Blog Archives

IRS: Home Office Deduction Often Overlooked by Small Business Owners

Regular Method The first option for calculating the Home Office Deduction is the Regular Method. This method requires computing the business use of the home by dividing the expenses of operating the home between personal and business use. Direct business

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Tax Time Guide: ‘Where’s My Refund?’ Tool Best Way to Check Tax Refund Status

OK, you filed your 2016 returns some time ago, so where the heck, you’re wondering, is the refund?  The IRS addresses the issue, reminding taxpayers “that while more than 90 percent of federal tax refunds are issued in 21 days

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IRS Has Refunds Totaling $1 Billion for People Who Have Not Filed a 2013 Federal Income Tax Return

So, you neglected to file a 2013 federal income tax return because . . . well, who knows why. If that’s you, check out this announcement from the IRS: WASHINGTON — The Internal Revenue Service announced that unclaimed federal income

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EXCESSIVE CLAIMS FOR BUSINESS CREDITS MAKES THE “DIRTY DOZEN” LIST OF TAX SCAMS

The Internal Revenue Service warned that taxpayers should watch for improper claims for business credits, which is on the “Dirty Dozen” list of tax scams for the 2017 filing season. Compiled annually, the “Dirty Dozen” lists a variety of common

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TIPS FOR THE 2017 TAX SEASON: MOVES TO MAKE

Currently, there is no shortage of articles on tax tips and preparations for the tax season, and one of the best we’ve read is by Judy O’Connor for bankrate.com. Here are several of her “savvy tips for tax-filing season.” Maximize retirement

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IRS Tax Preparedness Series: Donations May Cut Tax Bills

WASHINGTON — As tax filing season approaches, the Internal Revenue Service reminds taxpayers who give donations (money or goods) to a charity by Dec. 31, 2016 that they may be able to claim a deduction on their 2016 federal income

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Reminder: Employers Face New Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15

WASHINGTON — The Internal Revenue Service reminded employers and small businesses of a new Jan. 31 filing deadline for Forms W-2. The IRS must also hold some refunds until Feb. 15 A new federal law, aimed at making it easier

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IRS Announces 2017 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2017

WASHINGTON — The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The IRS issued technical guidance detailing these items in Notice 2016-62. Highlights of changes for 2017 The

Posted in 401k, Retirement Plans, Tax deductible, Tax Planning and Deductions

IRS and Security Summit Partners Warn of Fake Tax Bill Emails

WASHINGTON — The Internal Revenue Service and its Security Summit partners  issued an alert [on Sept. 22] to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable

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IRS Regulations Provide Guidance for New Voluntary Certification Program; Application Process for Professional Employer Organizations Opens July 1

WASHINGTON — The Internal Revenue Service released temporary and proposed regulations implementing a new voluntary certification program for professional employer organizations (PEOs). The regulations, available today in the Federal Register, carry out legislation enacted in late 2014 requiring the IRS

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