Beneficial Articles

Want up to date useful tax information? Catalano, Caboor & Co.'s Beneficial Articles and Tax Alerts are updated on a regular basis for your convenience.

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Tax Alerts
Tax Briefing(s)

File 2019 and 2020 Tax Returns By Sept. 30 To Receive COVID Penalty Relief


Parents can boost their back-to-school budget by claiming tax credits and refunds


Know what’s deductible after buying that first home, sweet home


Knowing How The IRS Contacts Taxpayers Can Help Protect People From Scammers


Standard mileage rate will increase to 62.5 effective July 1, 2022


Year-round tax planning: All taxpayers should understand eligibility for credits and deductions


Wedding Planning Checklist: Cake, Rings, Flowers … Tax Forms?


Taxpayers who are paying someone to take care of their children or another member of household while they work, may qualify for child and dependent care credit regardless of their income.


Taxpayers Can Start The 2022 Tax Year Off Right by Checking Their Withholding


This holiday season the IRS reminds taxpayers, the agency won’t ask for or accept gift cards as payment for a tax bill. However, that doesn’t stop scammers from targeting taxpayers by asking them to pay a fake tax bill with gift cards. They may also use a compromised email account to send emails requesting gift card purchases for friends, family or co-workers. Gift cards make great presents for loved ones, but they cannot be used to pay taxes.


Many Americans have been working from home due to the pandemic, but only certain people will qualify to claim the home office deduction. This deduction allows qualifying taxpayers to deduct certain home expenses on their tax return when they file their 2021 tax return next year.


October 15 is fast approaching. That's the last day to file for most people who requested an extension for their 2020 tax return. These taxpayers can file any time on or before Friday, October 15 if they have all their required tax-related documents. They should also pay part or all their taxes since amounts owed after May 17 this year could be subject to penalties and interest.


The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021.  Additionally, the IRS issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the employee retention credit.


It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income.


After a natural disaster, having access to personal financial, insurance, medical and other records can help people starting the recovery process quickly. There are a few things taxpayers can do to help protect their financial safety in a disaster situation.


The advance child tax credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season. The IRS will disburse these advance payments monthly through December 2021. Here some details to help people better understand these payments.


Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next year.


Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it’s about a specific issue with a taxpayer’s federal tax return or tax account. A notice may tell them about changes to their account or ask for more information. It could also tell them they need to make a payment. This year, people might have also received correspondence about Economic Impact Payments or an advance child tax credit outreach letter.


Taxpayers and tax calling the IRS will be asked to verify their identity. This is part of the agency’s ongoing efforts to keep taxpayer data secure from identity thieves.


During the summer many students focus on making money from a summer job. They may want to gain work experience, earn some spending money or help pay for college. Here are some facts all student workers should know about summer jobs and taxes.


The IRS continues to observe criminals using a variety of scams that target honest taxpayers. In some cases, these scams will trick taxpayers into doing something illegal or that ultimately causes them financial harm. These scammers may cause otherwise honest people to do things they don't realize are illegal or prey on their good will to steal their money.


If you own a heavy highway vehicle and need to file Form 2290

Click here for more infomartion

Truckers/trucking companies seeking assistance and/or a new accountant please contact Adam Marchewka


It's summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season.


The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source.


When hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a business avoid missed deposits for employment taxes and other unpaid bills.


Where's my refund Federal

Where's my refund State of Illinois


The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.


Clutch has just announced the top accounting firms as part of their Small Business Solidarity program. We are thrilled to announce that Clutch has named Catalano, Caboor & Co. a top accounting firm in Chicago for 2020!


Taxpayers can use online tool to start checking on the status of refund 24 hours after the IRS acknowledges receipt of the taxpayer’s e-filed tax return.Currently, the IRS is experiencing delays in processing paper tax returns due to limited staffing as a result of COVID-19.


Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020...


DuPage County announced 5/12/20 it will launch Reinvest DuPage, a grant relief program developed in partnership with Choose DuPage for small businesses and independent contractors.


People can check the status of their tax return about 24 hours after the IRS acknowledges receipt of an electronically filed tax return and up to four weeks after a taxpayer mails a paper return. The Where’s My Refund? tool updates once every 24 hours, usually overnight, so taxpayers only need to check once a day. 


2/14/20 Facebook Live Brief presentation "Should you be an employee or an independent contractor" by Catalano, Caboor & Co. CPA Jeff Hansen skip to 5:21


The final QBI regulations offer three avenues for a rental real estate activity to be considered a trade or business eligible to generate QBI: (1) the rental activity qualifies as a Sec. 162 trade or business; (2) it rents to specific related parties; or (3) it satisfies the requirements of a proposed safe harbor.


It's very common to look for ways to help people and communities affected after a natural disaster or tragic event. Unfortunately, imposters pop up to try and take donations away from those who really need them. You want to make sure your money gets in the hands of the charities you want to help. Make sure to do your research before donating to a charity, and help prevent others from becoming a victim of fraud by reporting scams to your state consumer protection office or the Federal Trade Commission.


Taxpayers should be aware of tax law changes related to alimony and seperation payments. These payments are made after a divorce or separation. The Tax Cuts and Jobs Act changed the rules around them, which will affect certain taxpayers when they file their 2019 tax returns next year.


New basis-consistency requirements make defensible valuations of inherited property even more important.


While the issue of whether employees are properly classified as exempt is always an issue that could potentially arise.


The TCJA dramatically changed tax planning related to marriage and divorce in many ways often indirect and unexpected that could have varied and adverse impact on different people.


The agency just debuted it’s official Instagram account, IRSNews, which users can access on their computer or smartphone using the Instagram app.


October 15 is the filing deadline for taxpayers who requested an extension for their 2017 tax return. However, those who have an extension should mark this coming Monday, Oct. 15 as the deadline to file.

While the deadline is just around the corner, there are still things these taxpayers can remember to make sure they file a complete and accurate return. Here are a few tips and reminders for taxpayers who have not yet filed.


The IRS on Wednesday 9/26/18 provided the 2018–2019 special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.


The IRS urges everyone who works as an employee and who also has income from other sources to perform a paycheck checkup now.


Whether serving up slices, mowing lawns or ringing up groceries, here's what kids and their parents should know about summer jobs and taxes


Speaking at AICPA ENGAGE 2018, skateboarding legend Tony Hawk credited his accountants with making his skateboard company, Birdhouse, and the Tony Hawk Foundation successful. He also shared some of the key lessons he learned from becoming an entrepreneur.


The Tax Cuts and Jobs Act includes changes to moving, mileage and travel expenses


Last year's Tax Cuts and Jobs Act brought good news for taxpayers who claim the child tax credit. The law doubled the credit amount, increased the refundable portion, expanded the credit's scope and broadened the pool of eligible taxpayers.


While many people take summer vacations, data thieves do not. Phishing emails and telephone scams continue to pop up around the country. The IRS reminds everyone to be vigilant to avoid becoming a victim.

The IRS warns the nation’s business, payroll and human resource communities about a growing W-2 email scam. Criminals use this scheme to gain access to W-2 and other sensitive tax information that employers have about their employees.


Adoptive parents around the country may qualify for a tax credit. Parents who either adopted a child or tried to adopt a child may claim the adoption credit. Here are 9 things you should know about this credit.


Tax time is in full swing, and like every year the scams are in full effect!   The IRS is busy this time of year, and that makes it much easier for scammers to try to take your hard earned money.


Over the years, taxpayers have concocted a lot of zany arguments to justify their tax breaks. Here are 12 creative ones that the courts decided did not quite work.


Employers should use these updated withholding rules for 2018, putting them into effect as soon as possible but no later than Feb. 15, the IRS said. Until then, employers should continue to use the 2017 withholding tables.


Special thanks to Jeff Burgess for making this possible.


For all retailers and servicepersons conducting business in taxing jurisdictions whose sales tax rate is changing effective January 1, 2018


It’s the time of the year when many taxpayers choose a tax preparer to help file a tax return. These taxpayers should choose their tax return preparer wisely.  This is because taxpayers are responsible for all the information on their income tax return. That’s true no matter who prepares the return.

These are ten tips for taxpayers to remember when selecting a preparer.


Here is a summary


With the Tax Cuts and Jobs Act headed for the President's desk shortly, many clients may be asking what they can do before year-end to best position themselves for tax savings, and to avoid or soften the impact of disappearing deductions.


With research and budgeting, animal lovers can enjoy the companionship their pets offer without threatening their financial goals.


The Internal Revenue Service issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be...


On December 13, the Conference Committee reached an agreement in principle on reconciling the Senate and House versions of their tax bill.


Useful information for all individuals, and businesses required to pay Illinois Income Tax.


With the online holiday shopping season in full swing, it’s the perfect time for all taxpayers to take steps to protect their identities and personal data. The IRS partnered with state tax agencies, the tax industry and other groups across the country to encourage all taxpayers to think about data protection.


This article contains a compasion of the Bills. We will keep you updated as future progress is made.


Small business identity theft is a big business. Just like individuals, businesses can be victims too. Thieves use a business’s information to file fake tax returns or get credit cards.


In a nutshell, to account for inflation, many amounts increased, but some stayed at 2017 levels. As you implement 2017 year-end tax planning strategies, be sure to take these 2018 adjustments into account in your planning. (Just keep in mind that some of these amounts may change if Congress passes a new tax law.) 


Taxpayers who are victims of a disaster might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement.


Small businesses might be vulnerable to several types of fraud, including identity theft, payroll fraud and return fraud. However, entrepreneurs can take steps to protect their companies.


Taxpayers who requested an extension of time to file their federal tax returns have until Oct.16 to double-check their returns for tax benefits that people often overlook. These taxpayers still have time to see if they can benefit from these four credits.


Every year, millions of taxpayers ask for an extra six months to file their taxes. These taxpayers should have paid the tax they owed by the April deadline, but those who requested an extension should mark Monday, Oct. 16 as the extension deadline for 2017. While the deadline normally falls on Oct. 15, that date falls on a Sunday this year so the due date is moved to the next business day.


The Internal Revenue Service has issued an annual update of per diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1. The notice includes the rates and list of high-cost localities for purposes of the high-low substantiation method. The new rates will be in effect from Oct. 1, 2017, to Sept. 30, 2018. 


The IRS offers some tips to recover losses and reconstruct tax records, following the devastation caused by a natural disaster, such as the case recently with Hurricanes Harvey and Irma.


Taxpayers may be able to deduct certain expenses of moving to a new home because they started or changed job locations.  Here are some useful tax tips.


The federal income tax is a pay-as-you-go system. Employers generally withhold tax from workers’ wages. Taxpayers also often have taxes withheld from certain other income including pensions, bonuses, commissions and gambling winnings.

People who do not pay tax through withholding, like the self-employed, generally pay estimated tax. In addition, those who earn income such as dividends, interest, capital gains, rent and royalties are usually required to make estimated tax payments.

Each year, because of life events like changes to household income or family size, some people get a larger refund than they expect while others find they owe more tax.  

To prevent a tax-time surprise, the IRS offers these tips.


Many parents send their children to summer day camps while they work or look for work. The IRS urges those who do to save their paperwork for the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it on their taxes in 2018 if they paid for day camp or for someone to care for a child, dependent or spouse during 2017.


Students and teenagers often get summer jobs. This is a great way to earn extra spending money or to save for later. The IRS offers these 7 tax tips for taxpayers with a summer job.


Unlike many entities, not-for-profits can select a fiscal year end. A thoughtfully chosen year end may produce more meaningful financial statements, ease reporting requirements and even save the organization money.


One of the most confusing questions clients ask their accountants is: what do I do with my tax records and how long do I need to keep them?


To: All retailers and servicepersons conducting business in taxing jurisdictions whose sales tax rate is changing, effective July 1, 2017


Taxpayers who pay work-related expenses out of their own pocket may be able to deduct them. Generally, employee business expenses are deductible if they are more than two percent of adjusted gross income. In most cases, they go on IRS Schedule A, Itemized Deductions.


Taxpayers who have adopted or tried to adopt a child in 2016 may qualify for a tax credit. Here are nine important things about the 

adoption credit.


The Internal Revenue Service posted confirmation on its website that it is giving calendar-year C corporations a six-month filing extension, despite statutory language that specifies a five-month extension for calendar-year C corporations.


