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      IRS SCAM ALERT

      IRS Scam Warning, Tax-Tip Tuesday, New Scam, Fake Calls, IRS Tax Tip

      Scam artists don't take summer vacations!  With scam artists hard at work all year, taxpayers should be on the lookout for a surge of evolving phishing emails and telephone scams.

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      Received a notice from the IRS? Don't panic!

      Brinker Simpson, Tax-Tip Tuesday, Tax Return Error, Individual, 1040, Tax Questions, IRS Tax Tip

      Here’s what taxpayers should know if they get a notice from the IRS

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      Getting Married? Are Your Taxes Ready to Say "I Do?"

      Tax planning, Individuals, Brinker Simpson, Tax-Tip Tuesday, Getting Married and Taxes, IRS Tax Tip, Marriage, Tax Plans When Getting Married

      Love is in the air and the wedding bells are ready to ring! The big day is right around the corner. All of the details are in place... or are they?

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      Tips for Getting Paid on Time

      Business Tips, Big 3, Tips for Getting Paid on Time

      Have you found that collecting on your accounts receivables has become more challenging? If so, strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables.

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      What to Do if You Missed the Tax Deadline

      2019, Tax Deadline, Missed the Tax Deadline, What to Do if You Missed the Tax Deadline

      Monday, April 15, 2019, was the tax deadline for most taxpayers to file their tax returns. If you haven't filed a 2018 tax return yet, it's not too late.

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      EIN application Process Revised to Enhance Security

      Big 3, Enhance Security, EIN Application, Revised Process

      Starting May 13, 2019 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the "responsible party" on the application. An EIN is a nine-digit tax identification number assigned to sole proprietors, corporations, partnerships, estates, trusts, employee retirement plans and other entities for tax filing and reporting purposes.

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      Delinquent Tax Debts Could Affect Passport Renewal

      Tax-Tip Tuesday, Travel, Tax Debts, Tax Debts Affect Travel

      As a reminder, individuals with "seriously delinquent tax debts" are subject to a new set of provisions courtesy of the Fixing America's Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in February 2018.

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      10 Identity Theft Tips You Don't Want to Miss

      Identity Theft, Fraud, Tax Scams, IRS Scam Warning, Tax-Tip Tuesday, 2019, 2019 Alert

      In 2017, there were 16.7 million victims of identity fraud. A terrifying number, but there are steps you can take to prevent and report this criminal act. 

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      Is Home Equity Loan Interest Still Deductible?

      Deductions, Tax-Tip Tuesday, 2019, Home Equity Loan Interest

      The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible.

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      Refundable vs. Non-Refundable Tax Credits

      Brinker Simpson, Tax Rules, Tax-Tip Tuesday, Refundable Credits, Tax Refund, Non-Refundable Credits

      Tax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable, but before we take a look at the difference between refundable and nonrefundable tax credits, it's important to understand the difference between a tax credit and a tax deduction.

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      8 Tips When Reporting Foreign Income

      Year-End Tax Planning, Tax Filing, Reporting Foreign Income, Required Forms, Automatic Extension, FBAR, FATCA

      If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship.

      In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may be required to file Form FinCen114, known as the "FBAR" as well as Form 8938, also referred to as "FATCA." 

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      SCAM ALERT: Fake Calls from Taxpayer Advocate Service

      Brinker Simpson, Tax Scams, 2019, Alert, New Scam, 2019 Alert, Taxpayer Advocate Service, Fake Calls

      Like clockwork, every year, there's a new twist on old scams. This year, it is the IRS phone scam whereby criminals impersonate IRS agents and make fake calls from the Taxpayer Advocate Service.

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      The Qualified Small Business Stock Exclusion

      Tax Breaks, Tax Planning for Small Businesses, Big 3, Tax Benefits, Small Business, 2019, Qualified Small Business Stock Exclusion

      As the driving force in today's economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If you're a small business investor, here's what you need to know about this often-overlooked tax break.

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      Are Social Security Benefits Taxable?

      Tax-Tip Tuesday, Tax Benefits, Social Security, 2019, Taxable Social Security Benefits

      Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.

