Income Tax

February 6, 2016 

Cloud tools can automate the process of collecting and verifying all of the different items required by the business to report to the IRS. An accounting firm that handles the process for multiple organizations is better prepared and equipped.

February 5, 2016 

The Internal Revenue Service says taxpayers should beware of unscrupulous return preparers, what it says is one of the most common “Dirty Dozen” tax scams seen during tax season.

February 5, 2016 

The initial due date or extended deadline for many entities are changing for the 2016 tax year. In other words, at this time next year, your tax calendar will look dramatically different than it does right now.

February 4, 2016 

It can costs hundreds of thousands of dollars to raise a child these days, but at least the tax law provides several benefits to parents. One such tax break, the child tax credit, allows you to claim a nonrefundable credit of up to $1,000, if you ...

February 3, 2016 

It is important for us to keep in mind that tax responsibilities are not the first thing our busy clients are thinking about, and in many cases they are not on their radar at all.

Dave DuVal

February 1, 2016 

The IRS also joined with industry and states on a public awareness campaign to provide taxpayers with easy tips to better protect themselves. The “Taxes. Security. Together.” campaign includes YouTube videos, Tax Tips and fact sheets to help ...

January 31, 2016 

Businesses with employees or anyone who has contracted for more than $600 in work to a freelancer or subcontractor: you have until February 1, 2016, to provide the appropriate wage and income reporting form – a W-2 or 1099-MISC – to all recipients.

January 31, 2016 

Here’s one tax break that can extend as far as the eye can see: If a real estate owner donates a qualified conservation easement to charity, he or she can claim a deduction based on the value of the easement. In other words, the taxpayer realizes a ...

January 29, 2016 

Many taxpayers are eager to know precisely when their money will be arriving, but checking "Where's My Refund" more than once a day will not produce new information. The status of refunds is refreshed only once a day, generally overnight.

January 26, 2016 

Consumer awareness of identity theft and tax-related fraud is on the rise this year, and along with it increased concerns over becoming a victim. Experian recently surveyed consumers nationwide for its annual tax study, focusing on a number of ...

January 25, 2016 

Are any of your small business clients in need of a cash influx? Thanks to the new tax law -- the Protecting Americans from Tax Hikes (PATH) Act – small business owners can offer a unique tax incentive to investors: A 100 percent tax exclusion on the ...

January 24, 2016 

As tax professionals, we all have stories to tell about the dubious items our clients want to “write off” on their tax returns ─ and after many years of hearing the same questions, many of our answers are quite well-rehearsed.