Taxpayers with children may qualify for certain tax benefits. Parents should consider child-related tax benefits when filing their federal tax return.


Self-employed taxpayers normally earn income by carrying on a trade or business. Here are 6 important tips from the IRS for the self-employed.


If taxpayers receive Social Security benefits, they may have to pay federal income tax on part of those benefits. These IRS tips will help taxpayers determine if they need to do so.


This IRS YouTube video walks taxpayers through the steps of how to use the IRS “Where’s my refund?” tool.  The online tool gives personalized up to date tracking information on a refunds’ status. Nine out of 10 refunds are issued within 21 days when sent electronically and using direct deposit. 


Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, which can be filed by small exempt organizations that meet certain gross receipts and assets tests, now has 29 help icons on various parts of the form that link to explanations, instructions and other resources.


Easy, safe and fast — that’s direct deposit. It’s the best way to get a tax refund. Eighty percent of taxpayers choose it every year. The IRS knows taxpayers have a choice of how to receive their refunds.


The Internal Revenue Service provided procedures for same-sex married couples to recompute the estate or gift tax applicable exclusion amount and the generation-skipping transfer tax exemption amount in light of the Supreme Court's Windsor decision.


The odds are against people who make New Year's resolutions, with research suggesting that less than half of resolutions will be kept six months later. Here are tips for following through on financial objectives, beginning with setting goals that are specific, measurable and realistic.


Some tax attributes, such as net operating losses attributable to the decedent, may be lost when a decedent-taxpayer dies, but proper planning for elderly or sick clients can allow practitioners to realize substantial tax savings for these clients.


The Internal Revenue Service issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.


If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep in mind.


Understanding your tax obligation is one key to business success. When you start a business, you need to know about income taxes, payroll taxes and much more. Here are five IRS tax tips that can help you get your business off to a good start.


Do you plan to donate your time to charity before years end? If you travel for it, you may be able to lower your taxes. Here are some tax tips that you should know about deducting charity-related travel expenses.


Your medical expenses may save you money at tax time, but a few key rules apply. Here are some tax tips to help you determine if you can deduct medical and dental expenses on your tax return.


Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five important points to keep in mind if your child has investment income.


The Internal Revenue Service, states and the tax industry remind you that online threats and annoyances abound. There are viruses, worms, Trojans, bots, spyware and adware – all fall under the malicious programs (malware) umbrella.


The Chicago Amusement Tax applies to paid television programming, including satellite TV. The Federal Communications Act exempts satellite TV providers from having to collect local taxes, but it does not exempt customers from having to pay them.

Because many businesses were previously unaware of their obligation to pay the Amusement Tax, the Department is offering to accept the payment of Amusement Tax from July 1, 2015 to the date of payment, waiving all interest and penalties, and waiving all liability for periods before July 1, 2015 (including Amusement Tax, interest and penalties), for any business that applies to the Department by December 31, 2016. Any business that wishes to accept this offer should submit the 2016 Voluntary Disclosure Application for Business Subscribers of Satellite Television Services.


The IRS does not initiate contact with taxpayers by email, text message or social media to request personal or financial information. This includes requests for PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts.


Victims of Hurricane Matthew that took place beginning on October 7, 2016 in parts of Virginia may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disaster exists in the Commonwealth of Virginia. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in the independent cities of Chesapeake, Newport News, Norfolk and Virginia Beach will receive tax relief.


A new federal law moves up the W-2 filing deadline for employers and small businesses to Jan. 31. The new law makes it easier for the IRS to find and stop refund fraud. It also delays some taxpayer refunds. Those taxpayers claiming the Earned Income Tax Credit or the Additional Child Tax Credit won’t see refunds until Feb.15, at the earliest.


A name change can have an impact on your taxes. All the names on your tax return must match Social Security Administration records. A name mismatch can delay your refund. Here’s what you should know if you changed your name.


With hurricane season underway, the IRS offers advice to those impacted by storms and other natural disasters. Here are some tips to help you prepare for such events.


If you received an extension of time to file your 2015 federal tax return, you have until Oct. 17 to double check your return and information on it that is related to the Affordable Care Act. The health care law includes the individual shared responsibility provision and the premium tax credit that may affect your return.


If you are a farmer or rancher forced to sell your livestock because of the drought that affects much of the nation, special IRS tax relief may help you. The IRS has extended the time to replace livestock that their owners were forced to sell due to drought. If you’re eligible, this may help you defer tax on any gains you got from the forced sales. The relief applies to all or part of 37 states and Puerto Rico affected by the drought.

Here are several points you should know about this relief.


The updated rates are effective for per-diem allowances paid to any employee on or after Oct. 1, 2016, for travel away from home on or after that date, and supersede the rates in Notice 2015-63, which provided the rates for Oct. 1, 2015, through Sept. 30, 2016.


The Internal Revenue Service issued an alert to taxpayers not to respond to the latest tax fraud scheme, an emailed CP2000 notice claiming to be related to an Affordable Care Act tax underpayment. The alert emphasizes that the IRS does not communicate with taxpayers about their taxes by email.


Older baby boomers need to pay attention to deadlines for withdraw required amounts of money from retirement accounts when they turn 70-and-a-half. Missing a deadline can trigger a 50% tax penalty.


No, seriously. It's a VR game. About accounting. At first, anyway...


Renting out a vacation property to others can be profitable. If you do this, you  must normally report the rental income on your tax return. You may not have to report the rent, however, if the rental period is short and you also use the property as your home. Here are some tips that you should know.


This review of developments in individual income taxation covers new laws, cases, regulations and Internal Revenue Service guidance, including new due-diligence requirements for preparers of returns claiming the child tax credit and the American opportunity tax credit.


Americans have serious money issues. Nearly half the people in this country say they don't have enough money saved to cover even a $400 emergency expense, and a third of Americans regularly carry credit card debt.

Financial education alone won't fix all of the problems Americans face. But consider that since schools invested in sex education in the 1980s and 1990s, teen pregnancies have declined dramatically.  Imagine what could happen if people learned the basics about money.


With all the planning and preparation that goes into a wedding, taxes may not be high on your summer wedding checklist. However, you should be aware of the tax issues that come along with marriage. Here are some basic tips to help with your planning.


State income taxes or property taxes could cost you thousands of dollars every year. High sales taxes or gas taxes could slowly drain your funds every time you pull out your wallet.


Accounting is one of the most important areas for keeping your company profitable. As you start out and your company grows, software can only take you so far. Accountants can help your company move forward. Here are five reasons why your business needs an accountant in all stages of your growth.


Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses.


The Internal Revenue Service today warned taxpayers against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.”


Every taxpayer has a set of fundamental rights. The “Taxpayer Bill of Rights” takes the many existing rights in the tax code and groups them into 10 categories. You should know these rights when you interact with the IRS. Publication 1, Your Rights as a Taxpayer, highlights a list of your rights and the agency’s obligations to protect them. Here is a summary of the Taxpayer Bill of Rights.


Olympic athletes who bring home medals also bring home cash — $25,000 for gold, $15,000 for silver and $10,000 for bronze — paid for by the United States Olympic Committee. Like any prize winner, from a jackpot hitter to a Nobel Prize recipient, the athletes are taxed because Olympic medals and cash bonuses are considered income.


If you pay for college in 2016, you may receive some tax savings on your federal tax return, even if you’re studying outside of the U.S. Both the American Opportunity Tax Credit and the Lifetime Learning Credit may reduce the amount of tax you owe, but only the AOTC is partially refundable.

Here are a few things you should know about education credits.


Many taxpayers who made their next-day employment tax deposits on Tuesday, May 31, or semi-weekly employment tax deposits on Thursday, June 2, 2016, were incorrectly sent notices that their deposits were late.

The IRS apologizes for any inconvenience, and no taxpayer action is required. IRS systems have been corrected and impacted taxpayer accounts will be updated.


If you are in the U. S. Armed Forces, there are special tax breaks for you. For example, some types of pay are not taxable. Certain rules apply to deductions or credits that you may be able to claim that can lower your tax. In some cases, you may get more time to file your tax return. You may also get more time to pay your income tax. Here are some tips to keep in mind.


You retire to an income-tax-free state and you don’t expect to pay any income tax. So imagine the surprise a former California couple in their 60s got when they went to a tax preparer in Tennessee for help with their 2015 federal tax return, and she gave them the news that they owed $1,200 in taxes to Tennessee on their capital gains, interest and dividend income, thanks to the 6% state “Hall Tax.”


August is here, which means one thing: Back-to-school shopping! While kids are excited to break open new supplies, some parents struggle with how to pay for it all. Luckily, tax-free weekends in states around the nation will help parents buy the clothes and supplies their children need for the upcoming school year.


If there’s one thing we all have in common, it’s that no one enjoys filing taxes. But, according to recent studies, millennials feel particularly anxious about the annual process.


The above-the-line deduction that teachers can claim for classroom expenditures was recently made permanent, adjusted for inflation and expanded. Here's a look at the new rules and how to take advantage of them.


Outlined in this article are five ways to run your not-for-profit more effectively, inspired by our panel of nonprofit executives.

Please contact our CPAs Steve Caboor or Jeff Hansen for your not-for-profit audits or accounting needs.

 


It can be hard to understand taxes. But the IRS provides many free products and services in Spanish and other languages on IRS.gov. Here are some ways that you can get help from the IRS this summer.


The IRS shares some advice on fixing a return.


The tax credit for research-and-development activities is a valuable incentive for taxpayers to help fund and encourage innovation. However, taxpayers must maintain sufficient documentation to prove that their expenses qualify, as this article examines in detail.  Catalano Caboor & Co. currently partners with Titan Armor for R & D documentation.


Tax scammers work year-round; they don’t take the summer off. The IRS urges you to stay vigilant against calls from scammers impersonating the IRS. Here are several tips from the IRS to help you avoid being a victim.


Many students get summer jobs. It’s a great way to earn extra spending money or to save for later. Here are some tips for students with summer jobs.


The Internal Revenue Service has closed down its electronic filing PIN tool after noticing suspicious activity.


CPA personal financial planners can help married same-sex couples navigate changes to Medicare access to ensure they are receiving appropriate benefits.


Day camps are common during the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify for a federal tax credit. Here are 10 things to know about the Child and Dependent Care Credit.


Self-insured employers, applicable large employers and health coverage providers are reminded that the June 30 deadline to electronically file information returns with the IRS is approaching. The deadline to provide information returns to employees or responsible individuals was March 31. While the deadline to file paper information returns with the IRS was May 31, electronic filers have more time. This chart provides a reminder about the upcoming filing requirement and the June 30, 2016 deadline.     


Before paying for additional insurance when renting a car, people should check their own auto insurance and credit cards to see what type of coverage they already have. These sources of coverage may be cheaper than the rates charged by the rental company.


Everyone knows they were the product of exposure to chemical ooze in New York sewers. But for an informed public, the New York Post compiled 10 things you didn’t know about the Teenage Mutant Ninja Turtles. With the resurgence of the 1980s heroes, they’re everywhere again.

The movie, Teenage Mutant Ninja Turtles Out Of The Shadows won’t tell you every tidbit about the heroes in a half shell. And the movie certainly won’t tell you about their taxes. But like death, taxes hit everywhere.


For families with children and aging parents, it’s important to make sure everyone guards their personal information online and at home.

It may be time for “the conversation.”


If you are a small employer, there is a tax credit that can put money in your pocket. The small business health care tax credit benefits employers that...


Starting with 2016 returns, business entity investors’ Schedules K-1 are due before the investors’ returns are due, and foreign account information (FBAR) is due (and can be extended) when the individual returns are due.

Here’s a brief recap of the new federal tax return deadlines.


Effective June 1, 2016, the combined sales tax rate for locations currently within the territory of the DuPage Water Commission will decrease by 0.25 percent, due to the DuPage Water Commission Sales Tax expiring on May 31, 2016, as required by Public Act 96-1389.


Some startup businesses are using crowdsourcing services to gather input from a large number of people and test their ideas and business strategies.


