IRS Reiterates Warning of Pervasive Telephone Scam

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 [...]

Estimated tax penalty

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, [...]

IRS Warns of New Email Phishing Scheme Falsely Claiming to be from the Taxpayer Advocate Service

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 [...]

Tax Strategies for Real Estate Agents

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 [...]

Investing in a Second Residence

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 [...]

The 1031 Exchange Blog

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 [...]

More than Half of all Income Tax Returns Have Been Received. IRS Issues Publication on Business Expenses

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 [...]

IRS Has $760 Million for People Who Have Not Filed a 2010 Income Tax Return

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. [...]

Can Interns Who Agreed To Work For Free Sue For Wages?

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 [...]

Do You Want A 1099 Or A W-2?

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 [...]

7 Crippling Mistakes With Form 1099 That Cost Big

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 [...]

IRS Can Audit You Forever, But Key Steps Can Prevent It

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 [...]

IRS watchdog warns of ‘largest scam of its kind’ with agency impersonators

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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