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      4 Tax Deductions that Disappeared in 2018

      Deductions, New Tax Laws, Tax-Tip Tuesday, Disappearing Deductions

      Tax reform eliminated a number of deductions that many taxpayers counted on to reduce their taxable income. Here are four that could affect you.

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      Deadline for Retirement Distributions - April 1st

      Tax-Tip Tuesday, 2019, 2018 Tax Return, Retirement Distributions, Deadline

      In most cases, taxpayers who turned 70 1/2 during 2018 must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Monday, April 1, 2019.

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      5 Frequently Asked Tax Questions in 2019

      Tax-Tip Tuesday, 2019, Tax Filing, Tax Questions

      In 2019, Americans around the world began filing their taxes under the new Tax Cuts and Jobs Act.   Some tax breaks have been eliminated or capped, while others have been expanded or introduced.

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      7 Common Small Business Tax Myths

      Small Business, 2018 Tax Return, Tax Cuts and Jobs Act, Tax Myths

      The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS more money than you need to. With this in mind, let's take a look at seven common small business tax myths.

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      5 Facts about the Opportunity Zone Tax Incentive

      2018 Tax Return, Tax Filing, Qualified Opportunity Zones, QOZ, Tax Cuts and Jobs Act

      Providing tax benefits to investors who invest eligible capital into distressed communities throughout the U.S. and its possessions, Qualified Opportunity Zones (QOZs) were created under the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation. If you're considering investing in a QOZ, here are five facts you should know:

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      2018 Tax Filing Season Begins

      2018 Tax Return, Refund, Individual, Tax Filing, Tax Payments, 1040

      January 28, 2019, marked the start of this year's tax filing season, and it's the first time taxpayers will be filing under the new tax reform laws, most of which became effective in 2018. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return, as well as the partial shutdown of the federal government. With more than 150 million individual tax returns expected to be filed for the 2018 tax year, here's what individual taxpayers can expect:

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      Avoiding the Penalty on Early Distributions

      Tax-Tip Tuesday, 2019, 2018 Tax Return, Avoiding Penalty on Early Distributions, Distributions, Penalty Relief

      Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employer-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2?

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      Penalty Relief for Withholding: Estimated Tax Shortfalls

      Tax-Tip Tuesday, 2019, Tax Consequences, 2018 Tax Return, Penalty Relief for Withholding, Estimated Tax Shortfalls

      The estimated tax penalty has been waived for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year; however, there is a catch:

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      Who Should File a 2018 Tax Return?

      Tax-Tip Tuesday, 2018 Tax Return, Who should file

      Most people file a tax return because they have to, but even if you don't, there are times when you should--because you might be eligible for a tax refund and not know it. The six tax tips below should help you determine whether you're one of them.

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      Standard Mileage Rates for 2019

      Tax-Tip Tuesday, 2019, Standard Mileage Rates

      Starting January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows:

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      Like-kind Exchanges are Limited to Real Property

      Important Tax Changes 2018, Big 3, 2019, Like-Kind Exchanges, Limitations

      The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. One tax provision that taxpayers should be aware of is that like-kind exchanges are now generally limited to exchanges of real property. Here's what you need to know:

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      Employers Beware: Identity Theft and W-2 Scam Alert

      Identity Theft, Tax Scams, New W-2 Scam, Big 3, Alert, W2 Scam, Warning

      The 2019 tax season is quickly approaching and with it an increase in identity theft and W-2 scams. Small business identity theft is big business for identity thieves. Just like individuals, businesses may have their identities stolen, and their sensitive information used to open credit card accounts or used to file fraudulent tax returns for bogus tax refunds.

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      Important Tax Changes for Individuals and Businesses for 2019

      Planning for Tax Changes, Important Tax Changes 2018, Big 3, 2019

      Every year, it's a sure bet that there will be changes to current tax law and this year is no different, now that the tax provisions under the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.

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      Tax Consequences of Losing your Job

      Taxes, Tax-Tip Tuesday, 2019, Losing Your Job, Tax Consequences

      If you've lost your job you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers:

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      6 Great Tax Tips for Older Americans

      Tax-Tip Tuesday, Seniors

      Everyone wants to save money on their taxes, and older Americans are no exception. If you're age 50 or older, here are six tax tips that could help you do just that.

