Tweet WASHINGTON – As the 2014 filing season nears an end, the Internal Revenue Service today issued another strong warning for consumers to guard against sophisticated and aggressive phone scams targeting taxpayers, including recent immigrants, as reported incidents of this crime continue to rise nationwide. These scams won’t likely end with the filing season so [...]
Tweet As every year draws to a close, you got one last opportunity to be sure you’re in Uncle Sam’s good graces when it comes time to settle up on your federal income taxes for the year. The IRS doesn’t expect you to know exactly how much you’ll owe before that April 15 day of reckoning. Still, [...]
Tweet WASHINGTON — As of March 28, the Internal Revenue Service has received 82 million returns through e-file, about 91 percent of returns filed this year. Only about 9 percent, 8.3 million returns, were filed on paper. The IRS expects to receive about 148 million individual income tax returns this year and projects that 23 [...]
Tweet WASHINGTON —The Internal Revenue Service today warned consumers to be on the lookout for a new email phishing scam. The emails appear to be from the IRS Taxpayer Advocate Service and include a bogus case number. The fake emails may include the following message: “Your reported 2013 income is flagged for review due to [...]
Tweet As a real estate agent, your gross commission is not a salary. It’s business revenue that must cover both your salary and your expenses. Manage it successfully with a sound tax strategy. By maintaining careful expense records, choosing a business structure that reduces tax and personal liability and claiming the full range of allowable [...]
Tweet The current slump in the vacation home market has provided an opportunity to acquire one’s dream vacation home at a bargain. Investing in a second residence, whether or not it is used as a vacation home, has tax advantages, depending on whether it is treated as personal property, rental property or as a hybrid [...]
Tweet Taxpayers owning rental property acquired in a 1031 exchange may convert the property from a rental to their primary residence. When the decision is made to sell the primary residence, the 1031 exchange capital gain may be partially eliminated by the Section 121 $250,000 or $500,000 exclusion dependent upon federal filing status. Your CPA [...]
Tweet WASHINGTON — With the tax deadline getting closer, the IRS has received more than half of all the returns it expects to receive during 2014, the agency announced today. The IRS received more than 75 million individual tax returns as of March 14 and projects that it will receive about 149 million individual income [...]
Tweet WASHINGTON — Refunds totaling almost $760 million may be waiting for an estimated 918,600 taxpayers who did not file a federal income tax return for 2010, the Internal Revenue Service announced today. However, to collect the money, a return for 2010 must be filed with the IRS no later than Tuesday, April 15, 2014. [...]
Tweet Like ugly ducklings, will unpaid interns emerge as (Black) Swans? A series of lawsuits–including one by interns who worked on the Black Swan movie–is set to answer the question whether unpaid interns are really employees. It’s not just about titles, and not every case is the same. But no matter what you call employees, the law says they are entitled [...]
Tweet Asked another way, “independent contractor or employee?” It seems like such a simple question. As we approach year-end, companies and workers everywhere may not think about it but they should. If you’re an employee, taxes have to be taken out. That means you’ll receive an IRS Form W-2 in January. In contrast, if you’re an independent contractor, you’ll [...]
Tweet It’s Form 1099 season, and companies big and small are churning them out. If you’re in business–even as a sole proprietor–you need to pay attention to issuing them or face penalties. The burden on businesses seems to grow each year. Even cost basis is now required on some Forms 1099. But the real prize is receiving [...]
Tweet Even a routine tax audit can be expensive and nerve-wracking. So if the IRS statute of limitations has expired, it can be a trump card. The IRS normally has three years to audit, measured from the return due date or filing date, whichever is later. But watch out: the three years is doubled if you omitted 25% or more [...]
Tweet The Internal Revenue Service watchdog on Thursday warned taxpayers of a sophisticated nationwide phone scheme that has become “the largest scam of its kind that we have ever seen.” The plot involves callers claiming to represent the IRS and demanding immediate payments with a pre-paid debit card or wire transfer. Treasury Inspector General for Tax Administration [...]
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