December 22nd, 2015 by Kim Chen
The Consolidated Appropriations Act of 2016 (H.R. 2029), which includes the “Protecting Americans from Tax Hikes (PATH) Act of 2015” was enacted on 12/18/15. The PATH Act makes permanent many of the long-favored individual and business extenders, including, among other provisions, an enhanced child tax credit and earned income tax credit, the state and local […]
December 15th, 2015 by Kim Chen
According to the IRS, an email is being sent to tax preparers asking them to update their e-Services information. This email was not generated by e-Services. The link provided in the email to access e-Services appears to be a phishing scam to capture e-Services usernames and passwords. Additionally, some tax preparers have received scam telephone […]
November 12th, 2015 by Kim Chen
IR 2015-124 Noting that there is still some time before the next tax filing season, IRS has advised taxpayers to make use of that time to consider the appropriate options in choosing a tax return preparers. Basic advice. IRS provides some basic tips that taxpayers can keep in mind when selecting a tax professional and […]
October 28th, 2015 by Kim Chen
IRS Special Edition Tax Tip 2015-18, October 21, 2015 The IRS continues to warn consumers to guard against scam phone calls from thieves intent on stealing their money or their identity. Criminals pose as the IRS to trick victims out of their money or personal information. Here are several tips to help you avoid being […]
September 25th, 2015 by Kim Chen
The IRS will soon provide practitioners with an alternative to receiving estate closing letters, which provide assurance that the estate tax return (Form 706 has been accepted as filed or that the required adjustments are completed. According to Catherine Hughes, a Treasury Department estate and gift tax attorney speaking before the American Bar Association Section […]
August 21st, 2015 by Kim Chen
IR-2015-99, Aug. 6, 2015 WASHINGTON — Following the emergence of new variations of widespread tax scams, the Internal Revenue Service today issued another warning to taxpayers to remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people. These schemes — which can occur over the phone, […]
August 8th, 2015 by Kim Chen
The tax rules for interest deductions depend on which category the expenses are in. Here are the categories that apply to expenses that individuals can incur: 1. Business Interest is fully deductible. If you borrow money and immediately spend it to pay expenses incurred by your sole proprietorship or to purchase related supplies and equipment, […]
July 8th, 2015 by Kim Chen
It can be difficult in the current job market for young people and recent college graduates to find full time and summer jobs. Business owners with children in this situation may be able to provide them with valuable experience and income while generating tax and financial savings for themselves. As a business owner, you may […]
June 19th, 2015 by Kim Chen
A foreign pension or annuity distribution is a payment from a pension plan or retirement annuity received from a source outside the United States. You might receive it from a: •foreign employer •trust established by a foreign employer •foreign government or one of its agencies (including a foreign social security pension) •foreign insurance company •foreign […]
April 30th, 2015 by Kim Chen
Have you procrastinated in setting up a tax-advantaged retirement plan for your small business? If so, you are paying income taxes that could easily be avoided and putting your retirement financial situation at risk. However, you can set things right by taking action. That way, you’ll be positioned for tax savings in the future. Pros […]
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