Tax Planning and Preparation Archives

Tax Return triggers for Basic Estate Planning

Today’s landscape calls for tax practitioners to add value to a client’s experience beyond solely preparing their tax filings. Proactively identifying issues and uncovering opportunities are at the core of this practice. When it comes to estate planning – an often uncomfortable, sensitive topic – many clients fail to put a plan in place and …read more

IRA Offers IRA Tax Tips for the 2016 Tax Year

Taxpayers often have questions about Individual Retirement Arrangement, or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. The IRS offers the following tax tips on IRAs: Age Rules. Taxpayers must be under age 70½ at the end of the tax year to …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

Who Will Prepare Your Tax Return?

As the start of tax filing season approaches, the Internal Revenue Service is reminding taxpayers to start thinking about who will prepare their 2016 federal tax return. The IRS will begin processing tax returns on Monday, January 23. Many software companies and tax professionals will accept and submit tax returns before the IRS systems open …read more

Monumental changes in store for tax policy in new year

Bloomberg BNA’s Daily Tax Report released its 2017 Outlook, forecasting major changes to tax and accounting policies under the incoming Trump Administration and a Republican Congress. “There is no doubt that 2017 will be a milestone year for tax policy along the lines of 1986 and 1954,” said George Farrah, editorial director of tax and …read more

Deciphering Education Tax Incentives

Deciphering Education Tax Incentives     In the latter part of the year, we begin conducting year-end planning meetings with clients. For the ones with children or grandchildren, invariably part of the meeting focuses on planning and saving for college and possibly graduate school expenses.Most clients have a difficult time developing a strategy based on their …read more

IRS, Security Summit Partners Expand Identity Theft Safeguards for 2017 Filing Season, Build on 2016 Successes

IRS, Security Summit Partners Expand Identity Theft Safeguards for 2017 Filing Season, Build on 2016 Successes WASHINGTON – The Internal Revenue Service, state tax agencies and industry partners today finalized plans for 2017 to improve identity theft protections for individual and business taxpayers after making significant inroads this year against fraudulent returns. Public and private …read more

10 Year-End Tax Planning Tips for Individuals

  Accelerate Deductions and Defer Income It sometimes makes sense to accelerate deductions and defer income. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses, consulting income or self-employment income. On the deduction side, you may be able to accelerate state and local income taxes, interest payments …read more

What You Need to Know About the Child and Dependent Care Tax Credit

Issue Number: IRS Tax Tip 2016-38 Don’t overlook the Child and Dependent Care Tax Credit. It can reduce the taxes you pay. Here are 10 facts from the IRS about this important tax credit: 1. Child, Dependent or Spouse. You may be able to claim the credit if you paid someone to care for your child, …read more

Still Time to Make Your IRA Contribution for the 2015 Tax Year

IRS Tax Tip 2016-39 Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA: Age Rules. You must be under age 70½ …read more