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      ALERT: Retirement Contributions Limits Announced for 2019

      Retirement Planning, New Tax Laws, Tax-Tip Tuesday, Retirement Saving

      Dollar limitations for pension plans and other retirement-related items for 2019 are as follows:

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      Tax Transcript Email Scam Alert

      Tax Scams, Big 3, 2018 Alert

      Taxpayers should be aware of a new round of fraudulent emails that impersonate the IRS and use tax transcripts as bait to entice users to open documents containing malware. The scam is especially problematic for businesses whose employees might open the emails infected with malware as it can spread throughout the network and may take months to remove.

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      Recap of Business Tax Provisions for 2018

      Tax planning, Tax Provisions, Tax Planning for Small Businesses, Big 3, Small Business

      The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here's what businesses need to know as they get ready for tax season. Here's what business owners need to know about tax changes for 2018.

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      Year in Review: Tax Changes for Individuals 2018

      Individuals, Year-End Tax Planning, Big 3

      The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here's what individuals and families need to know as they get ready for tax season.

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      ALERT: Take Retirement Plan Distributions by December 31

      Retirement Planning, Tax-Tip Tuesday, 2018 Alert

      Taxpayers born before July 1, 1948, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31.

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      5 Facts to Help Business Better Understand New Depreciation Deduction Benefits

      Tax-Tip Tuesday

      Tax reform legislation passed in December 2017 included numerous changes that affect businesses this year. One of them allows businesses to write off most depreciable business assets in the year they place them in service. Here are five facts to help businesses better understand this deduction:

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      8 Great Tax Breaks for Parents

      Tax Breaks, Tax Preparation, Tax-Tip Tuesday, Children, Parents

      If you have children, you may be able to reduce your tax bill using these tax credits and deductions.

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      Tax Benefits of Health Savings Accounts

      Tax-Saving Strategies, Tax-Tip Tuesday, HSAs

      While similar to FSAs (Flexible Savings Plans) in that both allow pre-tax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no "use it or lose it"), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions.

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      Section 199A: Qualified Business Income Deduction

      Big 3, Small Business, Sec 199A

      Thanks to tax reform legislation passed in December 2017, eligible taxpayers may now deduct up to 20 percent of certain business income from qualified domestic businesses, as well as certain dividends. Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they file in 2019.

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      Year-End Tax Planning for Businesses 2018

      Small Businness, Tax planning, Family Business, Tax Planning for Small Businesses, Big 3

      There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them:

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      Year-end Tax Planning for Individuals 2018

      Tax planning, Individuals, Big 3

      Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination of personal exemptions, and numerous itemized deductions reduced or eliminated. Let's take a closer look.

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      Making Tax Smart Loans to Family and Friends

      Loan, Tax-Saving Strategies, Tax-Tip Tuesday

      Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.

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      Social Security Administration Recently Announced an Increase in Benefits in 2019

      Tax-Tip Tuesday, Social Security

      Social Security Administration recently announced a 2.8 percent increase in benefits in 2019. This increase in benefits will impact 63 million beneficiaries and is the largest annual cost-of-living adjustment since 2012.   Impacted by this change are retirees, disabled workers, their eligible dependents and surviving family members.

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      Avoiding An Unexpected Tax Bill

      Tax-Tip Tuesday, Avoiding Tax Bill

      Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it's even more so since a number of tax provisions have changed. As such, it's important to make sure the right amount of tax is withheld for your particular tax situation.

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      Choosing a Retirement Destination

      Retirement Planning

      With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside.

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      Tax Considerations when Hiring Household Help

      Household Help, Minimizing Tax, Tax Benefits

      If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road.

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      5 Things to know before Starting a Business

      Start-Up Business, Business Tips, New Business, Small Business

      Starting a new business is an exciting, but busy time with so much to be done and so little time to do it. Also, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That's where a tax professional can help.

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      Succession Planning: Strategies for Leaving a Business

      Succession Planning

      Selecting your business successor is a fundamental objective of planning an exit strategy, but it requires a careful assessment of what you want from the sale of your business and who can best give it to you.

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      529 Education Savings Plan Updates under Tax Reform

      529 Plan

      Taxpayers with school-age children should be aware of three recent tax law changes affecting 529 education savings plans.