It’s important to know how many full-time employees you have because two provisions of the Affordable Care Act – employer shared responsibility and employer information reporting for offers of minimum essential coverage – apply only to applicable large employers. Employers average the number of their full-time employees, including full-time equivalents, for the months from the previous year to see whether they are considered an applicable large employer.


It’s no secret that tax refund fraud is big business for scammers. The Internal Revenue Service (IRS) estimates it paid $3.1 billion in identity theft fraudulent refunds in filing season 2014. During that same time, the IRS stopped attempts to collect an additional $22.5 billion in fraudulent refunds (GAO study downloads as a pdf).

IRS Commissioner John Koskinen has noted before that stopping fraud requires IRS to be a step ahead of the scammers. Congress thinks it has a plan to do just that. There’s just one problem: in the attempt to slow tax refund fraud, millions of families may have a longer wait next tax season to get their refund.


Retirees searching for income who also want to give to charity are drawn to charitable remainder trusts and charitable gift annuities. You get lifetime payouts, and the charity gets its share when you die. What if there was a way to fund these with your Individual Retirement Account dollars?


If you are a self-employed landscaper or gardener, be sure to view the IRS webinar “Business Taxes for the Self-Employed: The Basics.”


If you are self-employed, visit IRS.gov for all your tax needs. Knowing the tax rules can help your business start, grow and succeed. For example, see IRS Publication 4902, Tips for the Cosmetology and Barber Industry.

If you need tax assistance with your existing business or help getting your business started please contact us: (630) 261-0550


Small Business Week is May 1–7, and the IRS is highlighting some of its most popular educational products, videos and webinars to help your small business thrive. A good example is the webinar: “Tax Related Guidance for Child Care Providers.” The online resource can help business owners and operators learn how to report common tax items linked with this type of business.


The Treasury Inspector General for Tax Administration issued an alert Friday 4/22/16 warning that it has received information that callers impersonating IRS employees or the Treasury Department are demanding payments on iTunes Gift Cards.


You may be tempted to forget about your taxes once you’ve filed but some tax planning done now may benefit you later. Now is a good time to set up a system so you can keep your tax records safe and easy to find.  Here are some IRS tips to give you a leg up on next year’s taxes.


Owning a restaurant is not a one-size-fits-all endeavor—the recipe isn’t exact, but the key ingredients are the same. From food trucks to five-star dining, this guide will inform small business owners of the financial checkpoints for opening a new restaurant.


April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late. To keep interest and penalties to a minimum, you should file your tax return and pay the tax as soon as possible. Here are some facts that you should know. 


Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from IRS, here are 10 things to know.


34 Tax Day 2016 Deals, Discounts and Freebies

This year, most of us get three extra days to file our federal income tax. Since Emancipation Day falls on April 15, Tax Day 2016 has been pushed back to April 18, except if you live in Massachusetts and Maine where you’ll be celebrating Patriots’ Day that Monday; you have have until Tuesday, April 19 to file.

But no matter what the tax deadline is where you live, you can take advantage of many special tax season offers. Here are food freebies, last-minute tax filing deals and more for Tax Day, April 18.


You can fix mistakes or omissions on your tax return by filing an amended tax return. If you need to file one, these 10 tips can help.


Some taxpayers will be receiving an IRS letter about the premium tax credit; this letter is also known as a 12C letter. Be sure to read your letter carefully and respond timely. Here are answers to questions you may have about this letter.


If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips for gifts and the gift tax.


If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips for gifts and the gift tax.


Do you own a small business or run a tax-exempt organization with fewer than 25 full-time equivalent employees? If  you do, the Small Business Health Care Tax Credit can help you provide insurance to your employees. You may be able to save on your taxes if you paid for at least half of their health insurance premiums. Here are seven tax tips about this credit.


The Internal Revenue Service has some advice for taxpayers that  may prevent them from being the victim of a tax scam: Don’t be fooled by scammers. Stay safe and be informed. Here are some of the most recent IRS-related scams to be on the lookout for.


If you get income from tips, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly.


If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify, you can claim the deduction whether you rent or own your home. You may use either the simplified method or the regular method to claim your deduction. Here are six tips that you should know about the home office deduction.


If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your adjusted gross income. Here are five other facts you should know.


Did you receive income from a foreign source in 2015? Are you a U.S. citizen or resident who worked abroad last year? If you answered ‘yes’ to either of those questions, here are seven tips to keep in mind about foreign income.


Mark Hughes crunched a whole lot of numbers and talked to a bunch of people in order to bring you as clear, definitive, and detailed a reply to rumors and speculation as he can right now. It’s a lot of information, comparisons, box office numbers, estimates, and points.


There are factors at play beyond simply procrastinating. Is filing an extension on your taxes really smart? Or are you just delaying the inevitable?


If you contribute to a retirement plan, like a 401(k) or an IRA, you may be able to claim the Saver’s Credit. This credit can help you save for retirement and reduce the tax you owe. Here are some key facts that you should know about this important tax credit.


If you can’t pay your taxes in full, the IRS will work with you. Past due debts like taxes owed, however, can reduce your federal tax refund. The Treasury Offset Program can use all or part of your federal refund to settle certain unpaid federal or state debts, to include unpaid individual shared responsibility payments. Here are five facts to know about tax refund offsets.


The IRS encourages you to file an accurate tax return. Take extra time if you need it. If you make an error on your return then it will likely take longer for the IRS to process it. That could delay your refund. You can avoid many common errors by filing electronically. IRS e-file is the most accurate way to file your tax return.


What started out as a solemn religious ceremony on the Emerald Isle has slowly but surely transformed into one of the banner days in American capitalism. As everything from NBA jerseys to Bud Light bottles turns green on March 17, it seems as though brands have figured out how to squeeze every nook and cranny out of the festive holiday.

Come Thursday, everyone will plan on “turning Irish,” breaking out their colors and staying at the bar just slightly longer than usual. St. Patrick’s Day is a full-fledged business entity, so let’s take a look at just how much we really plan on celebrating & spending.


If you did not file a tax return for 2012, you may be one of nearly one million taxpayers who may be due a refund from that year. If you are, you must claim your share of almost $950 million by April 18. To claim your refund, you must file a 2012 federal income tax return. Here are the facts you need to know about unclaimed refunds:


Some 48 million Americans have received a tax refund from the federal government so far this year, and what they do with the money is as varied as the country itself.


Federal income tax refunds totaling $950 million may be waiting for an estimated one million taxpayers who did not file a federal income tax return for 2012. To collect the money, these taxpayers must file a 2012 tax return with the IRS no later than this year's April tax deadline.


Recent legislation made the 100% exclusion of gain from the sale of qualified small business stock permanent, ending years of uncertainty as the amount fluctuated.  It's time to revisit this tax break.


Money you paid for higher education in 2015 can mean tax savings in 2016. If you, your spouse or your dependent took post-high school coursework last year, there may be a tax credit or deduction for you. Here are some facts from the IRS about key tax breaks for higher education.


You can trim your taxes and save on your energy bills with certain home improvements. Here are some key facts to know about home energy tax credits.


Here are the best ways to get federal tax help from the IRS ‘en español’.


Each year, people fall prey to tax scams. That’s why the IRS sends a list of its annual “Dirty Dozen.” Stay safe and be informed – don’t become a victim.


The key to teaching children about personal finance issues is to start early and bring up the issue frequently, experts say. Three experts discuss the value of financial skills, how to instill them in children and the role that schools can play in financial education.


Just when you think you’ve seen and heard it all, in walks a client with an absolutely ludicrous tax deduction.  Here are six outraggeous tax deductions that were requested.


On Thursday, the Internal Revenue Service issued a publication that outlines a new examination process that will govern examinations of taxpayers undertaken by the IRS’ Large Business and International Division. The examination process, which will be effective May 1, 2016, includes new procedures for refund claims while an examination is underway.


A TIGTA investigation into the data breach discovered last May brings the total number of taxpayers whose tax transcripts were potentially compromised to 724,000


This year, you may receive one or more forms that provide information about your 2015 health coverage.  These forms are 1095-A, 1095-B and 1095-C. This tip is part of a series that answers your questions about these forms.


When you receive an IRS notice, you may get a knot in the pit of your stomach even before you open it. Every year the IRS sends millions of letters and notices. (This is the way the agency contacts taxpayers, not by calling them out of the blue and threatening to put them in jail or by sending emails demanding payment—those are scams.)


If your facts are right and you feel adventurous, here are some unusual deductions taxpayers managed to get approved. Admittedly, some had to take the IRS to court to get their deduction approved.


This year, you may receive one or more forms that provide information about your 2015 health coverage you had in 2015.  These forms are 1095-A, 1095-B and 1095-C. This tip is part of a series that answers your questions about these forms.


There are many reasons why you may need a copy of your tax return information from a prior year. Transcripts are free and available for the most current tax year after the IRS has processed the return. You can also get them for the past three tax years. If you don’t have your copy, the IRS can help. Here are the types of transcripts to choose from.


A variety of products designed specifically for women cost more and offer less value than similar products for men -- a phenomenon known as the "pink tax."  Women do have some options for addressing this problem.


The Internal Revenue Service further postponed the due date for a new reporting requirement under which estates must report the value of estate assets to the IRS and beneficiaries. The postponement is designed to give the IRS time to issue proposed regulations.


Scams using the IRS as a lure continue. They take many different forms. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal your identity too.


If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine if you need to pay taxes on your benefits.


Whether they’ve lost that loving feeling or they’ve wised up about inflated prices on Valentine’s Day, young people can learn a thing or two from long marrieds and save a few bucks.


Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return.


Farms include ranches, ranges and orchards. While some may raise cattle, poultry or fish and others grow fruits or vegetables, all will report their farm income on Schedule F, Profit or Loss from Farming. If you own a farm or ranch, here are 10 tax tips.


Illinois, and Chicago in particular, attracted $330 million in film and television production work in 2015, the Illinois Film Office reported today, with 291 projects shooting here.


Several trends are changing the way companies hire CFOs. Women and minorities are earning more of the open spots. In addition, more companies are hiring investment bankers and people with previous CFO experience.


Taxpayers may not like receiving IRS Form 1099, and in some cases, are happy to be missing an IRS Form 1099. Businesses may not like sending them out. Perhaps no one likes 1099s except the IRS. The agency loves them because they easily allow matching data against tax returns.


 Jerry Catalano offers ‪small business‬ tips on creating a great working staff.


AN INFORMATIVE MEETING about the Illinois Filmmakers 30% Tax Credit will take place Wednesday, Jan. 27, 2016 to explain how to wend your way through the qualifications to obtain the credit when your film is completed and getting ready to hit the screens.

Organized by Joe Orlandino’s Atlas Media and Stage 32, the knowledgeable main speaker is Catalano Caboor & Co.'s very own, Christine Fitch, who is 1 of 8 people listed on the Illinois Film Office’s list of accountants to contact about the process. Fitch will also answer questions.


Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are 6 tips to help you find out if you should file a tax return.


The Affordable Care Act requires you and your dependents to have health care coverage, an exemption from the coverage requirement, or make a shared responsibility payment for any month without coverage or an exemption with your return. This law will affect your federal income tax return when you file this year.


Tax time is upon us again, and 2016 brings some tax changes you need to know about. By knowing about them, you'll be better able to take steps that will leave you prepared both this year and next. Here are the 10 biggest tax changes you should know about.


The Minnesota Society of Certified Public Accountants recently surveyed its CPA members in public accounting on the most outrageous tax deductions clients tried to take on their tax returns. The resulting list shows that, more often than not, clients just don’t know which deductions are allowed.


Winning Powerball, or receiving other types of windfalls, can lead people to make ruinous financial mistakes. CPA financial planners identify five major mistakes made by people who become rich overnight, and suggest ways to avoid them.


When clients die, tax practitioners can take a number of steps on their clients' individual income tax returns for their final year that can help the family save on taxes.


All of our CPAs are on the Directory of Federal Tax Return Preparers with Credentials and Select Qualifications.

Many people use a tax professional to prepare their taxes. Tax professionals with an IRS Preparer Tax Identification Number (PTIN) can prepare a return for a fee. If you choose a tax pro, you should know who can represent you before the IRS. There are new rules this year, so the IRS wants you to know who can represent you and when they can represent you.


