Month: November 2015

Inspector General Warns of Continuing IRS Impersonation Scam

The Treasury Inspector General for Tax Administration issued a warning that although it is making some progress in its investigation of a phone fraud scam [...]

Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31

The Internal Revenue Service reminded taxpayers born before July 1, 1945, that they generally must receive payments from their individual retirement [...]

IRS Tax Tips for Deducting Gifts to Charity

The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you [...]

Year-End Reminders on Dependency Exemptions

For 2015, you can claim an exemption of $4,000 for a parent only if he or she has reportable income below $4,000. Suppose your mother’s income is below [...]

Startup costs: Book vs. tax treatment

New businesses, which are vital to a healthy economy, usually incur costs before they begin active conduct of their intended business operations. These costs [...]

Top 10 Myths for the 2015 W2 and 1099 Wage Reporting Season

As the year winds down, the holiday season brings with it tax reporting season – which can be a hectic time for businesses.  Changing regulations, looming [...]

Current Issues Involving Deferred Compensation and Employment Taxes

In providing nonqualified deferred compensation opportunities to certain members of the workforce, employers in the for-profit, tax-exempt, and public sectors [...]

Tax Planning Businesses Can Do Before Year End

At the end of every year, it seems, taxpayers wait anxiously for Congress to enact extensions of popular business tax breaks, and every year Congress waits to [...]

Year-End Strategies: Itemizing vs. Standard Deduction

Recent law changes make the standard deduction a better deal for many individuals who usually itemize their outlays for things like charitable contributions [...]

IRS audit rates at more than decade-long low

If you took liberties on your 2014 federal tax return, you picked a good year to do it. The odds of a U.S. taxpayer facing an IRS audit fell to the [...]