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      5 Ways to Minimize Your Tax Liability

      Minimizing Tax Liability

      If you want to save money on your tax bill next year, consider using one or more of these tax-saving strategies that reduce your income, lower your tax bracket, and minimize your tax bill.

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      October 1 Deadline for Establishing SIMPLE IRA Plans

      SIMPLE IRA Plans, Tax-Tip Tuesday

      Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match Plan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll need to set it up by October 1st. Here's what you need to know.

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      9 Retirement Savings Tips

      Early Retirement, Retirement Planning, Tax-Tip Tuesday, Retirement Saving

      Though it's never too late to start, the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year's gains--that's the power of compounding--and the best way to accumulate wealth.

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      Small Business Financing: Securing A Loan

      Big 3, Securing a Loan, Financing, Small Business

      At some point, most small businesses owners will visit a bank or other lending institution to borrow money. Cash flow is the key to business success. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting your money for expansion and having to scrape through finding cash from other sources.

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      Cash Flow: Key to Business Success

      Big 3, Cash Flow, Small Business

      Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business's success. In fact, a healthy cash flow is more important than your business's ability to deliver its goods and services.

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      Safeguarding Financial Records

      Big 3, Safeguarding Records

      Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it's always a good idea to plan for what to do in case of a disaster. Here are some necessary steps you can take right now to prepare:

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      Tax Rules for Rental Income From Second Homes

      Tax Rules, Rental Income, Big 3

      Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year and also use the home yourself.

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      Tax Benefits of S-Corporations

      Big 3, Tax Benefits, S-Corporation

      As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it's always a good idea to periodically revisit that decision as your business grows.

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      5 Tax Deductions That Disappeared in 2018

      Tax Reform, Important Tax Changes 2018, Big 3

      Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018.

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      Meal & Entertainment Under the New Tax Law

      Tax Reform, Meal & Entertainment

      The new tax act established new limitations on the deductibility of certain business meals and entertainment expenses. Beginning January 1, 2018, entertainment expenses are nondeductible unless they fall under the specific exceptions under the new tax law.

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      Saving for Education: 529 Plans

      Tax-Saving Strategies, 529 Plan, Big 3

      Many parents are looking for ways to save for their child's education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's K-12 education as well as college or vocational school.

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      Tax Breaks for Hiring New Employees

      Hiring Employees, Tax Preparation, Big 3

      If you're thinking about hiring new employees this year you won't want to miss out on tax breaks available to businesses with employees.

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      Discover a Mistake on Your Tax Return?

      Tax Preparation, 2018, Big 3, Tax Return Error

      Finished filing a tax return? What should you do if you already filed your federal tax return and then discover a mistake? First of all, don't worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended tax return.

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      Tips for Teenage Taxpayers Starting a Summer Job

      Self-Employed, Tax Preparation, Tax-Tip Tuesday

      Many students will be starting summer jobs…from working at a summer camp to being an office intern. The IRS reminds students that not all the money they earn may make it to their pocket. That’s because employers must withhold taxes from the employee’s paycheck. Here are a few things these workers need to know when starting a summer job:  

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      Plan Ahead for Vacation Home Rentals

      Vacation Homes, Tax Preparation

      During the summer, taxpayers often rent out their property. They usually think about things such as cleanup and maintenance, but owners also need to be aware of the tax implications of residential and vacation home rentals.

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      5 Easy Ways to Lower Your Tax Bill When You're Self-Employed

      Lowering Tax Bill, Self-Employed

      If you're like most small business owners, you're always looking for ways to lower your taxable income. Here are five ways to do just that.

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      Selling Your Small Business

      Small Businness, Business Valuations, Selling Your Business

      Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences.

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      Reporting Virtual Currency transactions

      Reporting Transactions, Virtual Currency

      With the price of Bitcoin hitting record highs in 2017, many Bitcoin holders cashed out not realizing the impact it could have on their tax bill.

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      New Jersey's Equal Pay Law: What NJ Employers Need to Know

      Employers, New Jersey Law

      New Jersey Gov. Phil Murphy announced Tuesday that he would sign new equal pay legislation, making it the most comprehensive in the nation. Effective July 1, 2018, this law will make it illegal to offer unequal pay to employees for substantially similar work as long as, skill, effort, and responsibilities, are weighed.
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      Donating A Car to Charity

      If you donated a car to a qualified charitable organization in 2017 and intend to claim a deduction, you should be aware of the special rules that apply to vehicle donations.

