Imagine this. Your firm starts receiving calls and emails from clients saying they've been the victim of tax refund identity theft. Sure, you've seen a few of these cases and have a process in place to assist clients, but this appears to be different. The volume of victims is far more than what you'd ever expect.
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.
In advance of the tax deadline, the Internal Revenue Service today warned tax professionals of a new emerging scam in which cybercriminals obtain remote control of preparers’ computer systems, complete and file client tax returns and redirect refunds to thieves’ accounts.
If you lose your job, you may qualify for unemployment benefits. While these payments may come as a relief, it’s important to remember that they may be taxable.
While most taxpayers get a refund from the IRS when they file their taxes, some do not. The IRS offers several Payment Options for those who owe taxes. Here are eight tips for those who owe federal taxes.
If everything you read about millennials is only partially true, then we as employers should be afraid to hire anyone who was born in the ‘80s. Thus, if I was a millennial (which I am not), I would feel pretty bad about myself and the likelihood of reaching my fullest potential given all of the negative things that have been said and written about me—from my work ethic, need for positive affirmation and inability to take criticism to my lack of loyalty and quest for the fastest route to the corner office.
Making a charitable donation is not only a chance to make a difference: it’s also an excellent way to reduce your tax burden for the year. The tax benefit is considered a compelling reason for making charitable deductions: more than two-thirds of high-net-worth donors said they would decrease their giving if they did not receive a corresponding tax deduction.
Getting audited is many taxpayers' worst nightmare, but that shouldn't stop you from taking advantage of the tax deductions you're legally entitled to take. You should just take care to make sure you have the documentation you need to back up your deduction if the IRS decides to take a closer look at your return.
As the end of the year approaches and tax planning becomes a priority (you're missing out if it isn't), one common strategy is to realize capital losses to offset realized gains for the year. But for many retirees, one particularly juicy strategy is to do the opposite: realize capital gains to take advantage of their preferential tax rates. The IRS states that long-term capital gains rates are generally 0%, 15%, and 20%. Unfortunately, this is only the sticker price for what you pay.
