As we head into a new decade, it is beneficial to reflect on the past years to see the things that we have done and where we are going. Looking back, we are able to take a look at the accounting profession and see how it has changed in the recent years and where those …
The Taxpayer First Act of 2019 was signed by President Trump on July 1, 2019. The purpose of the Act is to ultimately make taxpayers’ experience with the IRS easier and safer by improving customer service and adding safeguards during contact with the IRS. Included below is a list of some of the most interesting …
The impostors, impersonators and general all-around bad guys are at it again. According to the IRS, notifications to phishing@IRS.gov are up substantially on unsolicited emails, claiming to be from the IRS. It begs the question, would there ever be a solicited email from the IRS? Don’t miss: Call from the SSA? Don’t fall for it. …
In September 2017, Equifax announced a data breach that exposed personal information of 147 million people. Yes, you read that right. 147 MILLION. So, what do you do if you were affected? The credit reporting company allegedly failed to take reasonable steps to secure its network. Now millions of vulnerable names, dates of birth, social …
The IRS recently released Notice 2019-45 which expands the list of preventive care allowed with health savings accounts (HSAs). This notice focuses on treatment and testing for individuals diagnosed with certain chronic conditions, making care and prevention more affordable to taxpayers with high deductible health care plans. Created in 2003, HSAs have become an increasingly …
The most exciting time of year is back! That’s right, football season has kicked off with NFL training camps in full swing. Did you think I would mention Christmas? That is still about 130 days away, which leaves plenty of time to shop. I do a lot of my shopping at the NFL Team Store …
Easy peasy now takes on a whole new meaning. And stranger yet, it’s happening in the tax world. The IRS just launched a new IRS Tax Withholding Estimator. With efforts to improve services for taxpayers, the new Estimator replaces the old Withholding Calculator. I think we can all agree it was time for a facelift. …
The kids are finally going back to school, and you uncover an unruly pile of paper accumulated during the year that you will need for your tax return. “Oh, how I wish I had a better way to organize these records!” you mutter under your breath. Well, it’s never to late to start, and certainly …
Though it may be the most recognizable name, Bitcoin has been one of many cryptocurrencies on the market. Companies like JP Morgan and Facebook are now starting to roll out currencies of their own. Whether using virtual currencies as a currency or as an investment, it is important to identify the possible tax challenges associated …
With summer break being in full swing, many high school and college students will pick up summer jobs. More times than not, when we prepare these tax returns, we find that their federal tax withholding far exceeds their actual tax liability. While this isn’t necessarily a bad thing, there are a couple of things that …