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      BEWARE THE W2 SCAM!

      Tax Scams, IRS Scam Warning, New W-2 Scam

      The Form W-2 scam has emerged as one of the most dangerous phishing emails in the tax community. During the last two tax seasons, cybercriminals tricked payroll personnel or people with access to payroll information into disclosing sensitive information for entire workforces. Read on to learn more about this recent scam...

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      5 Tax Breaks that Survived Tax Reform

      New Tax Laws

      Recent tax reform legislation affected many provisions in the tax code. Many were modified, either permanently or temporarily, while some were repealed entirely. Here are five that survived.

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      10 Things Taxpayers Should Know About Early Withdraws

      Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that taking money out early from your retirement plan may trigger an additional tax. Here are 10 things taxpayers should know about early withdrawals from retirement plans:

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      Selecting a Business Entity

      Selecting a Business Entity

      When you decide to start a business, one of the most important decisions you'll need to make is choosing a business entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face, and with the passage of the Tax Cuts and Jobs Act of 2017, it's more important than ever to choose the business entity that benefits your business.

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      IMPORTANT TAX CHANGES FOR 2018

      New Tax Laws, Important Tax Changes 2018

      As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2018 is no different now that many of the tax provisions pursuant to the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From health savings accounts to tax rate schedules and standard deductions, here's a checklist of tax changes to help you plan the year ahead.

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      Plan for Tax Changes NOW!

      New Tax Laws, Planning for Tax Changes

      Many current deductions will save you little or no tax if paid in 2018 based on the 100% proposed increase in the standard deduction, along with repeal or restriction of many itemized deductions, made by the House and the Senate. 

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      Small Businesses: Tax Breaks for Charitable Giving

      Small Businness, Tax Planning for Small Businesses, Tax Breaks for Charitable Giving

      Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium size business and are committed to giving back to the community through charitable giving, here's what you should know.

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      2017 Year-End Tax Planning Strategies for Businesses

      2017, Tax Planning for Small Businesses

      There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2017. Here are a few of them:

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      2017 Year-End Tax Planning Strategies for Individuals

      Individuals, 2017, Year-End Tax Planning

      Once again, tax planning for the year ahead presents a number of challenges: What tax reform measures (if any) will actually become legislation--and when they take effect (e.g. retroactive to January 1, 2017, or a future date); A number of tax extenders expired at the end of 2016, which may or may not be reauthorized by Congress and made retroactive to the beginning of the year?; And there are the normal variations in individual tax circumstances such as the sale of a home that could bump up income into another tax bracket.  With this in mind, let's take a look at some of the tax strategies you can use given the current uncertainties.

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      2017 Tax Planning for Small Business Owners

      Tax Planning for Small Businesses

      What is Tax Planning?

      Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business transactions to reduce or eliminate tax liability.

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      Tax-Saving Strategies

      Tax-Saving Strategies

      If you're looking to save money on your taxes this year, consider using one or more of these tax-saving strategies to reduce your income, lower your tax bracket, and minimize your tax bill.

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      The Equifax Data Breach

      Equifax Breach

      Equifax is one of three major U.S. credit reporting bureaus. The other two are TransUnion and Experian. There is also a smaller, less well-known credit-reporting agency called Innovis (aka CBCInnovis) that operates slightly different in that its main purpose is to provide mortgage credit reporting services to the financial services industry.

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      SCAM ALERT: Hurricane Charities and Ransomware

      IRS Scam Warning, Charity Scam, 2017 Alert

      While The IRS, state tax agencies and numerous people in the tax and accounting industry are working together to warn tax professionals and their clients about phishing scams, they are still all too common. Here's what you need to know about the two most recent scams: fake charities that take advantage of people's generosity during times of natural disasters and IRS/FBI-themed ransomware.

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      SIMPLE IRA Plans for Small Businesses

      SIMPLE IRA Plans, IRA Plans

      Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll need to set it up by October 1st. Here's what you need to know.