The Illinois Department of Revenue says taxpayers will have to wait until after March 1 to receive income tax refunds.


You should be encouraged to save for retirement without worrying you may not have the liquidity you need. Here’s how to help get money when necessary without incurring the onerous 10% tax on early withdrawals.


Effective January 1, 2016, certain taxing jurisdictions have imposed a local sales tax or changed their local sales tax rate on general merchandise sales.

The following taxes are affected:

  • home rule sales tax
  • county home rule sales
  • tax business district sales tax

These local sales taxes are referred to in this bulletin as “locally imposed sales tax.”


The IRS, the states and the tax industry urge you to be safe online and remind you to take important steps to help protect your tax and financial information and guard against identity theft. Treat your personal information like cash – don’t hand it out to just anyone.


Employer benefits, opportunities and requirements under the health care law are dependent upon the employer’s workforce size.


Congress passed a $1.1 trillion spending measure that extends a number of important tax provisions, and makes several of them permanent.


No doubt you’ve heard that warning to beware of phishing many times. But phishing remains a problem because it works. To help taxpayers understand the dangers of phishing and malware, the IRS, state revenue departments and the tax industry released the second in a series of special tax tips.


Beginning in 2016, providers of minimum essential coverage must report certain information to the IRS and to covered individuals about the individual’s health coverage in 2015.


Nowadays, financial planning throughout the year – with an eye particularly on taxes – isn’t just for the wealthy. Advance planning is also rewarding for most middle-income individuals.


The Internal Revenue Service on Thursday issued the standard mileage rates for business use of an automobile and for driving for medical or moving purposes for 2016. Both are lower than they were in 2015.


Much attention was paid to the tangible property regulations this last year because most businesses had to adopt accounting method changes for the 2014 tax year. But there are still parts of the regulations that are important for the coming filing season for 2015 returns, which this article discusses in depth, including specific accounting method changes.


It’s time to have a word about your password.

Many of us use the same sign-on and password over and over for our online accounts.

That’s why phishing scams, which often seek password information, are so successful. Once a criminal has your password for one account, it’s highly likely you’ve used the same sign-on information for other accounts.


The theft of your identity, especially personal information such as your name, Social Security number, address and children’s names, can be traumatic and frustrating. In this online era, it’s important to always be on guard.


The Affordable Care Act requires applicable large employers to file information reporting returns with the IRS and employees. ALEs are generally those employers with 50 or more full-time employees, including full-time equivalent employees in the preceding calendar year.


Updated procedures on penalties imposed for failing to file the Report of Foreign Bank and Financial Accounts provide consistency and help taxpayers know what to expect.


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 should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind.


On 11/24/15 The IRS warned tax practitioners that an email phishing scam is being used to attempt to capture IRS e-Services usernames and passwords (IRS QuickAlert (11/24/15)). According to the IRS, emails are being sent to tax preparers asking them to update their e-Services information, but these emails are not coming from the IRS. The IRS warns practitioners not to click on any links in these emails.


Form 1095-B, Health Coverage, is used to report certain information to the IRS and to taxpayers about individuals who are covered by minimum essential coverage and therefore aren't liable for the individual shared responsibility payment.


Employers with 50 or more full-time employees, including full-time equivalent employees, in the previous year use Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to report the information required about offers of health coverage and enrollment in health coverage for their employees.  Form 1095-C is used to report information about each employee.


Business startup costs are treated very differently for financial accounting purposes than for tax purposes, and their tax treatment can be complicated.


Achieving a Better Life Experience (ABLE) accounts can be set up by taxpayers with disabilities, their parents or guardians, or anyone who holds power of attorney. Among the many advantages of these accounts is that they are disregarded when determining whether participants qualify for federal needs-based programs.


Fictional forensic accountants will appear on TV as well as on the movie screen in 2016.  If you find you need one in real life please contact our CPA John Dyckman for forensic accounting services.


MyRA, the new retirement savings account intended for people with taxable compensation income but who lack access to an employer-sponsored retirement plan, is launched nationwide.


If you enrolled in insurance coverage through the Health Insurance Marketplace, you are required to report changes to the Marketplace when they happen, like changes to your household income or family size, because they may affect your eligibility for the advance payments of the premium tax credits.


Victims of the severe storms and flooding that took place beginning on October 1, 2015 in parts of South Carolina may qualify for tax relief from the Internal Revenue Service.


If you are a farmer or rancher forced to sell your livestock because of the drought that affects much of the nation, special IRS tax relief may help you. The IRS has extended the time to replace livestock that their owners were forced to sell due to drought. If you’re eligible, this may help you defer tax on any gains you got from the forced sales. The relief applies to all or part of 48 states and Puerto Rico affected by the drought. Here are several points you should know about this relief.


New due dates enacted this summer should make for a better workflow and solve the problem of late Schedules K-1, which made it difficult to file a timely, accurate return under the prior-law deadlines.


The IRS continues to warn consumers to guard against scam phone calls from thieves intent on stealing their money or their identity. Criminals pose as the IRS to trick victims out of their money or personal information. Here are several tips to help you avoid being a victim of these scams.


The bad news for Social Security recipients is that nonexistent inflation means no cost-of-living increase for Social Security payments next year. The good news for workers is that there will also be no increase in the amount of wages subject to Social Security taxes (old age, survivor and disability insurance).


Taxpayers and practitioners are still waiting for Congress to agree on a package extending all currently expired tax breaks. Here's a look at the expired provisions and the actions that are pending to extend them.


Congress has not yet extended the many tax incentives that expired at the end of last year. But businesses can still do a number of things before the year is out to reduce their 2015 taxes.


Crowdfunding is an Internet campaign to raise money for businesses and other purposes. How this new funding source is treated for tax purposes is not certain, but this article suggests some possible approaches.


If you’ve ever been told that you could make easy money and it sounds too good to be true, it probably is. Pyramid schemes often sound like enticing business deals, but fraudsters may use this “business model” - to take advantage of you. Before you invest your time and money, it’s important to ask good questions and do some research on the company.


Among the important developments in estate and trust taxation this year were the final regulations on how an estate can elect portability of a deceased spouse's unused estate tax exemption and an IRS ruling on the taxability of income in respect of a decedent in a grantor trust.


The Affordable Care Act requires any person or organization that provides minimum essential coverage, including employers that provide self-insured group health plans, to report this coverage to the IRS and furnish statements to the covered individuals.


Under the Affordable Care Act, certain employers -- called applicable large employers – are subject to the employer shared responsibility provisions. An employer that is subject to the employer shared responsibility provisions may choose to offer affordable minimum essential coverage that provides minimum value to its full-time employees and their dependents, or to potentially owe an employer shared responsibility payment to the IRS. Many employers already offer coverage that is sufficient to avoid owing a payment.


You are allowed a premium tax credit only for health insurance coverage you purchase through the Marketplace for yourself or other members of your tax family. However, to be eligible for the premium tax credit, your household income must be at least 100, but no more than 400 percent of the federal poverty line for your family size. An individual who meets these income requirements must also meet other eligibility criteria.


Victims of the Valley and Butte fires that began Sept. 12 in parts of California may qualify for tax relief from the Internal Revenue Service.


Research shows that the percentage of adult-aged children living with their parents is higher than it has been in decades. For parents, profound financial risks can emerge when they continue to financially support their children.


Want to own a piece of movie history? Buying and selling collectibles can be tricky. Here's what you need to know for tax purposes.


Amounts paid to an employee under an accountable plan for tickets to a sporting event must meet several conditions, in addition to the usual accountable plan requirements, to be deductible as a business expense by the employer. 


The new ACA Information Center for Applicable Large Employers page on IRS.gov features information and resources for employers of all sizes on how the health care law may affect them if they fit the definition of an applicable large employer.


Victims of the severe storms, tornadoes, straight-line winds, flooding, landslides, and mudslides that took place beginning on July 11 in parts of Kentucky may qualify for tax relief from the Internal Revenue Service. The disaster area was enlarged this week to include Leslie County.


The Internal Revenue Service issued its annual updates of per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1 2015. It contains the transportation industry meals and incidental expenses rates, the rate for the incidental-expenses-only deduction and the rates and list of high-cost localities for purposes of the high-low substantiation method.


Learn five ways to help not-for-profits implement controls to prevent fraud within their organizations, or detect and put a stop to it.


The Small Business Administration will offer grants to small businesses in 39 states to help pay the cost of scouting out sales opportunities abroad such as taking part in export trade shows or overseas marketing campaigns.  Interested firms should contact their local office of international trade.


For purposes of the health care law, the information that health coverage providers, including employers that provide self-insured coverage, report to the IRS includes the following…


Small-business tax rule No. 1: Don't mess with the IRS.

But that doesn't mean you should cheat yourself. Take every legal deduction you can. Here are a dozen that even savvy small-business owners and entrepreneurs sometimes forget.


Each year, many people get a larger refund than they expected. Some find they owe a lot more tax than they thought they would. If this happened to you, review your situation to prevent another tax surprise. Did you marry? Have a child? Have a change in income? Some life events can have a major effect on your taxes. You can bring the tax you pay closer to the amount you owe. Here are some key IRS tips to help you come up with a plan of action.


Even though it is not tax season, tax scammers work year-round. The IRS advises you to stay alert to protect yourself against new ways criminals pose as the IRS to trick you out of your money or personal information. These scams first tried to sting older Americans, newly arrived immigrants and those who speak English as a second language. The crooks have expanded their net, and now try to swindle virtually anyone. Here are several tips from the IRS to help you avoid being a victim of these scams


People often change their job in the summer. If you look for a job in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you should know about if you search for a new job.


Your health insurance company may request that you provide them with the social security numbers for you, your spouse and your children covered by your policy.  This is because the Affordable Care Act requires every provider of minimum essential coverage to report that coverage by filing an information return with the IRS and furnishing a statement to covered individuals. The information is used by the IRS to administer – and individuals to show compliance with – the health care law.


We all make mistakes so don’t panic if you made one on your tax return. You can file an amended return if you need to fix an error. You can also amend your tax return if you forgot to claim a tax credit or deduction. Here are ten tips from the IRS if you need to amend your federal tax return.


Paying off debts is an admirable goal, but it's important to remember that some debts are more urgent than others. In this article, a financial planner explains which debts should take priority, starting with your mortgage.


You've found the perfect business idea, one that seems to add up from every angle and couldn't be better for you and your future plans.  The only problem is that you don't have the capital to open the doors.  Well, unfortunately this is a rather significant problem for a small business startup ... particularly in today's lending environment.


As not-for-profit organizations expand their reach, many are unaware that they may be creating nexus in states where they have previously had a limited presence.


The Internal Revenue Service reminds truckers and other owners of heavy highway vehicles that in most cases their next federal highway use tax return is due Monday, Aug. 31, 2015.


There are many perks a company can offer employees that are cost-effective and won't add to employees' tax bills. Some of these benefits include free food, flexible scheduling and vacation time.


Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and a name change are just a few items you may need to consider. Here are some key tax tips to keep in mind if you get divorced or separated.


If you move your home you may be able to deduct the cost of the move on your federal tax return next year. This may apply if you move to start a new job or to work at the same job in a new location.


At issue is whether the Boston Bruins hockey club may deduct 100% of the costs it incurred to provide its players and staff with meals while travelling to away games. The case poses the IRS and Tax Court with some fairly interesting questions concerning the deductibility of employee fringe benefits.


Skimping on time off could be bad for your career, finances, and personal relationships.


Sure, there are application fees. But what about exam fees, costs to send exam scores, school visits, orientation, and tutors and application consultants? With some advance planning, you can help clients anticipate and budget for the hidden costs outlined in this article.


In a move designed to fight taxpayer identity theft and tax fraud, the Internal Revenue Service will eliminate automatic extensions of time to file forms in the W-2 series, starting in 2017. Under the new rules, one 30-day nonautomatic extension may be granted, but the filer must demonstrate a compelling reason for it.


About 40% of women claim their Social Security benefits as soon as they can, at age 62. This means that they may have their benefits decreased by up to 30%. The issue is especially significant for women, because they are much more likely than men to have Social Security as their only source of income.


Unmarried co-owners of two residences each qualified for mortgage-interest deductions on up to $1.1 million of acquisition indebtedness, the 9th Circuit Court of Appeals held. This decision reverses a Tax Court case that applied the limit on a per-residence basis.


