IRS Archives » Checkbox Accounting

22Jan 2018 by Fred Crooks No Comments

Tax Reform Changes

Business Advisory, Compliance, Tax, Uncategorized

Tax Reform Changes - How will they affect you? When you file your 2018 tax returns - about a year from now - your return will look very different. Here are a few of the biggest changes that may affect you. Individual TaxIndividual tax rates will range from 10% to 37%.Standard deduction increases and personal and dependent exemptions eliminatedThe Child Tax Credit increased and a new Dependent Credit created.Disappearing deductions: Beginning with the 2018 tax year, you will no longer be able to deduct:State income tax and property taxes above $10,000 per year in total;Moving expenses (with an exception for certain military);Employee business expenses such as mileage, travel, entertainment, home office expenses, union dues, tax preparation fees, and investment fees, among others;Mortgage interest beyond interest on $750,000 of acquisition debt (if…

10Feb 2017 by William Simi No Comments

Form 990 – A Necessary Evil or a Great Opportunity?

Compliance, Not For Profit

It’s true of any organization, of any shape and size; once the year end rolls around, you will have some sort of tax-related filing to deal with. For nonprofits, it can be all too easy to overlook the importance of such filings, viewing it as a necessary evil - a dull and dry “must do” on the end of year checklist. However, one form in particular - the 990 - should be considered a truly great opportunity (more on that later). But first… What is the 990? For those of you unaware, the Form 990 was designed to allow both the IRS and the public to evaluate tax-exempt organizations and how they operate. It collects information about the nonprofit’s mission, programs, and of course finances. And more recently, the 990…

27Apr 2015 by Fred Crooks

Ten Things to Know about IRS Notices and Letters

Business Advisory, Tax

Each year, the IRS sends millions of notices and letters to taxpayers for a variety of reasons. Here are ten things to know in case one shows up in your mailbox. 1. Don't panic. You often only need to respond to take care of a notice. 2. There are many reasons why the IRS may send a letter or notice. It typically is about a specific issue on your federal tax return or tax account. A notice may tell you about changes to your account or ask you for more information. It could also tell you that you must make a payment. 3. Each notice has specific instructions about what you need to do. 4. You may get a notice that states the IRS has made a change or correction to your tax return.…

01Jul 2014 by William Simi

IRS Adopts “Taxpayer Bill of Rights;” 10 Provisions to be Highlighted by the IRS

Business Advisory, Tax

IRS Adopts "Taxpayer Bill of Rights;" 10 Provisions to be Highlighted on IRS.gov, in Publication 1 WASHINGTON ― The Internal Revenue Service today announced the adoption of a "Taxpayer Bill of Rights" that will become a cornerstone document to provide the nation's taxpayers with a better understanding of their rights. The Taxpayer Bill of Rights takes the multiple existing rights embedded in the tax code and groups them into 10 broad categories, making them more visible and easier for taxpayers to find on IRS.gov. Publication 1, "Your Rights as a Taxpayer," has been updated with the 10 rights and will be sent to millions of taxpayers this year when they receive IRS notices on issues ranging from audits to collection. The rights will also be publicly visible in all IRS…

02Apr 2014 by Mike Giotto

Tax Scams to be on Alert About

Tax

With the tax season upon us, we remind you and your clients to be wary of tax scams andtheft ploys involving scammers who attempt to mimic us to obtain access to your personal information. Do not give out social security, bank, or credit card numbers over the telephone or by email to anyone who cannot verify they are our employees. Have your clients ask the agent to confirm information on the tax notice we mailed to them or hang up and contact us immediately to talk to a live agent. We heard from people who received phone calls from scammers impersonating the Internal Revenue Service (IRS), telling the “would-be victims” that they owed taxes and, if the taxes not paid, they would be arrested. These scammers also told the taxpayers that the…

26Mar 2014 by William Simi

IRS Tax Fraud Alerts

Business Advisory, Tax

IRS Wants You to Know About Schemes, Scams and Cons "If it sounds too good to be true, it probably is!" Don't become a victim to any scheme that offers instant wealth or exemption from your obligation as a United States citizen to file tax returns and/or pay taxes. Some of these schemes can literally cost you your life savings. Others can result in your prosecution and imprisonment if you knowingly participate in them. Abusive Return Preparer Taxpayers should be very careful when choosing a tax preparer. While most preparers provide excellent service to their clients, a few unscrupulous return preparers file false and fraudulent tax returns and ultimately defraud their clients. It is important to know that even if someone else prepares your return, you are ultimately responsible for…

22Feb 2014 by William Simi

Beware of bogus IRS e-mails

Tax

The IRS is warning taxpayers and practitioners about potential e-mail scammers who claim to be the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In reality, it’s a scam attempting to trick you into revealing your personal and financial information. The IRS does not initiate contact with taxpayers by e-mail or social media channels to request personal or financial information. Never share confidential information via e-mail with someone alleging to be the IRS. If you receive a suspicious e-mail claiming to be from the IRS, or directing you to an IRS site, do not reply, do not open any attachments, and do not click on any links. For more information on these scams and what to watch for,…

26Sep 2013 by William Simi

IRS Crackdown on Small Business Underreporting

Tax

The IRS has recently begun cracking down on small businesses. Nearly 20,000 small business owners have received notifications of possible income under-reporting since fall of 2012. The notifications have come in light of an IRS analysis that compares percentages of gross receipts from cash transactions versus credit card transactions. If the ratio is different than what they would expect, they send out a notification. This can be a serious issue if you don’t use great care in your bookkeeping. Many of the businesses that receive these notifications are able to go back through their books and provide explanations as to why the ratios are off. Internet sales, for example, would result in higher numbers of credit card transactions versus cash. A change in tax ID number may also set off…

Tag: IRS