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      Online Retailers Required to Collect Sales Tax

      Online Sales Tax, Remote Sellers vs. Physical Presence

      From declining sales at local retail establishments to brick and mortar store closings, almost everyone would agree that the rise of Internet sales has transformed the retail landscape. One consequence of this uptick in online sales is lost revenues in states that collect sales (or use) tax.

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      Free Business Attire at Neumann University

      Neumann Leadership Program

      This Friday, September 8, 2017, 10am - 2pm, Neumann University's Center for Leadership will be hosting an open house for the public to provide support and assistance to Delaware Valley residents in need of workplace suitable clothing but who may face a variety of financial challenges. The program, Wardrobes for Work, offers a range of men's and women's business suits, dress suits, and casual workplace attire.

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      WARNING: NEW IRS SCAM!!!

      IRS Scam Warning

      IRS ISSUES URGENT WARNING TO BEWARE IRS / FBI - THEMED RANSOMWARE SCAM

      IRS warns people to avoid a new phishing scheme that impersonates the IRS and the FBI as part of a ransomware scam to take computer data hostage.

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      Identity Theft: What to Watch out for and What to do

      Identity Theft, Tax Scams

      Tax-related identity theft typically occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Anyone can fall victim to identity theft. Here is an important reminder of how to protect yourself from identity theft, what to watch out for, and what do if your identity has been compromised:

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      Business Entertainment Expense

      Business Tips, Entertainment Expense

      As a business owner, you are entitled to deduct certain expenses on your tax return such as those relating to entertaining clients. Entertainment is considered any activity that provides entertainment, amusement, or recreation.

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      Preparing an Effective Business Plan

      Business Tips, New Business

      Whether you're starting a new company, seeking additional financing for an existing one, or analyzing a new market, a business plan is a valuable tool.

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      Tax Breaks for Hiring New Employees

      New Business, Tax Breaks, Hiring Employees

      If you're thinking about hiring new employees this year, you won't want to miss out on these tax breaks.

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      Phone Scam Alert: Fake Certified Letters

      Fraud, IRS, Tax Scams

      Taxpayers should be aware of the most recent scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card.

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      Minimizing Tax on Mutual Fund Activities

      Minimizing Tax, Mutual Fund Activities

      Whether you're new to mutual funds or a seasoned investor who wants to learn more, these tips will help you avoid the tax bite on mutual fund investments.

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      Security Summit Warns of New Phishing Email Targeting Tax Pros

      Fraud, IRS, 2017

      IR-2017-111, June 23, 2017

      WASHINGTON – The IRS, state tax agencies and the tax industry today warned tax professionals to beware of phishing emails purporting to be from a tax software education provider and seeking extensive amounts of sensitive preparer data.

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      Tax Planning for Small Business Owners

      Small Businness, Tax planning, Business Tips

      Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability.

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      Planning for Retirement: Withdrawals

      Tax planning, Early Retirement, Retirement Planning

      Are you thinking of retiring soon, or changing jobs? You may face a major financial decision: what to do about the funds in your retirement plan.

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      What to do if you get a letter from the IRS

      IRS Letter, Taxes Due

      Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS here's what to do:

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      Retirement Plan Options for Small Businesses

      Early Retirement

      Employer-sponsored retirement plans have become a key component for retirement savings. They are also an increasingly important tool for attracting and retaining the high-quality employees you need to compete in today's competitive environment.

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      Renting a Vacation Home

      Vacation Homes, Tax Rules, Rental Income

      Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year, but also use the home yourself. There is, however, one provision that is not complicated.

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      What to do if you Haven't Filed a Tax Return

      Taxes, Filing Late, Payment Options

      Tuesday, April 18, 2017, was the tax deadline for most taxpayers  to file their tax returns.  If you haven't filed a 2016 tax return yet, don't delay. There's still time--and it's not as difficult as you think.

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      2017 TAX REFORM PROPSAL

      2017, Tax Reform, President Trump

      On Wednesday, April 26th, the White House released President Donald Trump’s tax reform goals and key priorities. The reform proposes slashed corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum taxes.

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      Eight Tax Facts about Exemptions and Dependents

      Tax-exempt, 2017, Dependents

      Most people can claim an exemption on their tax return. It can lower your taxable income, which in most cases, that reduces the amount of tax you owe for the year. Here are eight tax facts about exemptions to help you file your tax return.

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