Taxpayers should be aware that a new IRS impersonation scam email campaign is making the rounds. This latest scheme is yet another reminder that tax scams are a year-round business for thieves and taxpayers should be on [...]
Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll [...]
Did you know that the average tax refund was $2,729 for tax year 2018? While some taxpayers may find it advantageous to get a large tax refund, others may wish to have more of their money show [...]
Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement [...]
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. That's the good news. The bad news is [...]
August 12 Employees Who Work for Tips - If you received $20 or more in tips during July, report them to your employer. You can use Form 4070. Employers - Social Security, Medicare, and withheld income tax. [...]
ITINs (Individual Taxpayer Identification Numbers) are used by people who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. Under the Protecting Americans from Tax Hikes (PATH) [...]
Proposed regulations were issued by the IRS on June 18, 2019, regarding the new 1.4 percent excise tax on the net investment income of certain private colleges and universities. While the new excise tax is estimated to [...]
The list of medical care services for a range of chronic conditions allowed to be provided by a high deductible health plan (HDHP) was expanded effective July 17, 2019. These medical services and items are limited to [...]
Although the April filing deadline has come and gone, scam artists remain hard at work. As such, taxpayers should be on the lookout for scams that reference taxes or mention the IRS, especially during the summer and [...]
