Arizona tax preparer pleads guilty to preparing fraudulent tax returns

Last month Roberto De La O pleaded guilty to Fraudulent Schemes and Artifices and two counts of Preparing a False Tax Returns for fraudulently preparing around 118 tax returns for 2014-2017. To increase the taxpayer’s refunds, he’d included fake W-2s or 1099-Miscellaneous for Red Home Investments that included Arizona and federal income tax withholdings The …

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W-4 instructions for nonresident aliens

The IRS has completely overhauled the Form W-4 due to tax law changes from the Tax Cuts and Jobs Act (TCJA). The W-4 is the form employees complete which lets the employer know the proper amount of federal tax to withhold on their paychecks. The W-4 had to be redesigned to adapt to the removal …

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Taxpayers losing SALT lawsuits

Not only have states become more aggressive in collecting all sorts of taxes since the Wayfair decision passed, they have generally become more successful in their lawsuits as well.  In 2019 and 2018, taxpayers prevailed on their significant SALT cases at 38.1 percent and 36.8 percent, respectively, while in 2017 and 2016 the percentages were …

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What is positive pay?

One of the most common forms of fraud within organizations continues to be check fraud. Positive Pay can be a great tool for nonprofit organizations looking to strengthen their controls and help prevent fraudulent checks from being paid. Positive Pay does, however, come at a cost of both time and money. So, do the pros outweigh …

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Nonbusiness energy property credit

Almost everyone enjoys hearing about new tax credits and looking to see if it can benefit them on their personal or business return. The new Secure Act tax law includes an update to the nonbusiness energy property credit. What does this mean for you? Don’t miss: Fuel cell motor vehicle tax credit is back The …

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Game over or respawn? IRS clarifies treatment of in-game currencies

There’s been plenty of discussion in recent years about cryptocurrency in general, and among the tax community the taxability of cryptocurrency in its many forms and transaction types. If you’ve started working on your 2019 tax return, or perhaps handed those duties off to your trusted tax professional, you may have noticed that there is …

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Reporting tips and taxation

Do you work at a hair salon, barber shop, casino, golf course, hotel, restaurant or drive for Uber or Lyft? The IRS says tip income you receive as an employee from those services is taxable income. Don’t miss: New tip pooling rules proposed by Department of Labor Taxable income from these type of tips are …

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Charge me up! E-motorcycle federal tax credit is back

Uncle Sam didn’t want bikers to miss out on the tax incentives enjoyed by the cagers (biker slang for people that drive cars, trucks, and vans) so the Qualified Two-Wheeled Plug-In Electric Drive Motor Vehicle Tax Credit (aka E-motorcycle Federal Tax Credit) that originally expired on December 31, 2017 was retroactively extended through December 31, …

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What you need to give your CPA to prepare your 2019 tax return

What is needed for taxes is situational. A college student may only have a W-2 form while others will receive 1099 forms, depending on the type of income they receive. It is important to know what forms and documents to give your CPA to have the process be efficient. Don’t miss: key changes to 2019 …

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Recording Bequests

When an organization receives communication that they have been included as a beneficiary in a donor’s will, it must determine if this represents an intention to give or an unconditional promise to give. This is imperative as it determines when the gift is recognized as a contribution. Don’t miss: Top ten things to know about …

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