WSOP: 149 Days and Counting
The 2015 World Series of Poker begins on May 27, 2015. We will be in our usual location inside the Rio throughout the entire 49-day event. The WSOP continues to do an excellent job with the event and we look forward it every year. From what has been released so far, it looks like 2015 will […]
Tax Extenders Pass House, Tax Season to Start as Planned
Last week, the House passed the “tax extenders” bill that renewed 55 tax advantages for taxpayers. The extenders include such benefits as the educator deduction, qualified tuition and related expenses, mortgage insurance premiums, and numerous other business-related deductions (the full list can be seen here). All of these items were extended through the end of 2014. […]
New Jersey Preparer Sentenced to Jail
Todd Halpern, a 49-year-old tax preparer from Guttenberg, New Jersey, bought an established tax practice in 2008. He maintained the client base and prepared over 650 returns over the next several years. One problem, he filed each of those returns using the Electronic Filing Identification Number (EFIN) of the prior owner. He used the existing […]
New IRS Publication Aimed at Explaining the Affordable Care Act
The IRS recently released Publication 5187 in order to provide taxpayers with an additional resource regarding the new health care laws for 2014. The 21-page document effectively presents the different nuances that will be required for the coming tax years. If you are looking for an overview or refresher regarding the Affordable Car Act, I would […]
A Few Thoughts on the Earned Income and Additional Child Tax Credit
One of the issues Congress is trying to address for the upcoming tax season is the amount of tax fraud related to two of the more popular tax credits: the Earned Income Credit (EIC) and Additional Child Tax Credit (ACTC). In order for a preparer to file a return with EIC, they must complete a […]
MLB Player Settles Bill with IRS
Former baseball outfielder Darryl Strawberry failed to pay over $540,000 in taxes from 1987-1990 and over $80,000 from 2003-2004. Strawberry acknowledged that he owes the IRS, but refused to liquidate property in order to settle the debt. The IRS took the case into their own hands and decided to auction off the right to Strawberry’s […]
Another Scam Making Its Rounds
A few months ago I warned all of my clients about the increased number of phishing scams aimed at defrauding taxpayers. Recently, there has been a new string of fraudulent activities occurring, but this time, scammers are preying on companies. Employees, typically controllers or treasurers, have been receiving emails requesting them to authorize a wire […]
IRS Budget Cuts Add to Challenging Tax Season
President Obama signed the spending law that allocated $10.9 billion to the IRS for the fiscal year ending September 30, 2015. This may seem like a staggering figure, but it is actually 3% less than what the IRS received in 2014 and 12% lower than the requested budget. The IRS has already said the agency […]
Poker Tax Liability
For all poker players but a fortunate few, July 16th marks a bittersweet day in the poker community. After 61 bracelet events (and one still to be decided), the World Series of Poker came to an end when only the November Nine remained in the Main Event. It also brought an end to our time […]