Following the emergence of new variations of widespread tax scams, the Internal Revenue Service issued another warning to taxpayers to remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people.


When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five IRS tax tips that can help you get your business off to a good start.


Many taxpayers are surprised to discover that the Internal Revenue Service, while conducting a civil investigation, has been pursuing a criminal investigation against them at the same time. This article discusses the dangers to taxpayers posed by these parallel investigations and considerations for practitioners who represent these taxpayers


Illinois homeowners are taxed by a complex web of local government authorities. There are almost 8,500 local government units in the state, and 6,026 can raise taxes -- the highest number in the U.S.


The Tax Court disallowed a taxpayer's claimed loss, which consisted of payments owed him for services he provided to a company that was part of a Ponzi scheme, because he had never included the amounts in his taxable income.


If you are hiding income from the taxman, are you at risk three years, six, or more? Even if you did your best with your taxes, you might be worried. Taxes are horribly complex, and even innocent activities might be interpreted as suspect. It pays to know how far back you can be asked to prove your income, expenses, bank deposits and more. Start with the basic rule that the IRS usually has three years after you file to audit you.


If you, your spouse or a dependent are heading off to college in the fall, some of your costs may save you money at tax time. You may be able to claim a tax credit on your federal tax return. Here are some key IRS tips that you should know about education tax credits:


The IRS recommends that you always keep a copy of your tax return for your records. You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll also need them if you have to amend a prior year tax return. You often need them when you apply for a loan to buy a home or to start a business. You may need them if you apply for student financial aid.


Credit cards are important financial tools today. But they are also easy to misuse. Here are five tips for millennials who understand that they need credit cards to build a credit history, but don't want to fall victim to late fees, soaring interest rates or massive debt.


Once you’re handed a college diploma, moving back in with your parents can feel like a step backward. But if you approach the situation with purpose, it can get you on a better financial footing than some of your peers.


In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year.


The Affordable Care Act contains specific responsibilities for employers. The size and structure of your workforce – small, large, or part of a group – helps determine what applies to you. Employers with 50 or more full-time equivalent employees will need to file an annual information return reporting whether and what health insurance they offered employees. In addition, they are subject to the Employer Shared Responsibility provisions. All employers that are applicable large employers are subject to the Employer Shared Responsibility provisions, including federal, state, local, and Indian tribal government employers.


The Affordable Care Act requires you and each member of your family to have qualifying health care coverage, qualify for an exemption from the responsibility to have minimum essential coverage, or make an individual shared responsibility payment when you file your federal income tax return. For purposes of ACA, qualifying health care coverage is also known as minimum essential coverage.


Oct. 15 is the last day to file 2014 tax returns for most people who requested an automatic six-month extension. However, you can file any time before Oct. 15 if you have all your required tax documents. If you are one of the nearly 13 million taxpayers who asked for more time to file your federal tax return this year, you don’t need to wait until Oct. 15 extension deadline to file your return. You can file now if you are ready. As you prepare to file, here are some things that you should know:


Whether workers are legally defined as employees or independent contractors will affect a company's taxes and liabilities. To make matters more complicated, federal and state regulators may have different definitions.


Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are several tax tips that you should know if you travel while giving your services to charity.


For Americans taking a vacation, attending a concert, or working on their home or garden this summer, this season comes with its own unique consumer challenges. Learn the top five money and scam alerts for this time of year:


This tax tip is updated to clarify that self-insured employers that are not applicable large employers, those with fewer than 50 full-time or full-time equivalent employees in the preceding calendar year, should file Form 1095-B. Self-insured employers that are applicable large employers should report health coverage information on Form 1095-C.  This tip does not apply to information reporting on health care coverage of individuals who are not employees or entitled to coverage because of a relationship to an employee.


The IRS issued final regulations on the correct place for taxpayers to file claims for refund or credit (T.D. 9727). The new rules generally require taxpayers filing claims for refund or credit to file their claim with the IRS service center at which the taxpayers currently would be required to file a tax return for the type of tax to which the claims relate. Under the previous rules, a claim for credit or refund generally had to be filed with the service center serving the internal revenue district in which the tax was paid.


With some retirees living to age 95 and beyond, people need to plan carefully to make sure they have enough money to last in retirement. This article looks at common missteps people saving for retirement are making.


If you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit. These are paid directly to your insurance company to lower your monthly premium. Changes in your income or family size may affect your premium tax credit. If your circumstances have changed, the time is right for a mid-year checkup to see if you need to adjust the premium assistance you are receiving. You should report changes that have occurred since you signed up for your health insurance plan to your Marketplace as they occur.


Regardless of size, all employers that provide self-insured health coverage to their employees are treated as coverage providers. These employers must file an annual return reporting certain information for each employee they cover.


Miscellaneous deductions can cut taxes. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. So if you usually claim the standard deduction, think about itemizing instead. You might pay less tax if you itemize.  Here are some IRS tax tips you should know that may help you reduce your taxes:


Millions of people enjoy hobbies. They can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the income is different than how you report income from a business. There are special rules and limits for deductions you can claim for a hobby. Here are four basic tax tips you should know if you get income from your hobby:


So you want to be debt-free, but it's taking a while to get there. Yep, the road to financial freedom can be a long and overwhelming one. We spend quite a bit of time on our devices, so incorporating them into our financial goals can serve as a regular reminder to stay on track.

Here are a handful of mobile apps and sites that can help you stay motivated and on track as you work on paying down debt and improving your credit score.


Inheriting a house may seem like winning the lottery, but you need to be prepared to make a number of tough financial and emotional decisions.


With the dramatic changes in the employment landscape in recent years, more people are looking to work from home and find freelance work. The problem is that there are many rip-off work-from-home outfits that claim to find you jobs for an upfront fee. They're just trying to make a quick buck off you. Below are some sites and companies Clark has determined to be legitimate. Of course, you should check them out thoroughly yourself before getting involved. Good luck!


A poorly drafted lease agreement resulted in a lessor's having to recognize a large amount of income at the beginning of the lease term. Annette Nellen, CPA, CGMA, Esq., examines a recent Tax Court decision that upheld not only a large deficiency, but also accuracy-related penalties, and suggests what the taxpayer could have done differently.


Here are six steps for getting back on track if you're 40 or older with little or no retirement savings.


It can be hard to understand taxes. It can be much harder if English is not your first language. The IRS provides many free products and services in Spanish on IRS.gov/espanol. Here are some tips on tax help “en Español” that you can get from the IRS this summer:


Victims of the severe storms and flooding that took place beginning on May 24, 2015 in parts of Wyoming may qualify for tax relief from the Internal Revenue Service.


 This article addresses practical concepts related to the formation and maintenance of a nonprofit corporation, the various tax benefits it can receive ...


The IRS has been wielding a little known Code section — Section 280E, to be exact — to wage war on medicinal and recreational  marijuana facilities. Section 280E provides that no deduction — other than the cost to purchase or grow the marijuana inventory, or Cost of Goods Sold (COGS) — shall be allowed for any amount incurred in a business that consists of “trafficking in controlled substances.” And while marijuana may have been legalized in several states for medicinal or recreational purposes, because the drug finds itself on Schedule I of the Controlled Substances Act, the IRS has the ammunition necessary to deny all non-COGS deductions – things like rent, utilities, wages, supplies, etc… – of any facility that buys and sells the drug.


If you received advance payments of the premium tax credit in 2014 under the health care law, you should file your 2014 tax return as soon as possible this summer to ensure you can timely receive advance payments next year from your Marketplace.


It’s never too late to show a child—from a preschooler to a college kid—why and how to become responsible with money. To help teach young people about money, the Federal Deposit Insurance Corporation (FDIC) has some articles for the different school grades.


Each year the IRS mails millions of notices and letters to taxpayers. If you receive a notice from the IRS, here is what you should do:


Parents sending a kid off to college this fall have lengthy shopping lists, from those extra-long sheets for dorm beds to notebooks and flash drives. Your teen also needs to land on campus with some money smarts.


The Taxpayer Advocate Service has developed several tools for individuals and employers to assist in estimating their ACA related credits and payments. Because these tools provide only an estimate, you should not rely upon them as an accurate calculation of the information you will report on your tax return. You should use these estimators only as a guide to assist you in making decisions regarding your tax situation


If you rent a home to others, you usually must report the rental income on your tax return. However, you may not have to report the rent you get if the rental period is short and you also use the property as your home. In most cases, you can deduct your rental expenses. When you also use the rental as your home, your deduction may be limited. Here are some basic tax tips that you should know if you rent out a vacation home:


A wide range of publications and online resources are available year-round in six languages on IRS.gov


This YouTube video explains how to get accessible tax forms for taxpayers who are blind or visually impaired.

Click here for Accessible Forms & Publications that the Internal Revenue Service offers content in a variety of file formats to accommodate people who use assistive technology such as screen reading software, refreshable Braille displays, and voice recognition software. We have prepared hundreds of tax forms and publications that can be downloaded or viewed online in text-only, Braille ready files, browser-friendly HTML, accessible PDF, and large print.


If you play the ponies, play cards or pull the slots, your gambling winnings are taxable. You must report them on your tax return. If you gamble, these IRS tax tips can help you at tax time next year:


If you’re preparing for summer nuptials, make sure you do some tax planning as well. A few steps taken now can make tax time easier next year. Here are some tips from the IRS to help keep tax issues that may arise from your marriage to a minimum:


If you get a tax bill from the IRS, don’t ignore it. The longer you wait the more interest and penalties you will have to pay. Here are six tips to help you pay your tax debt and avoid extra charges:


Learning you are a victim of identity theft can be a stressful event. Identity theft is also a challenge to businesses, organizations and government agencies, including the IRS. Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund.

Many times, you may not be aware that someone has stolen your identity. The IRS may be the first to let you know you’re a victim of ID theft after you try to file your taxes.

The IRS combats tax-related identity theft with a strategy of prevention, detection and victim assistance. The IRS is making progress against this crime and it remains one of the agency’s highest priorities.

Here are ten things to know about ID Theft:


If you are a small employer, you might be eligible for the Small Business Health Care Tax Credit, which can make a difference for your business.   To be eligible for the credit, you must:


Day camps are common during the summer months. Many parents pay for them for their children while they work or look for work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are the top 10 tips to know about the Child and Dependent Care Credit...


Costs incurred in acquiring stock must usually be capitalized, although an exception exists for taxable stock acquisitions in certain circumstances. This article explains how taxpayers can use stock options to meet the requirement that the acquirer's stock ownership be more than 50% after the acquisition.


Help children understand valuable savings and budgeting lessons using a smartphone or tablet.


Have you ever donated old clothes, toys, or furniture to a second-hand store? Ever given tithe for a church offering?  Perhaps you’ve felt moved to sponsor a child in need or give canned goods to a homeless shelter?  Some people even donate their old cars, boats and equipment and receive tax deductions in return.

What most people don’t realize is, you can follow the exact same strategy with real estate and the real kicker is – in some cases, you can come out even further ahead if you give your properties away instead of selling them the conventional way!

As long as you can document the transaction and verify the numbers in sufficient detail – you can donate your properties and receive credit for their FULL market value (regardless of how little you paid for it).

When you’re able to buy properties for pennies on the dollar, this little-known strategy can go a long way towards reducing your tax bill (or even eliminating it altogether).  You can also create some HUGE tax write-offs by selectively donating properties instead of selling them for cash.

Check with one of our accountants before moving forward with this process as the author is not familiar with local laws in your area and has no idea what kinds of property you are dealing with.


Nearly 30% of Americans report they do not have savings for an emergency, marking the highest level in five years, according to Bankrate.com. A lack of growth in income is likely the reason.


In some cases, taxpayers may find that a transaction they entered into was a mistake. This article explains how those taxpayers may be able to undo what they did and not suffer any adverse tax consequences.


Students often get a job in the summer. If it’s your first job it gives you a chance to learn about work and paying tax. The tax you pay supports your home town, your state and our nation. Here are some tips students should know about summer jobs and taxes:


CPA planners and tax practitioners are well-positioned to help clients understand the tax treatment and possible deductions for expenses incurred at an assisted living, skilled nursing or memory care facility.


