The IRS recently announced it had identified and halted an automated attack on its e-filing PIN application available on IRS.gov. Using personal information stolen elsewhere, thieves used malware to generate E-file PINs for stolen social security numbers. When you attempt … read more
Computing the kiddie tax If the kiddie tax applies to a child, the child’s tax is calculated as the greater of one of two items: The tax on all of the child’s income, calculated at the rates applicable to single … read more
A child with earned income above a certain level is generally required to file a separate tax return as a single taxpayer. However, a child with a certain amount of unearned income (from investments, including dividends, interest, and capital gains) … read more
There was a time that determining the correct home office deduction was complicated and could lead directly to an audit. Luckily, those days are in the past. The IRS no longer considers a home office a red flag, and they have … read more
In recent years the volume of identity theft incidents has grown at an alarming rate. In 2014, more than 9.9 million Americans fell victim to identity theft. Although often less talked about, tax-related identity theft crimes have risen drastically in … read more
Typically, the person who receives the gift doesn’t have to worry about the tax, because that tax liability typically falls on the donor. Well, if the donor happens to be a covered expatriate then that tax liability may now land … read more
An employee who worked in the IRS’s Taxpayer Advocate office in Birmingham, AL is facing multiple charges in an identity theft scheme. Four people were arrested and charged last month including Nakeisha Hall, 39, an IRS employee who worked in … read more
Valentine’s Day is upon us, and once I’ve purchased flowers for my fiancée, I will once again join the ranks of many other CPAs across the country preparing thousands of tax returns for clients of all shapes and sizes. While … read more
The IRS gives guidelines on what is deductible for individuals to take on Schedule A of their individual income tax returns, as well as business expenses or casualty losses. People tend to make their own interpretations of the IRS guidelines … read more
This January many individuals will receive a Form 1095 for the first time. Form 1095 is part of the expanding ACA (Affordable Care Act) information reporting necessary to determine if you had required health insurance coverage in 2015: The IRS … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
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- Criminals Attack IRS Website, Generate 101,000 E-Filing PINS
- Beware of Kiddie Tax – Part II
- Beware of Kiddie Tax – Part I
- Simplified Method for Home Office Deduction
- IRS Responds to Identity Theft
- Recent Gift (on or after June 17, 2008) from an Expatriate?
- IRS Taxpayer Advocate Employee Charged with ID Theft
- Make Your CPA Fall in Love During Tax Season
- Interesting Tax Deductions
- Why Did I Get this Form 1095? New ACA Info Statements