Category: Tax
All Retirement Income is Not Created (or Taxed) Equally
Whether you are nearing retirement or already retired, you may want to consider your retirement income needs. Budgeting for taxes and making sure your withdrawals will cover them could keep you from being caught off guard when the tax bill...
It’s April 16: See where your tax dollars are headed!
Check out this nifty tool offered by the White House to see where your federal tax dollars go: http://www.whitehouse.gov/2012-taxreceipt
Tax Day Question: What are my chances of getting audited?
The IRS recently released data showing that overall audits were down in fiscal 2012 to 1.03 percent of all tax returns filed, as compared with 1.11 percent the previous year. The results: The IRS Is Conducting Fewer Individual Audits, But...
IRS Audit Technique Guide Sheds Light on Examinations of Cash Businesses
The IRS has previously issued an Audit Techniques Guide (ATG) for examinations of cash intensive businesses. The IRS noted in the ATG that many cash intensive businesses have weak internal controls, lack an audit trail, and have inadequate books and...
Parents and Students: Don’t forget College Tax Benefits for 2012 and Years Ahead
Reminder to parents and students that now is a good time to see if you qualify for either of two college education tax credits or any of several other education-related tax benefits. In general, the American opportunity tax credit, lifetime...
Foreign Asset Reporting for Individuals
Ownership of foreign assets comes with a myriad of tax reporting considerations, many of which come with steep penalties for non-compliance. Individuals who own certain foreign assets need to be aware of Form 8938 (Statement of Specified Foreign Financial Assets)...
Client Question: What is the Earned Income Tax Credit?
The Earned Income Tax Credit (EITC) has been reducing the tax burden of working people since 1975. EITC can be a boost for workers who earned $50,270 or less in 2012. However, according to the IRS, one out of five...
Tip Reporting Basics
Tip reporting for businesses has become an extremely complicated area of law. The business rules involve not only numerous areas of taxation but also employee reporting and wage and hour laws. State and local governments also enforce their own separate...
Client Question: Are Electronic Health Record incentive payments are taxable?
Yes! A popular belief is that the incentive payments made to eligible professionals and hospitals that adopt, implement, upgrade or otherwise demonstrate "meaningful use" of certified electronic health records (EHR) are not taxable. This is not the case. In fact,...
Update: IRS is now accepting all forms!
The Internal Revenue Service announced today that it has finished updating its tax-processing systems allowing all remaining individual and business taxpayers to file their 2012 federal income tax returns. Over the weekend, the IRS completed reprogramming and testing of its...