We all know the saying about “death and taxes”, but sometimes it seems like scams should be added to that list. Every year, and probably even more frequently than that, scammers are coming up with clever new ways to trick taxpayers out of their personal information, money or both. In a year like 2020, the …
If you become a potential or actual victim of identity theft outside the tax system or believe you may be at risk due to a lost or stolen purse or wallet, questionable credit card activity or questionable activity on your credit report, etc., the IRS encourages you to contact them at the Identity Protection Specialized …
Doing an Arizona tax credit donation is a great way to receive a dollar for dollar reduction on your Arizona state tax while also giving to charitable organizations you feel strongly about. Generally, any donation claimed as an Arizona tax credit is not deductible on the federal return. However, there is an exception if your …
Good news! The Social Security Administration just announced a 1.3% cost-of-living adjustment (COLA) increase for Social Security and Supplemental Security Income (SSI) benefits for 2021. More than 64 million people collecting Social Security payments will see the increase in January 2021, with increased SSI payments to more than 8 million beginning December 31, 2020. For …
If there has been an error on your tax return that has already been filed, there’s a way to fix that! An amended return (Form 1040-X) can be used to correct several errors such as incorrect income, missed credits or incorrect deductions on your personal tax return. Small clerical errors are normally caught by the …
I think most tax professionals would agree, one of the last phrases you want to hear in regards to a tax return is “I think we have basis issues.” Definitely no bueno. But what exactly is basis anyway, and why is it so important? Basis is essentially the amount of money that a taxpayer has …
Prior to the COVID-19 pandemic self-employed people likely felt they were overlooked. The availability of financing under the paycheck protection program and certain tax credits have shone a light of hope for the self-employed individual. A self-employed individual may be eligible to claim a tax credit under the qualified sick leave and qualified family leave …
You do not need to read this article to know that COVID-19 has made life extremely difficult for a vast number of people. The impact of the pandemic may have made it hard if not impossible at the moment to satisfy your tax obligations. The IRS knows this too and recently announced new collection procedures …
On October 14, 2020, one day before the due date for all FBAR (Reports of Foreign Bank and Financial Accounts) filers, the Financial Crimes Enforcement Network (FinCEN) posted a message stating that the deadline for FBAR filings was extended to December 31, 2020. Normally the FBAR is due on April 15th, with an automatic extension …
Net operating losses – known as NOLs in the tax professional world – are tax attributes generated when losses allocated from business activities exceed a taxpayer’s income for the year. While common sense might tell you that one generally wouldn’t want to be in a net operating loss position, as that would indicate you are …
The new revenue recognition standard takes effect for most private companies in 2019, but you can’t wait until then to learn about this. Download our new e-Book now.
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