Blog
Tax Scams’ Impact At $20 Million And Counting
According to the Treasury Inspector General For Tax Administration, the IRS is aware of over 600,000 attempted tax scam contacts since October 2013. These fraudulent schemes have successfully cheated unsuspecting taxpayers out of over $20 million...
Information Sharing Agreements Between Government Entities and IRS Are Examined
The IRS has information-sharing agreements in place with numerous state and local governmental agencies. Under IRC section 6103(d), the IRS is authorized to share information about the payment of federal taxes with state and local tax authorities in order to help...
How About The IRS Filing Your Taxes For You?
What would your thoughts be if the IRS offered to file your tax return for you? Although filing taxes isn't something that's eagerly anticipated by most Americans, most people wouldn't be too excited about letting the IRS handle their tax filings. (The illustration of...
When Is A Roth Conversion Right For Retirees?
A Roth IRA conversion is something that working-age individuals typically consider more often than those who have reached retirement age. However, if several conditions are met, a Roth conversion can yield powerful benefits for those seeking to smooth out their tax...
If Your Identity Has Been Compromised, Don’t Forget To Ask For This Report
Identity theft has now moved solidly into the mainstream consciousness of most Americans. In the previous tax year, the number of fraudulently filed returns skyrocketed. In early June, the IRS announced that approximately 100,000 taxpayers' private information had...
Rescissions Offer The Chance To Rewind The Clock For Tax Purposes
Rarely in life is there an opportunity for a "do-over," especially in the realm of taxes. But the rescission doctrine offers such a chance to taxpayers to rework a business decision for a shot at a better tax outcome. The American Institute of...
Are You Deducting All of Your Business-related Travel Expenses?
No one likes to pay more taxes than they have to. But it's possible you may be doing that very thing. Inc.com did a recent story that detailed missed tax deduction opportunities related to business travel. Most expenses related to business travel and...
What to Do If You’re Selected for a Short Timeframe Audit
The IRS has introduced a new type of audit recently, dubbed the short-time frame audit. This type of audit severely restricts the amount of time a client has to respond after their receipt of the first examination letter before the case is closed. The CPA Practice...
Victims Of Fraudulent Tax Filings Facing An Uphill Battle
Identity theft in the US has become a very real problem for millions of people, especially when thieves use victims' names and Social Security numbers to file fraudulent tax returns. To give the scope of this problem some perspective, the Treasury Department’s...
Americans Increasingly Delay Big Financial Moves Due To Lack Of Funds
The economy is recovering, but things aren't quite back to normal after the financial crisis. A survey released earlier this year by the American Institute of CPAs (AICPA) showed that out of the 1,011 American adults included in the results, 51% reported delaying at...
Was It a Willful Tax Mistake? They’re Easier to Make Than You May Think
Taxes are anything but simple. We have a complex tax code with plenty of opportunities for honest mistakes. In most cases, if you’re found to be in error during an IRS audit you’ll be required to pay the taxes owed, interest, and a 25% penalty. However, if...
3 Common Mistakes With Social Security And How To Avoid Them
When you start getting near to retirement, you begin thinking more about Social Security benefits — how they work and what's the best way to use them. For those approaching the end of their working time, important decisions need to be made. Last week, CNBC...