February 2017

Name Change? How It Impacts Taxes

Name Change? How It Impacts Taxes   A name change can have an impact on taxes. All the names on a taxpayer’s tax return must match Social Security Administration records. A name mismatch can delay a tax refund. Here’s what taxpayers should know if they changed their name: Reporting Name Changes. Got married and now using …read more

Capital Gains and Losses- 10 Helpful Facts to Know

When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment. Here are 10 facts that taxpayers should know about capital gains and losses: Capital Assets. Capital assets include property such as …read more

Life Insurance: It Was Never Just About Taxes

“Don’t let the tax tail wag the planning dog!” The key to planning is to remember that a client’s goals are paramount and taxes are a secondary consideration. So, if the tail shouldn’t wag the dog when taxes are “high,” why would should it be allowed to do so when taxes may be “low” or …read more

Tax Professionals Warned of New Scam to “Unlock” Their Tax Software Accounts

The Internal Revenue Service, state tax agencies and the tax industry today warned tax professionals to be alert to a new phishing email scam impersonating software providers. The scam email comes with the subject line, “Access Locked.” It tells recipients that access to their tax prep software accounts has been “suspended due to errors in …read more

IRS Warns of Video Relay Scam Targeting Deaf and Hard of Hearing

Every day scammers come up with new ways to steal taxpayers’ identities and personal information. Some scammers pretend to be from the IRS with one goal in mind: to steal money. Be aware that con artists will use video relay services (VRS) to try to scam deaf and hard of hearing individuals. Don’t become a …read more

IRS Committed to Stopping Offshore Tax Cheating; Remains on “Dirty Dozen” List of Tax Scams for 2017

The Internal Revenue Service today said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its 2017 list of tax scams known as the “Dirty Dozen.” Since the first Offshore Voluntary Disclosure Program (OVDP) opened in 2009, there have been more than 55,800 disclosures and the IRS has collected more than …read more

The Side Gig Tax Time Retirement Play

Are you a newly minted independent contractor? If you got self-employment income from a side gig or your own business in 2016, it’s not too late to divert some of it into retirement savings and get a tax break, even if you don’t have the cash on hand. The solution: a SEP-IRA. A self-employed 50-year-old …read more

Preventing W-2 Tax Fraud

Form W-2 Wage and Tax Statement  The IRS is warning tax professionals and taxpayers about the latest iteration of a tax season scam.   Bank Wire Transfers The W-2 scammers are combining their efforts to steal employee W-2 information with an older wire transfer scheme so they can victimize some organization twice. Report Scams to …read more

IRS Guide to Community-Based Free Tax Preparation

The Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs help people every year. Through these IRS-sponsored programs, millions of lower-to-moderate income individuals and families get their taxes done free. The IRS works with local community groups to train and certify VITA and TCE volunteers to offer this service. Eligible taxpayers, …read more

Five Things to Know About the Child Tax Credit

Five Things to Know About the Child Tax Credit The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. Here are five facts from the IRS on the Child Tax Credit: 1. Qualifications. For the …read more