Trusts and your accountant’s role

Trust Accounting: What you should know about trusts and your accountant’s role Many estate planners recommend that clients create trusts for various reasons, but problems can arise when the trustee is a family member who has no experience regarding the responsibilities of a trustee. In many cases the trustee selected by the creator of the …read more

Refinancing Student Loans

How to tell if it’s time to refinance your student loan To a college grad, student loans are thing of the past, present and future. Some students will graduate with anywhere from 1-16 different loans and keeping tabs on every loan and their due dates can be difficult. There are ways to make managing those …read more

Self-employed tax tips

Self-employed? Check out these IRS tax tips If you are self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six …read more

Health Care Tax Credit

This tax preparation and planning update from the IRS is provided as a courtesy by The Tax Consultancy Group. Understanding the Small Business Health Care Tax Credit The Affordable Care Act includes the small business health care tax credit, which can benefit small employers who provide health coverage for their employees. The small business health …read more

Tax Preparation: Taxable and Non-Taxable Income

More information from the IRS assisting with tax preparation and planning. What You Need to Know about Taxable and Non-Taxable Income All income is taxable unless a law specifically says it isn’t. Here are some basic rules you should know to help you file an accurate tax return: Taxable income.  Taxable income includes money you …read more

Tax Preparation: Deducting State and Local Taxes

What you need to know about deducting state and local taxes The federal income tax rules for deducting state and local taxes should be familiar to most people, but it’s always smart to make sure you know them. So here’s a primer: Itemized deductions for state and local income and property taxes If you own …read more

IRS Looking for Excessive Claims for Business Credits

Excessive Claims for Business Credits is on IRS “Dirty Dozen” List of Tax Scams for the 2016 Filing Season WASHINGTON — The Internal Revenue Service today warned that taxpayers should watch for improper claims for business credits, which is on the “Dirty Dozen” list of tax scams for the 2016 filing season. “The IRS is …read more

Tax Preparation: Reporting Health Coverage

Information from the IRS about reporting health coverage when doing tax preparation.  Provided as a courtesy by The Tax Consultancy Group. Tax Preparation: Reporting Health Coverage on IRS Tax Forms While most taxpayers will simply need to check a box on their tax return to indicate they had health coverage for all of 2015, there …read more

IRS scam calls and emails

Scam Calls and Emails Using IRS as Bait Persist Scams using the IRS as a lure continue. They take many different forms. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your …read more

Your Social Security Benefits May be Taxable

Tax planning and preparation from the IRS included here by The Tax Consultancy Group to assist you with your 2015 taxes. If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine if you need to pay taxes on your …read more