Many companies that send employees overseas continue to provide retirement benefits for these employees, often unaware that doing so can run afoul of a number of rules. This article discusses the rules that apply and the steps a company can take to cure any disqualification.


All U.S. citizens and residents must report worldwide income on their federal income tax return. If you lived outside the U.S. on the regular due date of your tax return, the extended filing deadline for your 2014 tax return is Monday, June 15, 2015. Similarly, the deadline to report interests in certain foreign financial accounts is the end of June. Here are some important tips to know if these reporting rules apply to you:


Some of the provisions of the Affordable Care Act only affect your organization if it’s an applicable large employer. An applicable large employer is generally one with 50 or more full-time employees, including full-time equivalent employees.


Because most schools aren’t teaching finance, the responsibility falls to parents. But many parents are reluctant to broach the subject, often because they don’t feel qualified or they think talking about money will make their children worry. In a recent study 72% of parents reported at least some reluctance talking to their kids about finance. But that doesn’t mean they don’t want their kids learning it — 91% believe it’s appropriate for kids to learn about financial matters in school and 75% said there should be a personal finance requirement to graduate.


Victims of the severe storms, tornadoes, straight-line winds and flooding that took place beginning on May 4, 2015 in parts of Texas may qualify for tax relief from the Internal Revenue Service.

Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in Texas will receive tax relief.

The President has declared Bastrop, Blanco, Caldwell, Denton, Eastland, Fort Bend, Gaines, Guadalupe, Harris, Hays, Henderson, Hidalgo, Johnson, Milam, Montague, Navarro, Rusk, Smith, Travis, Van Zandt, Wichita, Williamson, and Wise counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.


The IRS urges you to make a plan to keep your tax records safe. Plans made before a disaster strikes can help you recover from the destruction left in its wake. The following tips can help you make that plan:


When determining if your organization is an applicable large employer, you must measure your workforce by counting all your employees.  However, there is an exception for seasonal workers.


The IRS updated its recently amended procedures for requesting approval for accounting method changes. Taxpayers affected by the tangible property regulations will have more time to file Form 3115 under Rev. Proc. 2011-14. The regulations also clarify some points.


Illinois Manufacturer’s Purchase Credit cannot be earned on purchases with an invoice date of August 31, 2014 or later.

Taxpayers must file the required earning report (ST-16 MPC, Annual Report of Manufacturer’s Purchase Credit Earned) by June 30, 2015 to report the MPC earned for periods between January 1 and August 30, 2014.

Taxpayers must file the required usage report (ST-17 MPC, Annual Report of Manufacturer’s Purchase Credit Used) to report the MPC used during calendar year 2014 by June 30, 2015.  If the taxpayer has remaining MPC that is used in subsequent years, the taxpayer must file the ST-17 by June 30th of the year following usage.

Definition

Manufacturer's Purchase Credit (MPC) is earned when a manufacturer purchases manufacturing or graphic arts machinery and equipment that qualifies for the existing sales/use tax exemptions. MPC may be used to pay state sales or use tax on future purchases of qualifying production-related tangible personal property.

All unused MPC expires the last day of the second calendar year following the year in which the original tax-exempt purchase was made. MPC may not be transferred to another party.

Credit

The MPC is equal to half of the 6.25% state tax that would have been owed if the purchase was not otherwise exempt.

Questions?

If you have any questions on how this credit program could affect your organization, contact one of Catalano, Caboor and Co.'s accountants today!


June 1 marks the start of hurricane season. When a hurricane or other disaster strikes, the IRS wants you to know you can count on them for help. They can help you prepare for, and recover from, the destruction it causes. Here is some of the key disaster-related help and assistance you can get 24/7 on IRS.gov website:


If there is one tax that is beloved beyond all others, it’s the cigarette tax: in film, in public service messages and in speeches, attempts to raise these taxes are frequently praised.

And when it comes to these taxes, the love affair is bi-partisan.


A U.S. Department of Labor (DOL) report released 5/28/15 showed a need for improvement in audits of employee benefit plan financial statements


OKLAHOMA — Victims of the severe storms, tornadoes, straight-line winds and flooding that took place beginning on May 5, 2015 in parts of Oklahoma may qualify for tax relief from the Internal Revenue Service.


With 2014 taxes in the rear view mirror, most of us are trying to figure out what we can do differently this year. It’s likely, I’d say, there are quite a few hands on foreheads, as realization hits that once again some failure of action last year has created pain, suffering and the payment of excess taxes.

So, let’s not make the same error again. The fact is this: Now is the time to be thinking about how your investments will be taxed next year. Here’s your checklist:

The IRS announced on Tuesday that criminals have used taxpayer-specific information to gain access to approximately 100,000 taxpayers’ accounts through the IRS’s Get Transcript online application and steal those taxpayers’ data. The Get Transcript app has been shut down temporarily.


To mark National Hurricane Preparedness Week, the IRS wants you to know it stands ready to help. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 tips you should know about deducting casualty losses:


For businesses looking to stay competitive and attract top talent, implementing an internship program can create an ongoing pipeline of future full-time employees.

Recent statistics indicate that the majority of large companies hire interns to find full-time employees, while small companies typically seek interns to find part-time help with projects.

The bottom line is that smart companies hire interns. Whether or not those companies are appropriately managing their interns is a different story, especially if the interns are unpaid.


You still have time to file retirement plan tax returns for your small business. Under the IRS special penalty relief program, you can avoid stiff penalties for filing late. However, you must act soon. Here are some key points you should know about this program:


If you have enrolled for health coverage through the Health Insurance Marketplace and receive advance payments of the premium tax credit in 2015, it is important that you report changes in circumstances, such as changes in your income or family size, to your Marketplace.


Navigating the paperwork and tax requirements related to employing a nanny or other household employee can seem complicated. Susan Allen learned a great deal while exploring child care options for her son. In this blog post, she offers tips for parents and parents-to-be.


This online resource can help child care provider business owner or operator learn how to correctly report common tax items associated with this type of business.


If you own a beauty or barber shop, or are self-employed, knowing the tax rules can help your business start, grow and succeed.


Electing to be taxed as an S corporation has many advantages, but companies must be sure they qualify and avoid inadvertent terminations.


Most employers have fewer than 50 full-time employees or full-time equivalent employees and are therefore not subject to the Affordable Care Act’s employer shared responsibility provision


If you are a self-employed landscaper or gardener, here are some topics to help your small business thrive:


If you enrolled in qualifying Marketplace health coverage, you have probably filed a tax return based on a Form 1095-A that you received from the Marketplace. Your Marketplace may have subsequently told you that your original Form 1095-A contained an error, and sent a corrected Form 1095-A.


You may be tempted to forget all about your taxes once you’ve filed your tax return. Do not give in to that temptation. If you start your tax planning now, you may avoid a tax surprise when you file next year. Now is a good time to set up a system so you can keep your tax records safe and easy to find. Here are some IRS tips to give you a leg up on next year’s taxes:


Structuring the sale of the business to separate out the owner's personal goodwill can have tax advantages for both parties to the transaction. This article explains how to overcome the three hurdles to establishing favorable tax treatment.


The IRS mails millions of notices and letters to taxpayers each year. There are a variety of reasons why we might send you a notice. Here are the top 10 tips to know in case you get one.


Have you found that you made an error on your federal tax return? If so, you may need to file an amended return. Here are ten tips that can help you file.


April 15 was the tax day deadline for most people. If you are due a refund there is no penalty if you file a late tax return. But if you owe tax, and you failed to file and pay on time, you will usually owe interest and penalties on the tax you pay late. You should file your tax return and pay the tax as soon as possible to stop them. Here are eight facts that you should know about these penalties.


April 15 has come and gone. If you didn’t file a tax return or an extension but should have, you need to take action now. Here are some tips for taxpayers who missed the tax filing deadline:


Beginning this year, applicable large employers (employers with at least 50 full-time equivalent employees) may be subject to the shared responsibility penalty under Sec. 4980H. This article looks at recent IRS guidance on how employers can identify which of their employees are full time.


With the tax filing deadline approaching the IRS reminds taxpayers that the health care law contains tax provisions that affect 2014 income tax returns. Almost everyone is affected by the individual shared responsibility provision while only people who purchased coverage through the Marketplace are affected by the premium tax credit. 


With April 15 right around the corner, the IRS wants make sure you get the help you need at tax time. Make things easier by not waiting until the last minute. Here are the top 9 tax time tips:


Adults make better money decisions when they grow up in states that require education in personal finance. But few states mandate financial literacy classes for students.


The April 15 tax deadline is coming up. If you need more time to file your taxes, you can get an automatic six month extension from the IRS. Here are four things to know about filing an extension:


If you owe federal tax, the IRS offers many convenient ways to pay. Make sure you pay by the April 15 deadline, even if you get an extension of time to file your 2014 tax return. Here are some of the ways to pay your tax: 


The IRS has provided answers to tax filing questions for individuals who have received incorrect Forms 1095-A, Health Insurance Marketplace Statements.  


If you contribute to a retirement plan, like a 401(k) or an IRA, you may be able to claim the Saver’s Credit. This credit can help you save for retirement and reduce the tax you owe. Here are some key facts that you should know about this important tax credit:


The tangible property or "repair" regulations are voluminous and wide-reaching, affecting virtually every taxpayer with any business activity. This article analyzes the regulations, including all necessary accounting method changes and elections.


If you need help with your taxes, the IRS website is the place for you. There is no waiting for service and it has tax tools that are easy to use.  If you have questions, you can get the answers you need, when you need them. Here are the best reasons to make IRS.gov your one stop shop for tax help from the IRS.


If you are an employee, you usually will have taxes withheld from your pay. If you don’t have taxes withheld, or you don’t have enough tax withheld, then you may need to make estimated tax payments. If you are self-employed you normally have to pay your taxes this way. Here are five tips about making estimated taxes:


The individual shared responsibility provision requires you and each member of your family to have basic health insurance coverage, qualify for an exemption, or make an individual shared responsibility payment when you file your federal income tax return. 


Bartering is the trading of one product or service for another. Often there is no exchange of cash. Some businesses barter to get products or services they need. For example, a gardener might trade landscape work with a plumber for plumbing work. 

If you barter, you should know that the value of products or services from bartering is taxable income. This is true even if you are not in business.

Here are a few facts about bartering:


For some criminals, every day is April Fools' Day.

Their cons are based on pretending to be someone else. And they're pretty good at it. They're able to convince people that they really are an IRS agent, police officer, legitimate debt collector or member of the Microsoft tech team.


If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax.


Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA.


As more and more states permit the sale of medical marijuana and two states permit sales for recreational use, tax practitioners need to know how to calculate income for federal tax purposes. Annette Nellen, Esq., CPA, CGMA, writes that the IRS has issued limited guidance on this issue, and she explains what the rules seem to require.


If you can’t pay your taxes in full, the IRS will work with you. But you should know that back taxes or certain past due debts can reduce your federal tax refund. The Treasury Offset Program can use all or part of your federal refund to settle certain unpaid federal or state debts. Here are five facts to know about tax refund offsets.


Nobody’s perfect. Mistakes happen. But if you make a mistake on your tax return, it will likely take the IRS longer to process it. That could delay your refund.


Most Americans know they need to save during their working years, but it can be harder to determine how quickly to spend that money once they enter retirement. The issue can be complicated by potential cognitive decline and lack of clarity around how long retirement funds need to last. Advisers used to talk about a 4% rule for tapping into retirement funds, but that rule may no longer be sufficient.


Farms include ranches, ranges and orchards. Some raise livestock, poultry or fish. Others grow fruits or vegetables. Individuals report their farm income on Schedule F, Profit or Loss From Farming. If you own a farm, here are 10 tax tips to help at tax time:


When you give a gift to charity that helps the lives of others in need. It may also help you at tax time. You may be able to claim the gift as a deduction that may lower your tax. Here are eight tax tips you should know about deducting your gifts to charity:


While a bankrupt individual's tax debts can be discharged in a bankruptcy proceeding, the taxpayer must have filed a tax return in order for that to happen. A recent 10th Circuit case provides a good reminder of how the process works and what can trip taxpayers up.


If you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the premium tax credit.


