? Maybe not Mexico directly, but Mexicans residing in the U.S. may help foot the bill, if certain members of Congress get their way.
June 9, 2017
Financial Choice Act Offers Key Banking Reforms
New proposed legislation, introduced by Representative Jeb Hensarling (R-TX), is making headlines because it effectively rolls back the regulatory reforms included in the landmark 2010 Dodd-Frank Act. The “Financial Choice Act,” which passed in the ...
Contributors
Amy Vetter
CPA, CITP, CGMA
Becky Livingston
Accounting & AI Marketing Consultant
Brian Tankersley
CPA, CITP, CGMA
Garrett Wagner
CPA, CITP, CEO and Founder of C3 Evolution Group
Jim Boomer
CPA, CITP, CEO
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Kristy Short, Ed.D.
Accounting Content Specialist
Mary Girsch-Bock
Contributing Writer
Randy Johnston
MCS, MCP
Roman Kepczyk
CPA, CITP, CGMA
