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IRS Warns: Affordable Care Act-Related Tax Emails Are Fake

  • 18 October 2016
  • Author: Alexander Carr
  • Number of views: 749
  • 0 Comments
IRS Warns: Affordable Care Act-Related Tax Emails Are Fake

IRS-related scams are now entering a new territory: Obamacare. In late September, the IRS issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act.

Leasing Versus Buying Under the New Section 179

  • 11 October 2016
  • Author: Alexander Carr
  • Number of views: 826
  • 0 Comments
Leasing Versus Buying Under the New Section 179
Now that the IRS Section 179 deduction permanently offers small businesses an immediate expense deduction of up to $500,000, some of the property you may have leased in the past could serve you better when purchased, at least from a tax deduction standpoint

Tracing Holocaust Victims’ Assets: An Investigative Auditor’s Perspective

  • 27 September 2016
  • Author: Alexander Carr
  • Number of views: 2925
  • 0 Comments
Tracing Holocaust Victims’ Assets: An Investigative Auditor’s Perspective
In 1996, United States Senator Alfonse M. D’Amato, Chairman of the Senate Banking Committee, began an inquiry into Swiss banks’ involvement in hiding Holocaust victims’ assets. Specifically, the inquiry examined the procedures by which the Swiss banks conducted the initial search in 1995 that stated that only 893 accounts were found, holding $32 million. The committee conducted the new review which was being undertaken by the Committee of Eminent Persons (EP Committee), also known as the Volcker Commission

IRS Hacked, Again: What You Need to Know

  • 27 September 2016
  • Author: Alexander Carr
  • Number of views: 807
  • 0 Comments
IRS Hacked, Again: What You Need to Know

Access to the IRS e-File PIN service was removed in June following what the agency calls “additional questionable activity.”  The PIN numbers are only the latest in a history of the IRS being hacked, compromising taxpayer information.

Changes Ahead for Businesses Using Payroll, Benefits and Other HR Providers

  • 20 September 2016
  • Author: Alexander Carr
  • Number of views: 822
  • 0 Comments
Changes Ahead for Businesses Using Payroll, Benefits and Other HR Providers
If you work with a provider of payroll, benefits, HR, tax administration or regulatory compliance assistance, you should be aware of a significant law change made by Congress.  Companies that offer these services—often called professional employer organizations (PEOs)—can voluntarily apply to the IRS for inclusion in an IRS certification program

designed to help clarify their tax responsibilities.

Trump’s Tax Returns: What Could They Possibly Reveal?

  • 13 September 2016
  • Author: Alexander Carr
  • Number of views: 1629
  • 0 Comments
Trump’s Tax Returns: What Could They Possibly Reveal?
Steven Bankler, CPA, was recently asked to offer his expertise in an article about Donald Trump’s tax returns for the nationally known publication Tax Notes. Why the fascination with Trump’s taxes? Do we simply want to prove that Trump’s income is much lower than he advertises? (As the article states, Trump puts his wealth in the $10 billion range, while Forbes and Fortune estimate he’s worth $200 million to $4 billion)

Oasis RV Boat Storage

Oasis RV Boat Storage
Gary and Maria Ruwaldt found inspiration in an unexpected place: a boat storage facility 

Tax Implications of Fantasy Football

  • 24 August 2016
  • Author: Alexander Carr
  • Number of views: 1274
  • 0 Comments
Tax Implications of Fantasy Football
The NFL regular season kicks off September 8 and, with it, millions of football fans will be participating in fantasy football leagues (more than 50 million, in fact). The rise of daily fantasy games (DFGs) like those offered through FanDuel and DraftKings are fueling the trend. But how do fantasy football winnings (or losings) affect taxes?

The Online Sales Tax You’re Likely Getting Wrong

  • 16 August 2016
  • Author: Alexander Carr
  • Number of views: 1711
  • 0 Comments
The Online Sales Tax You’re Likely Getting Wrong

You may be surprised to find out that if you regularly purchase goods online, you’re likely also regularly breaking the law. How so? It’s because you may be inadvertently disregarding the “use tax” on those goods.  

Tax Tips for Trading or Bartering Goods and Services

  • 9 August 2016
  • Author: Alexander Carr
  • Number of views: 915
  • 0 Comments
Tax Tips for Trading or Bartering Goods and Services

Freelancers do it, nonprofits do it, even up-and-coming family businesses (as well as 70 percent of all Fortune 500 companies) do it. No, it’s not falling in love. It’s trading goods and bartering services. And you may be surprised to know that it’s an entirely taxable event.

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