Tax scams take many different forms. Recently, the most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal your identity too. Here are several tips from the IRS to help you avoid being a victim of these tax scams:


Participating in an illegal scheme to avoid paying taxes can result in imprisonment and fines, as well as the repayment of taxes owed with penalties and interest. If you become aware of any abusive tax scams, please report them to the appropriate contact...


Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five key points to keep in mind if your child has investment income:


The individual shared responsibility provision requires that you and each member of your family have qualifying health insurance, a health coverage exemption, or make a payment when you file. If you, your spouse and dependents had health insurance coverage all year, you will indicate this by simply checking a box on your tax return.


Are you a U.S. citizen or resident who worked abroad last year? Did you receive income from a foreign source in 2014? If you answered ‘yes’ to either of those questions here are six tax tips you should know about foreign income:


If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim the deduction whether you rent or own your home. If you qualify for the deduction you may use either the simplified method or the regular method to claim your deduction. Here are six tips that you should know about the home office deduction.


The individual shared responsibility provision requires you and each member of your family to have basic health insurance coverage – also known as minimum essential coverage – qualify for an exemption, or make an individual shared responsibility payment when you file your federal income tax return.


Some taxpayers may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know about this tax:


If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain limits. Here are some key tips you should know about this tax:


Small business leaders consider their accountants to be the most important professionals their businesses use, according to a new survey.


Most people claim the standard deduction when they file their federal tax return. But did you know that you may lower your taxes if you itemize your deductions? Find out if you can save by doing your taxes using both methods. Usually, the bigger the deduction, the lower the tax you have to pay. You should file your tax return using the method that allows you to pay the least amount of tax. The IRS offers these six tips to help you choose:


The IRS urges taxpayers to choose their tax professional carefully as reports are coming in from around the country describing unscrupulous preparers who instruct their clients to make individual shared responsibility payments directly to the preparer.


You can reduce your taxes and save on your energy bills with certain home improvements.  Here are some key facts that you should know about home energy tax credits:


Do you own or run a small business or tax-exempt group with fewer than 25 full-time employees? If you do, you should know that the Small Business Health Care Tax Credit can help you provide insurance to your employees. You may be able to save on your taxes if you paid for at least half of their health insurance premiums. Here are several things that you should know about this important credit


Radio Wedding Expo Show on AM1530 WCKG.

Originally broadcast on 3/8/15.

Steve Hirmer and Sue Meloun conduct a crash course on how to make sure you and your new husband or wife are on the same page financially.

Hear an Estate Planning Attorney talk about planning for the future and Jerry Catalano founding partner and CPA from Catalano, Caboor & Co. talk about the changes in tax status after getting married.

Jerry Catalano's interview starts at 24:44


The Child and Dependent Care Tax Credit can reduce the taxes you pay. If you paid someone to care for a person in your household last year while you worked or looked for work, then read on for 10 facts from the IRS about this important tax credit:


If you purchase Health Coverage through the Marketplace, you might be eligible for the premium tax credit. The law bases the size of your premium tax credit on a sliding scale. Those who have a lower income get a larger credit to help cover the cost of their insurance. In other words, the higher your income, the lower the amount of your credit.


If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten things you should know about adoption tax benefits.


This article covers recent developments affecting ­taxation of individuals, including regulations, cases, and IRS guidance. The items are arranged in Code section order.


Inside The Post-Minecraft Life Of Billionaire Gamer God Markus Persson


Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips about income from self-employment:


Did you pay for college in 2014? If you did it can mean tax savings on your federal tax return. There are two education credits that can help you with the cost of higher education. The credits may reduce the amount of tax you owe on your tax return. Here are some important facts you should know about education tax credits.


If your lender cancels part or all of your debt, you normally must pay tax on that amount. However, the law provides for an exclusion that may apply to homeowners who had their mortgage debt cancelled in 2014. In most cases where the exclusion applies, the amount of the cancelled debt is not taxable. Here are the top 10 tax tips about mortgage debt cancellation:


Your medical expenses may save you money at tax time, but a few key rules apply. Here are some tax tips to help you determine if you can claim a tax deduction:


Notice 2015-21 contains a proposed revenue procedure that would permit gamblers engaging in electronically tracked slot machine play an optional safe harbor method to determine a wagering gain or loss from their slot machine play based on day-long play sessions.


If a bonus plan is correctly structured, an employer can deduct in the current year bonus payments for services performed in the current year that are paid in a succeeding year. This article discusses the rules regarding the timing of deductions for bonus payments and how employers that are improperly deducting bonus payments can correct the problem.


If you lose your job, you may qualify for unemployment benefits. The payments may serve as much needed relief. But did you know unemployment benefits are taxable? Here are five key facts about unemployment compensation:


The domestic production activities deduction (DPAD) is a tax benefit that allows taxpayers that meet the requirements to take an extra deduction from their income. This article explains how to qualify for the DPAD for computer software manufactured in the United States.


Some people take an early withdrawal from their IRA or retirement plan. Doing so in many cases triggers an added tax on top of the income tax you may have to pay. Here are some key points you should know about taking an early distribution:


The Child Tax Credit may save you money at tax-time if you have a qualified child. Here are six things you should know about the credit.


The Internal Revenue Service today warned return preparers and other tax professionals to be on guard against bogus emails making the rounds seeking updated personal or professional information that in reality are phishing schemes.

“I urge taxpayers to be wary of clicking on strange emails and websites,” said IRS Commissioner John Koskinen. “They may be scams to steal your personal information.”


It appears that it’s too soon to close the books on the recent spate of fraudulent tax refunds filed through TurboTax, the country’s leading provider of tax preparation software. According to the Wall Street Journal, the Washington Post and various other media sources, the FBI has launched a probe into whether a computer breach resulted in false income tax returns being filed in about 19 states. The FBI is also investigating the possibility that the fraud extends to federal tax returns.


All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return:


If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine whether or not you need to pay taxes on your benefits. They also explain the best way to file your tax return.


When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses:


Gathering documents and maintaining well-organized records make it easier to prepare a tax return. They can also help provide answers if the IRS needs to follow-up with you for more information.


The Internal Revenue Service released its "dirty dozen" list of top tax scams for 2015, starting with phone scams and ending with frivolous tax arguments, and, in a break with tradition, it released them one day at a time, starting Jan. 22, to focus more attention on each one. Here's what taxpayers need to watch out for.


Are You Getting the Credit You Deserve? Here's a Hint.

If you are an employer in the food and beverage industry, you may be entitled to a credit for the social security and Medicare taxes you pay on your employees' tip income. This credit is available under Internal Revenue Code (IRC) section 45 B, Credit For Portion Of Employer Social Security Paid With Respect To Employee Cash Tips. You must meet both of the following requirements to qualify for the credit:


The world champion New England Patriots will celebrate with the city of Boston today in the now customary duck boat parade downtown.  It would be fitting if an IRS agent was waiting for quarterback Tom Brady at the end of the route.


Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return:


If you get tips on the job, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly:


It’s important that you use the correct filing status when you file your tax return. Your status can affect the amount of tax you owe for the year. It may even affect whether you must file a tax return. Keep in mind that your marital status on Dec. 31 is your status for the whole tax year. Sometimes more than one filing status may apply to you. If that happens, choose the one that allows you to pay the lowest tax.


Since 1975, the Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break each year. Four out of five eligible workers claim EITC, but the IRS wants everyone who is eligible to claim this credit. Here are some things you should know about this valuable credit:


Many people pay to have their taxes prepared. You need to be careful when you pick a preparer to do your taxes. You are legally responsible for all the information on the tax return even if someone else prepares it. Here are 10 IRS tax tips to help you choose a tax preparer:


Aggressive and threatening phone calls by criminals impersonating IRS agents remain near the top of the annual "Dirty Dozen" list of tax scams for the 2015 filing season, the Internal Revenue Service announced today.

The IRS has seen a surge of these phone scams in recent months as scam artists threaten police arrest, deportation, license revocation and other things. The IRS reminds taxpayers to guard against all sorts of con games that arise during any filing season.


When filing your 2014 federal income tax return, you will see some changes related to the Affordable Care Act. Millions of people who purchased their coverage through a health insurance Marketplace are eligible for premium assistance through the new premium tax credit, which individuals chose to either have paid upfront to their insurers to lower their monthly premiums, or receive when they file their taxes. When you bought your insurance, if you chose to have advance payments of the premium tax credit, the Marketplace estimated the amount based on information you provided about your expected household income and family size for the year.


When filing your 2014 federal income tax return, you will notice some changes related to the individual shared responsibility provision of the Affordable Care Act.


It’s always a good idea to prepare early to file your federal income tax return.  Certain provisions of the Affordable Care Act – also known as the Health Care Law – will probably affect your federal tax return when you file this year.

You or your tax professional should consider preparing and filing your tax return electronically.  Using tax preparation software is the easiest way to file a complete and accurate tax return.

Here are five things you should know about the health care law that will help you get ready to file your tax return.


The wealthiest 1% will soon own more than the rest of the world's population, according to a study by anti-poverty charity Oxfam.


This year, there are some changes to tax forms related to the Affordable Care Act. Along with a few new lines on existing forms, there will also be two new forms that will need to be included with some tax returns. While most taxpayers will simply need to check a box on their tax return to indicate they had health coverage for all of 2014, there are also new lines on Forms 1040, 1040A, and 1040EZ related to the health care law.


Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January.

The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time.


Every taxpayer has a set of fundamental rights. You should be aware of these rights when you interact with the Internal Revenue Service.

The “Taxpayer Bill of Rights” takes the many existing rights in the tax code and groups them into 10 broad categories. That makes them easier to find and to understand.

You can find a list of your rights and the IRS’s obligations to protect them in Publication 1, Your Rights as a Taxpayer. It includes the following:


The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76–16 on Tuesday evening. The extender bill passed the House of Representatives on Dec. 3, and it now goes to President Barack Obama for his signature. The Joint Committee on Taxation estimates that the one-year extension of the expired provisions will cost the government almost $42 billion in lost revenue over 10 years.

Among the highlights of the bill: The research and development (R&D) credit...


Individual Retirement Accounts are an important way to save for retirement. If you have an IRA or may open one soon, there are some key year-end rules that you should know. Here are the top four reminders on IRAs from the IRS:


The Internal Revenue Service today issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be:


In 2015 Social Security benefits will rise by 1.7 percent per the annual cost of living adjustment (COLA), affecting more than 58 million beneficiaries.


Are you ready to get married?

You and your love muffin may have all the emotional and spiritual success stars lined up.

But if you don't have a little financial glue, the chances of sticking together over the long-run aren't great. Here are the 10 questions you both need to answer in order to know the time is right to tie the knot:


Parents are one of the best-treated groups when it comes to credits, deductions and other ways to reduce your tax bill. Here are five key tax breaks.


The Fall 2014 funding cycle of the EV Infrastructure Rebate Program is now open! 
 
This program provides rebates toward the purchase and installation of EV charging stations.  Eligible applicants for this rebate program include units of government, businesses, educational institutions, non-profits, and individual residents.

If you are a low-to-moderate income worker, you can take steps now to save two ways for the same amount. With the saver’s credit you can save for your retirement and save on your taxes with a special tax credit. Here are six tips you should know about this credit:


More than 500 industry groups have urged Congress to renew dozens of expired tax breaks, including the R&D credit, breaks for charitable giving, incentives for business expenses and deductions for local and state sales taxes. Failing to bring back these incentives would be the same as a tax increase on American businesses, according to the groups.


Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind:


Tenant construction allowances are a common element of commercial real estate leasing transactions. The concept is simple: Landlords need to attract tenants, and tenants need to customize space for their business. The construction allowance is an important negotiated term of the lease that helps the parties get the deal done. But if the allowance is not structured properly, the tax consequences could be unpleasant. One way to plan for the tax treatment of tenant allowances is to use the qualified-lessee-construction-allowance safe harbor provided by Sec. 110. However, proceed with caution: A misstep under Sec. 110 could mean immediate taxable income for the tenant and depreciation deductions spread over 39 years. The landlord could have lease acquisition costs that would be amortized over the term of the lease.


Although large companies tend to make the biggest headlines when they are hit by data breaches, it’s a mistake to assume that hackers don’t target small businesses.


