News

Numerous reports of scammers sending fraudulent CP2000 Notices for tax-year 2015 have been received by the IRS, resulting in an investigation by the Treasury Inspector General for Tax Administration. The notice relates to the Affordable Care Act (ACA) and requests information regarding 2014 coverage and includes a request for...

One of the most important decisions you’ll make when deciding to start a business is choosing the right business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you...

October 11 Employees who work for tips – If you received $20 or more in tips during September, report them to your employer. You can use Form 4070. October 17 Individuals – If you have an automatic 6-month extension to file your income tax return for 2015, file Form...

If you’ve ever done your bookkeeping manually, you’ve probably only allowed certain employees to see every sales form and account register and payroll stub. Most likely, you established a system that allowed staff to work only with information that related to their jobs. Even so, there may have been...

As a small employer, you may be eligible for a tax credit that lets you keep more of your hard-earned money. It’s called the small business health care tax credit, and it benefits employers that: offer coverage through the small business health options program, also known as the SHOP...

Many retailers and online businesses now accept virtual currency for sales transactions. Despite IRS issuing a set of FAQs last year regarding virtual currency, the U.S. federal tax implications remain relatively unknown to many retailers. If you’re a retailer who accepts virtual currency such as bitcoins for transactions, here’s...

If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax. 1. Nontaxable Gifts. The general rule is that any gift...

Renting out a vacation property to others can be profitable. If you do this, you must normally report the rental income on your tax return. You may not have to report the rent, however, if the rental period is short and you also use the property as your home....

If you filed for an extension of time to file your 2015 federal tax return and you also chose to have advance payments of the premium tax credit made to your coverage provider, it’s important you file your return sooner rather than later. Here are four things you should...

Now is a great time to clean out that growing mountain of financial papers and tax documents that clutter your home and office. Here’s what you need to keep and what you can throw out. Let’s start with your “safety zone,” the IRS statute of limitations. This limits the...

Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium size business and are committed to giving back to the community through charitable giving, here’s what you should know. 1. Verify that the Organization is a...

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their accountants,...