Article Highlights: • Scammers Change Tactics • Fake IRS Mail Notices • Have Your Tax Preparer Review Notice Crooks have tried all sorts of e-mails scams, but almost everyone has figured out that the IRS does not send out notices by e-mail. So crooks have changed their tactics. Now, there are reports of taxpayers receiving by mail (and email) fake notices requiring … [Read more...] about Ingenious Scam Targets Taxpayers
Time Is Running Out! Extended Tax Due Date Just Around the Corner
Article Highlights: • Extended Due Date • Funding Retirement Plans • K-1 Due Dates • Late Filing Penalty • Interest on Amount Due If could not file your 2015 return by the normal April due date and requested an extension, be aware that the final due date for your return is October 17, 2016. The date is normally October 15, but that falls on a weekend this year, giving you two … [Read more...] about Time Is Running Out! Extended Tax Due Date Just Around the Corner
September 2016 Individual Due Dates
September 1 - 2016 Fall and 2017 Tax Planning Contact this office to schedule a consultation appointment. September 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 12. Your employer is required to withhold FICA … [Read more...] about September 2016 Individual Due Dates
Should Our Olympic Champs Be Taxed On Their Prize Money & Medals?
Article Highlights: • Olympian Prize Money • Gold Medals Aren’t Solid Gold • Legislation to Exempt Prize Money and Medals from Taxation You may not realize this, but in addition to winning an Olympic medal, winners are compensated by the U.S. Olympic Committee with prize money: $25,000 for a gold medal, $15,000 for a silver medal and $10,000 for a bronze medal. Oh, and by … [Read more...] about Should Our Olympic Champs Be Taxed On Their Prize Money & Medals?
Don’t Miss out on the Electric Vehicle Credit
Article Highlights: • How the Credit Amount Is Determined • Manufacturer Phaseouts • Credit for Specific Vehicles • Allocation between Business and Personal Use • Non-refundable Limitations If you are considering purchasing a new car or light truck (less than 14,000 pounds), maybe you should consider one of the many electric vehicles currently being offered for sale and … [Read more...] about Don’t Miss out on the Electric Vehicle Credit