Charitable Donations from Your IRA One of the temporary tax provisions made permanent as part of the tax code in late 2015 is qualified charitable distributions from IRAs for those who have reached age 70½. Unfortunately in 2014 and 2015, the law was extended too late during
Read more →The IRS is Not Always Right Quotes from actual IRS correspondence received by clients: “Our records show we received a 1040X…for the tax year listed above. We’re sorry but we cannot find it.” “Our records show you owe a balance due of $0.00. If we do not
Read more →Tips to Make School Expenses Deductible It seems like summer has just begun and the Back-to-School advertising blitz has already started. Are there tax savings opportunities within this nightmare for our kids? Certainly, if you are tax smart about your spending. While the amounts may be small,
Read more →Will multiple employees be working with your QuickBooks company file? You’ll need to define their permission levels. If you ever did your bookkeeping manually, you probably didn’t allow every employee to see every sales form and account register and payroll stub. Most likely, you established
Read more →In an effort to reduce the amount of money paid to identity thieves who file fraudulent returns, the IRS will be implementing changes in the timing and way they handle the processing of tax returns. These steps will continue to evolve, but recent changes will impact millions
Read more →The savings limits for the ever-popular Health Savings Accounts (HSA) are now set for 2017. The new limits are outlined here with current year amounts noted for comparison purposes. What is an HSA? An HSA is a tax-advantaged savings account to pay for qualified health care costs
Read more →What everyone should know To most people “ghosting” is the act of breaking up with a boyfriend or girlfriend by breaking off all contact. Now there is a new ghosting phenomena; stealing the identity of a recently deceased loved one. Ghosting protocol Would-be identity thieves scour obituaries
Read more →2015 audit statistics show continued changes What are the Chances? Every year the IRS publishes the statistics on the number of tax returns they are examining. Provided here are the last three years of published information and a look back to 2008 to see any trends: Percent
Read more →Everyone groans when budget time rolls around. QuickBooks Online Plus offers tools that simplify the process. Budget. The word evokes a sense of dread in most small business managers’ minds. Large corporations have entire teams of accountants that work on this critical element of financial planning.
Read more →Employer and employee alert On May 18, 2016 President Obama and Labor Secretary Perez announced new Department of Labor overtime regulations that go into place December 1, 2016. The Federal Labor Standards Act (FLSA) has information everyone needs to know to comply with these new rules. The
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