October 12, 2015
IRS Warns of Charity Scams Related to South Carolina Floods
The Internal Revenue Service issued a consumer alert about charity scams based on flooding in South Carolina and neighboring states.
October 11, 2015
Don’t Miss the Tax Deadline on Required Minimum Distributions
The IRS demands that most retirees in their seventies take annual required minimum distributions (RMDs) from their qualified plans and IRAs. And the nation’s tax collection agency means business: Failing to do so can result in one of the most onerous tax
October 9, 2015
New Laws and IRS Rules Make Year-End W-2 and 1099 Reporting More Challenging
With more businesses utilizing contractors to perform services traditionally relegated to employees, the need for sound 1099 processing and reporting is more important than ever before. There are numerous types of 1099 forms processed and filed ...
October 9, 2015
IRS Failing to Revoke PTINs of Felons, Other Non-Compliant Tax Return Preparers
The review identified 3,001 preparers with a felony conviction on their application; 87 reported a crime related to Federal tax matters. Processes do not ensure that PTINs assigned to prisoners or individuals barred from preparing tax returns are ...
October 8, 2015
Why Florida Leads Nation in ID Theft Income Tax Refund Fraud: IRS Cracking Down
Florida has been in the news a lot recently, and probably not for reasons that promoters of the Sunshine State would prefer. The spotlight is because hundreds of people have been arrested over the past year for identity theft crimes that involved filing bogus income tax returns for thousands of taxpayers, and then having the…
October 8, 2015
CFPB Examines Loan Servicing Failures as Student Loan Debt Hits $1.2 Trillion
The Consumer Financial Protection Bureau (CFPB) has released a report outlining widespread servicing failures reported by both federal and private student loan borrowers. Consumers describe companies using a wide range of sloppy, patchwork practices that can create obstacles to repayment, raise costs, cause distress, and contribute to driving struggling borrowers to default. The Bureau has...…
October 5, 2015
IRS Deadline for Those With Tax Extentions is October 15 – Last Minute Tips for Filers
Taxpayers whose tax-filing extension runs out on Oct. 15 are being urged to double check their returns for often-overlooked tax benefits and then file their returns electronically. It's also not too late to seek professional tax guidance from a CPA or EA.
October 4, 2015
34% of U.S. Small Businesses Have Been Hit by Disasters – It Pays to Be Prepared
The American Sustainable Business Council says 57 percent of small businesses have no disaster recovery plan.[3] As September is Disaster Preparedness Month, now is as good a time as any to start planning.
October 4, 2015
The Easiest Way to Lower Income Tax Liability
With income tax planning now on the minds of many taxpayers and tax professionals, our year-end tax planning series looks at several methods to lower tax liability in the current year.
October 2, 2015
IRS failing in efforts to curb ID theft tax fraud
The IRS is running into problems as it struggles to get control over the wave of identity theft tax refund fraud that has engulfed the Tampa, Florida, area and spread to other parts of the country over the last three years.
September 29, 2015
IRS Gives Tax Relief to Farmers and Ranchers in 48 States and Puerto Rico
The one-year extension of the replacement period announced today generally applies to capital gains realized by eligible farmers and ranchers on sales of livestock held for draft, dairy or breeding purposes due to drought.
September 29, 2015
Thomson Reuters Adds Content on New York’s Corporate Tax Overhaul
New York’s latest tax system overhaul has brought about substantial changes and complex transitional rules. They affect New York-based corporations as well as companies that conduct business with New York corporations or have customers in the state.