Tax Scams: The IRS Identifies This Year’s ‘Dirty Dozen’ Scams 03-09-2015

There are an endless number of scams that people need to look out for.  Recently, tax scams appear to be very popular for those individuals who are looking to take advantage of others and the tax system.  The IRS has released what it has identified as the most notorious tax scams of 2015. Participants in one of the IRS's "Dirty Dozen" schemes could win an IRS investigation, penalties, interest charges and even a trip to federal prison. Here is a list of the top scams and ways you can protect yourself from falling victim to one of these scams. Continue reading

What is Bitcoin Virtual Currency and its Related Tax Issues 03-09-2015

The world is quickly shifting to a digital and virtual world.  A more recent entry into the virtual world is currency.  Virtual currency is a new world to many of us.  Here are some issues you should be aware of related to Bitcoin, including risk factors and tax issues. Continue reading

You May Need to Consider Estate Planning to Minimize Your Current Federal Income Taxes 03-04-2015

A resent report published by the Congressional Research Service stated that less than 0.2 percent of all estates will owe federal estate tax. Therefore, most people wouldn't think about estate planning. However, almost everyone who is in the middle class or higher owes federal income annually. You should determine if estate planning today could affect you. If so, you should focus on strategies to reduce federal income taxes by minimizing capital gains, utilizing capital losses while you're still alive and updating your designated beneficiaries. Continue reading

2014 Federal Tax Returns: What is Renewed, What is New 03-04-2015

No one enjoys the process of filing and paying taxes. The tax-filing process is complicated by the ever-changing tax laws. The Tax Increase Prevention Act and Affordable Care Act are two of the more recent laws that could possibly affect your 2014 federal tax returns. Here are some highlights that businesses and individuals should know before they file their 2014 federal taxes. Continue reading

The End of Winter is Around the Corner: How to Keep March Madness under Control 03-04-2015

We won't soon forget this brutal winter. Everyone is probably looking forward to spring. "March Madness" can signal the beginning of spring for many people. Employers should capitalize on the spirit and excitement of the NCAA basketball tournament by fostering a "team" environment, rather than consider the tournament a workplace distraction -- but there are some cautions. Also: Two tax proposals you may not be aware of that are unpopular with NCAA fans. Continue reading

Reprieve for Small Businesses with Health Premium Reimbursement Plans 03-04-2015

Good news from the IRS: If you are a small business that has been reimbursing employees the cost of buying their own health coverage, you have been granted a temporary reprieve. Previously that arrangement was deemed unacceptable and, therefore, subjected small businesses to hefty penalties. Learn what you must do by June 30 to avoid penalties. Additionally, you can find information about recent changes to the small business health care tax credit. Continue reading

Extension Made Available to Employers to File Work Opportunity Tax Credit Paperwork 03-04-2015

Employers have been provided extra time to file a form required to claim the Work Opportunity Tax Credit for eligible employees. Thanks to the IRS, employers now have until April 30, 2015 to file the required form, Form 8850, to claim this valuable tax credit for qualifying workers that were hired during 2014. This article contains details concerning the IRS relief and outlines the steps an employer must take to take advantage of this valuable opportunity. Continue reading

A Victory for Small Businesses: The IRS Simplifies Repair Regulations 03-04-2015

GREAT NEWS! A major burden on small business was lifted by the IRS. The recently published final repair regulations presented a tax filing nightmare for many small businesses. However, the IRS recently made it easier for small businesses to take advantage of the final repair regulations. Here's some background on what the regulations address and how the IRS has provided relief from some of the red tape for qualifying small businesses. Continue reading

S Corps and Partnerships: Make Sure You Avoid Failure-to-File Penalties 03-04-2015

The S corporation is a popular business structure utilized by many privately held businesses. A recent Tax Court case serves a reminder to taxpayers that there's a steep penalty for S corps (and partnerships) that fail to file timely federal tax returns, even if there's no taxable income to report. These penalties are easy to avoid. There is also some information reviewing the qualifications for switching from C corporation to S corporation status. Continue reading

IRS Announces 2014 Standard Mileage Rates 12-06-2013

The Internal Revenue Service has announce the Standard Mileage Rates for 2014. Beginning January 1, 2014, the mileage rates for business use of an automobile are:

  • 56 cents per mile for business miles driven
  • 23.5 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

For more information, please visit the IRS site by clicking here.

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