The federal government has added Alaska, Arizona, Idaho, North Carolina, West Virginia and Wyoming to the list of states in which it will recognize gay marriage. Same-sex couples can now receive federal benefits in 32 states.


Even though only a few months remain in 2014, you still have time to act so you aren’t surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you expect.  Here are some actions you can take to bring the taxes you pay in advance closer to what you’ll owe when you file your tax return:


If you are an employer, the number of employees in your business will affect what you need to know about the Affordable Care Act (ACA). 


Many businesses offering indoor tanning services are required to collect a 10 percent excise tax on the indoor tanning services they provide. The provider must pay the excise tax to the government, quarterly, along with IRS Form 720, Quarterly Federal Excise Tax Return. The following information is designed to help indoor tanning services providers understand how to collect, file and pay the tax.


New and existing small employers who do not yet benefit from the Small Business Health Care Tax Credit should look into whether the credit can help them provide insurance to their employees.

For tax years beginning in 2014 and after, the maximum credit is 50 percent of premiums paid for small business employers, and 35 percent of premiums paid for tax-exempt small employers, such as charities.


If you’re a farmer or rancher and drought forced you to sell your livestock, special IRS tax relief may help you.

The IRS has extended the time to replace livestock that farmers were forced to sell due to drought. If you’re eligible, this may help you defer tax on any gains you received from the forced sales. The relief applies to all or part of 30 states affected by drought. Here are several points you should know about this relief:


Dental, vision, and long-term-care benefits will qualify as excepted benefits under final regulations issued by the IRS (T.D. 9697). Excepted benefits are not subject to certain health reform requirements enacted as part of the Health Insurance Portability and Accountability Act (HIPAA), P.L. 104-191, and the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148. The final regulations do not address the issue of “wraparound” coverage, but the IRS said it intends to issue such guidance in the future.


New IRS Publication Helps You Find out if You Qualify for a Health Coverage Exemption


With another school year now in full swing, the Internal Revenue Service reminds parents and students that now is a good time to see if they will qualify for either of two college tax credits or any of several other education-related tax benefits when they file their 2014 federal income tax returns.


If you moved recently, you’ve probably notified the U.S. Postal Service, utility companies, financial institutions and employers of your new address.  If you get health insurance coverage through a Health Insurance Marketplace, the IRS reminds you about one more important notification to add to your list – the Marketplace.


Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act requires each individual to:

  • Maintain a minimum level of health care coverage – known as minimum essential coverage, or
  • Qualify for an exemption, or
  • Make an individual shared responsibility payment when filing their federal income tax returns.

The IRS continues to warn the public to be alert for telephone scams and offers five tell-tale warning signs to tip you off if you get such a call. These callers claim to be with the IRS. The scammers often demand money to pay taxes. Some may try to con you by saying that you’re due a refund. The refund is a fake lure so you’ll give them your banking or other private financial information.


Don’t worry if you made a mistake on your tax return or forgot to claim a tax credit or deduction. You can fix it by filing an amended return. Here are 10 tips that you should know about amending your federal tax return:


The IRS reminds newlyweds to add a health insurance review to their to-do list. This is particularly important if you receive premium assistance through advance payments of the premium tax credit through a Health Insurance Marketplace.


Are you, your spouse or a dependent heading off to college? If so, here’s a quick tip from the IRS: some of the costs you pay for higher education can save you money at tax time. Here are several important facts you should know about education tax credits:  


Social media is a great way to connect with family and friends. It’s also a great way to get tax information. Check out these IRS social media tools that can help you keep up-to-date with your taxes. You can also use them to get the latest news on tax changes, initiatives, products and services.


Whether you like to play the ponies, roll the dice or pull the slots, your gambling winnings are taxable. You must report all your gambling income on your tax return. If you’re a casual gambler, odds are good that these basic tax tips can help you at tax time next year:


You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill.  


Here are some things the IRS wants you to know about miscellaneous deductions:


The IRS is again warning the public about phone scams that continue to claim victims all across the country. In these scams, thieves make unsolicited phone calls to their intended victims. Callers fraudulently claim to be from the IRS and demand immediate payment of taxes by a prepaid debit card or wire transfer. The callers are often hostile and abusive.


If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers the following tips about moving expenses and your tax return.


While most people get a refund from the IRS when they file their taxes, some do not. If you owe federal taxes, the IRS has several ways for you to pay. Here are six tips for people who owe taxes:


Millions of people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship.

You must report on your tax return the income you earn from a hobby. The rules for how you report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions you can claim for a hobby. Here are four tax tips you should know about hobbies:


Ah, summertime! Warm days, rest and recreation and…tax scams. Thieves don’t stop victimizing unsuspecting taxpayers with their scams after April 15. Identity theft, phone and phishing scams happen year-round. Those three top the IRS’s ‘Dirty Dozen’ list of tax scams this year. Here’s some important information you should know about these common tax scams:


Many people change their job in the summer. If you look for a new job in the same line of work, you may be able to deduct some of your job hunting costs.


If you rent a home to others, you usually must report the rental income on your tax return. But you may not have to report the income if the rental period is short and you also use the property as your home. In most cases, you can deduct the costs of renting your property. However, your deduction may be limited if you also use the property as your home. Here is some basic tax information that you should know if you rent out a vacation home:


You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll need them if you have to amend a prior year tax return. You often need them when you apply for a loan to buy a home or to start a business. You may need them if you apply for student aid. If you can’t find your copies, the IRS can give you a transcript of the information you need, or a copy of your tax return. Here’s how to get your federal tax return information from the IRS:


If you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit. These are paid directly to your insurance company to lower your monthly premium. Changes in your income or family size may affect your premium tax credit. If your circumstances have changed, the time is right for a mid-year checkup to see if you need to adjust the premium assistance you are receiving. You should report changes that have occurr ed since you signed up for your health insurance plan to your Marketplace as they occur.


Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year.


When it comes to filing a federal tax return, many people discover that they either get a larger refund or owe more tax than they expected. But this type of tax surprise doesn’t have to happen to you. One way to prevent it is to change the amount of tax withheld from your wages. You can also change the amount of estimated tax you pay. Here are some tips to help you bring the amount of tax that you pay in during the year closer to what you’ll actually owe:


If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about payroll taxes. Here are five basic tax tips that can help get your business off to a good start.


Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are nine of those benefits:


There is a lot of information in the news and online about the health care law and its effect on your taxes. 


Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are five tax tips you should know if you travel while giving your services to charity.


There's no sure way to avoid an IRS audit, these 14 red flags could increase your chances of unwanted attention from the IRS.


On Seinfeld’s 25th anniversary–it debuted July 5th, 1989–it is being discussed again around today’s version of the water cooler. Yes, Seinfeld at 25: There’s Still Nothing Else Like It. Turns out even a show about nothing can teach us something, including tax lessons like these:


Taxes may not be high on your summer wedding plan checklist. But you should be aware of the tax issues that come along with marriage. Here are some basic tips that can help keep those issues to a minimum:


EXECUTIVE 
SUMMARY

  • Losses from any real estate activity are per se passive and cannot be offset against income from nonpassive activities.
  • A rental real estate activity of a taxpayer who qualifies as a real estate professional is not per se passive, but the taxpayer must still materially participate in the activity for it to be treated as nonpassive.
  • To be a real estate professional, a taxpayer must provide more than one-half of his or her total personal services in real property trades or businesses in which he or she materially participates and perform more than 750 hours of services during the tax year in real property trades or businesses. Ideally, taxpayers should prepare contemporaneous time logs that detail the services rendered.
  • For purposes of determining whether a taxpayer is a real estate professional, the taxpayer's material participation is determined separately for each rental property, unless the taxpayer makes an election to treat all interests in rental real estate as a single rental real estate activity.

Each year the IRS mails millions of notices. Here’s what you should do if you receive a notice from the IRS:


Scholarships and financial aid do not require upfront fees. While there are legitimate companies who will help guide you through the financial aid and college application process for a fee, disreputable companies may ask you for money up-front and provide nothing in return. Red flags to watch out for include the following:


Spam text messages can be annoying, but did you know they are illegal? Some common scams use text message spam to lure you into revealing personal information in exchange for a “free gift” like a gift card or vacation package.


The Internal Revenue Service announced today major changes in its offshore voluntary compliance programs, providing new options to help both taxpayers residing overseas and those residing in the United States. The changes are anticipated to provide thousands of people a new avenue to come into compliance with their U.S. tax obligations.


Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit:


Some natural disasters are more common in the summer. But major events like hurricanes, tornadoes and fires can strike any time. It’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here are some basic steps you can take now to prepare:



























































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  • Get your CPA or accountant involved – Be sure to consult with a qualified CPA to stay on top of legislation. If you’re seeking between $100,000 and $499,000, then then you’ll need to have your financial statements reviewed by an independent public accountant. Over $500k? Then you’ll need to have those statements audited. It’s never too early to get started with this process.



































Direct deposit is the fast, easy and safe way to receive your tax refund. Whether you file electronically or on paper, direct deposit gives you access to your refund faster than a paper check.






The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child who was under age 27 at the end of 2012, even if the child was not your dependent.































 

 


Law expands health coverage for children under 27, encourages small businesses to cover employees.

 

For individual's, the recently enacted health reform legislation has some key provisions to pay attention to.  This particular article will give you a brief overview of the key tax changes affecting individuals in the recently enacted health reform legislation.

 

 


For owners of small businesses and their workers, the recently enacted health reform legislation has some key provisions to pay attention to. The major ones include: tax credits; excise taxes; and penalties. But whether a business will be affected by them depends on a variety of factors, such as the number of employees the business has. This article will give you an overview of the provisions in the new law with the biggest impact on small business. Please call our offices for details of how the new changes may affect your specific business.

 

 


The President recently signed into law the “Hiring Incentives to Restore Employment Act of 2010” (the HIRE Act, P. L. 111-47, 03/18/2010). The centerpiece of this Act is a payroll tax holiday and up-to-$1,000 tax credit for businesses that hire unemployed workers. In addition to these new hiring incentives, the HIRE Act also includes a one-year extension of the enhanced small business expensing option under Code Sec. 179.  Both of these provisions are extremely important to many businesses.


Following what was described as a successful launch of beneficial ownership information reporting requirements, officials from the Department of the Treasury found themselves before the House Financial Services Committee defending the regulations.


The IRS has issued a warning to small businesses regarding potential issues with Employee Retention Credit (ERCclaims as the March 22, 2024 deadline for the ERC Voluntary Disclosure Program approaches. Seven suspicious warning signs have been identified based on feedback from tax professionals and compliance personnel. These signs may indicate erroneous claims and could lead to IRS scrutiny. 


The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2024 and the lease inclusion amounts for business vehicles first leased in 2024.


The Internal Revenue Service has reviewed, redesigned and deployed 31 notices for the 2024 tax filing season in an effort to simplify the notices and improve their clarity.

This is a part of a broader effort to simplify up to 90 percent of the notices the agency sends out to taxpayers on an annual basis.


The IRS, with its Criminal Investigation (CI) arm, has urged businesses to review eligibility for the Employee Retention Credit (ERC). To combat fraud, they intensified compliance efforts related to this pandemic-era credit. Businesses wrongly claiming the ERC are advised to consider applying for the Voluntary Disclosure Program before the March 22 deadline. A special withdrawal program is also available for those with eligibility concerns on pending claims. 


The Financial Crimes Enforcement Network (FinCEN) has published a Small Entity Compliance Guide (Guide) to provide an overview of the Beneficial Ownership Information Access and Safeguards Rule (Access Rule) requirements for small entities that obtain beneficial ownership information (BOI) from FinCEN


The Department of the Treasury and the Internal Revenue Service have released new analysis that shows the additional funding provided to the IRS under the Inflation Reduction Act can increase revenues by"as much as" $561 billion.


The American Institute of CPAs offered a series of guidance recommendations to the Department of the Treasury and the Internal Revenue Service to help provide clarity on a notice issued by the IRS on changes to the regulation for Roth IRA catch-up contributions made by SECURE 2.0.


As part of the ongoing efforts to improve tax compliance in high income categories, the IRS will begin dozens of audits on business aircraft involving personal use