Benefits May 29, 2026
Don’t Forget About Tax on Social Security Benefits
Seniors can lower their PI via capital losses, annuities, growth stocks, life insurance, or IRA contributions.
February 12, 2016
Abuse of Business Tax Credits is a Top Concern for the IRS
The fuel tax credit is generally limited to off-highway business use or use in farming. Consequently, the credit is not available to most taxpayers. Still, the IRS routinely finds unscrupulous preparers who have enticed sizable groups of taxpayers to err
February 7, 2016
50% Bonus Depreciation and $500K Building Deduction Made Permanent
As with many other tax extenders, the faster 15-year cost recovery period was extended by the Tax Increase Prevention Act (TIPA), but only for 2014. The tax break officially expired on January 1, 2015. Now the PATH Act reinstates this provision ...
February 6, 2016
How to Simplify the 1099 Process: Cloud Tools that Work
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
IRS Says Beware of Shady Tax Preparers
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
New Tax Filing Deadlines For Business Entities and Nonprofits Starting Next Year
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
New Tax Law Offers More Benefits to Parents
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
The Worst Tax Penalties and How to Help Your Clients Avoid Them
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.
February 1, 2016
IRS Lists Tax ID Theft As Top Concern
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
Feb. 1 Is Last Day To File W-2s and 1099s
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
New Law Preserves Tax Breaks for Conservation Donations
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
Waiting For Your Income Tax Refund? IRS Says Most Refunds Sent In 21 Days
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
Consumers Increasingly Concerned About Tax-Related Fraud
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 ...