March 3rd, 2016 by Christian Wynns
Medical expenses can be costly — and they’re not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for the amounts you pay for medical, dental and vision care, if you incur enough costs to exceed the applicable threshold for the tax year. Here […]
March 1st, 2016 by Christian Wynns
If you’re reporting travel and entertainment (T&E) expenses on your tax return and you’re audited, there’s a good chance an agent will take a hard look at those items. Often the challenge won’t be whether the expense was appropriate for the business, but whether your records meet the letter of the law. And the IRS […]
February 17th, 2016 by Christian Wynns
Already in 2016, the IRS is seeing multiple email phishing scams targeting tax preparers. These scams are designed to steal sensitive information, such as a preparer’s passwords for IRS accounts or sensitive data stored on computers. The IRS recommends all tax preparers take multiple steps to guard against malware and viruses. These steps include using […]
February 8th, 2016 by Kim Chen
According to the IRS, it issues 90% of refunds in less than 21 days. To check the status of a refund online, use the “Where’s My Refund” tool at www.irs.gov or via the IRS2Go phone app. Taxpayers can begin checking the status of their return within 24 hours after the IRS received an e-filed return […]
February 4th, 2016 by Kim Chen
By the editors of Consumer Reports Tax software makers and service providers are offering new layers of security this tax season, says Consumer Reports. You might find shorter shutdown times after inactivity, for example, and fewer chances to try again after a login error. Users of Tax Slayer, TurboTax and other services will have the […]
February 2nd, 2016 by Kim Chen
Allen, TC Memo 2016-13TC Memo 2016-13 In reviewing a determination by the IRS Appeals Office to proceed with collection of the taxpayers’ unpaid Federal income tax by levy, the Tax Court concluded that there were genuine questions of material fact to be decided at trial with regard to the taxpayers’ receipt of a notice of […]
January 23rd, 2016 by Kim Chen
Eligible individuals who get health insurance through the health insurance marketplace can have Advance Payments of the Premium Tax Credit (APTC) made directly to their insurance provider to reduce their monthly premiums. Taxpayers receiving APTCs must file a tax return to reconcile the APTC on IRS 8962, regardless of whether they otherwise had a tax […]
January 15th, 2016 by Kim Chen
Publication 15-B, Employer’s Tax Guide to Fringe Benefits, for use in 2016. IRS has recently released an updated version of Publication 15-B, Employer’s Tax Guide to Fringe Benefits, for use in 2016. It reflects a number of changes, including several from the newly enacted “Protecting Americans from Tax Hikes (PATH) Act of 2015.” RIA observation: […]
January 13th, 2016 by Kim Chen
In mid December, the IRS issued CP01A notices containing a 6-digit Identity Protection Personal Identification Number (IP PIN) for taxpayers who are victims of tax-related identity theft. This notice is sent to taxpayers who: (1) reported to the IRS they are a victim of identity theft; (2) have been identified by the IRS as a […]
January 11th, 2016 by Kim Chen
Tax Season to Begin in January, Says IRS: Despite the last minute, year-end tax extender legislation signed into law on 12/18/15 which retroactively extended 50 or so “extender” provisions, modifying or making many permanent (or both) and added a number of non-extender provisions□the IRS announced that it still plans to open the 2016 filing season […]
© 2024 Rogers Wood Hill Starman & Gustason / Privacy Notice / Disclaimer
