Category Archives: All Posts

IRS Alerts Payroll and HR Professionals to Phishing Scheme Involving W-2s

IR-2016-34, March 1, 2016 WASHINGTON — The Internal Revenue Service today issued an alert to payroll and human resources professionals to beware of an emerging phishing email scheme that purports to be from company executives and requests personal information on … Continue reading

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Government Spells Out the New Social Security Rules

Boomers who are in their sixties, tune in: The Social Security Administration has finally issued official guidance on the phase-out of two popular claiming strategies, and if you qualify, you need to act quickly. The agency issued an emergency message … Continue reading

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PA 529 College Plan – (800) 440-4000

For your PA 529 College Plan, we’ve been asking for your year-end statement showing the calendar year contributions. Apparently, that statement only shows your contributions for the last quarter of the calendar year.   You can get the info that we need … Continue reading

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Auto log/diary

IRS requires this, to document your auto / mileage expenses. pro-auto-mileage  

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The Tax Organizers Are Coming Next Week – Get out your Driver’s License!

Your Tax Refund May Take Longer, But at Least You’ll Get It More security to combat increased identity theft threatens to delay processing this year. Last year’s income tax season was marked by an explosion of refund theft. Will this … Continue reading

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Year-End Form 1099-MISC

This announcement is meant for all of our self-employed clients (Schedule C), and all of our landlord clients (Schedule E). There are penalties for not filing form 1099 to the government and to your subcontractors who are not incorporated, regarding your … Continue reading

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Twins Born In Different Years Deliver Quirky Tax Result for Parents

Maribel Valencia, 22, and her husband, Luis, became parents in 2015. And again in 2016. Maribel Valencia delivered twin babies at San Diego Kaiser Permanente Zion Medical Center over the weekend but the twins have different birthdays. Jaelyn, a girl, was delivered … Continue reading

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Daily Gambling Log

Technically speaking, an amateur gambler must report the full amount of each and every win on the miscellaneous income line on page 1 of Form 1040. Use this for your LOG, and enclose it with the rest of your tax … Continue reading

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How Far Back Can the IRS Audit?

  There are two basic statutes of limitation.   First is the statute of limitations, which provides that the IRS has three years to assess an additional tax due. For example, for a taxpayer who filed a 2012 tax return … Continue reading

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Year-End Tax Tips for Individuals 2015-2016

ALEXANDRIA, VA. (NOVEMBER 30, 2015) BY MICHAEL COHN (Accounting Today)   The National Society of Accountants has released some suggested year-end tax tips for individuals, courtesy of Wolters Kluwer Tax & Accounting US. Individual income tax rates of 10, 15, … Continue reading

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Social Security – Navigating The Effective Date Deadlines For The New File-And-Suspend And Restricted Application Rules

Michael Kitces NOVEMBER 4, 2015         With last week’s “surprise” legislation that revealed Congress is killing the File-and-Suspend and Restricted Application claiming strategies for maximizing Social Security benefits, even those who weren’t previously aware of the strategies … Continue reading

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