IRS Employment Woes Deepen
It is no secret that the IRS will be completely understaffed for the upcoming tax season. I have talked about it before and am reminded whenever I call the tax preparer hotline and wait on hold for over two hours. After the budget was cut and hiring was lessened, it would seem that things could […]
Repairs Regulation Update
Great news for small-business owners, and accountants as well. The previously discussed repairs regulation, which would have cost small businesses time and money this tax season, has been simplified. Today, the IRS announced relief under the regulation, which allows companies with assets of $10 million or less (or annual gross receipts of $10 million or […]
You Can’t Do That!
It’s always fun when “You Can’t Do That” rolls around because it means that it is Friday and that I get to take a look at what people think they can get away with. This week starts off with a CPA, James Lee, from New York. Mr. Lee was tasked with handling the business returns […]
Premium Tax Credit Overpayment Relief
Earlier, I gave a brief overview of the Premium Tax Credit and how it could affect your 2014 return. In the overview, I mentioned that there are two ways to receive the credit: 1) as a “lump sum” at the end of the year when you file your return or 2) as equal monthly installment […]
TurboTax Provides Reminder: Always Be Alert for Fraud
This has been going around in the news the last few days, but I wanted to write a quick follow-up in case this affects you or someone you know. Last week, TurboTax temporarily halted its state e-file services as a result of an increased level of “suspicious” filings. After investigation, TurboTax deemed that its software […]
What’s in a Name?
I recently had a client ask me a few questions regarding her recent marriage. She had gotten married during the second half of the year and her new, married name was on the official marriage certificate. However, she did not have the time to change her name elsewhere (Social Security Office, bank accounts, credit cards, […]
Unemployed During 2020? You May Owe Taxes
Being unemployed puts every taxpayer in a stressful position. Between trying to make ends meet and searching for a new job, the last thing many people are thinking about is their tax situation. However, if you received unemployment compensation during the year, you will receive Form 1099-G and any income shown must be reported as […]
Avoidable Tax Mistakes
It is early enough in the year to start planning your tax return and determining the potential financial ramifications. Whether you will owe money to Uncle Sam at the end of the year, or be due a refund, here are some helpful tips that could better prepare you for the coming months. Always File Your […]
Proposed Regulation Could Change Poker in Nevada (Update)
Good news for poker players in Nevada! Today, AG Burnett, the Chairman of the Nevada Gaming Control Board, commented on SB 40 that was mentioned earlier this week. He said that the bill is strictly aimed at curbing third-party betting regarding to sports and racebook activity, not poker. This is a sigh of relief for the […]
New Jersey: Death and (Gas) Taxes
I was born and raised in New Jersey and it is where I opened my first practice. I still have an office in New Jersey, so any time a local story turns up that could affect my New Jersey clients, I try to give my thoughts on the matter. New Jersey, from a tax perspective, has […]
