Tax News Archives - Page 26 of 28

Feb
09
2015

It’s tax season! A few reminders and helpful tips!

Tax season is officially upon us! We are in the full swing of things, and wanted to post a few reminders and helpful tips for you as we head into the 2015 filing season!

Our office hours have been officially extended, starting Monday, 2/9/15, through 4/15/15:

Mondays – Fridays: 7:30 AM – 5:30 PM
Saturdays: 8:00 AM – 12:00 PM

Please let us know as soon as possible if you have had a change of address and/or phone number;

Feb
02
2015

The Affordable Care Act (ACA) and Your 2014 Taxes

Beginning January 1, 2014, every individual in the United States was required to have “minimum essential health coverage” under the ACA, pay a penalty (called the “shared responsibility payment”) or qualify for an exemption. The term “Individual” includes both taxpayers who are required to file returns because of their income, and others including seniors and children who do not have an individual return filing requirement. An individual who files a return is responsible for the coverage,

Oct
08
2014

Federal employment tax and trust fund penalties – tips and tricks

FEDERAL EMPLOYMENT TAX AND TRUST FUND PENALTIES ARE COMMON

According to the 2013 Internal Revenue Service Data Book, the IRS issued 6.8 million penalties related to employment taxes from 10/1/2012 to 9/30/2013 totaling $4.5 billion dollars—an amount equal to the cost to construct the Naval aircraft carrier, U.S.S. Ronald Reagan!

These penalties can hurt—especially small employers:

For example,

penalties for failure-to-file reports and pay taxes, combined,

Sep
23
2014

You, the IRS, and Thieves

Have you been contacted by the IRS? If it was by email or phone, it could be a scam. The most recent scams include threatening phone calls, phony emails, and identity theft to obtain false refunds. We advise our readers to be aware of current events, and please do not hesitate to contact us if you have any questions.

Phone and Email Scams

In phone scams, thieves claim to be IRS agents and will often rig the caller ID to falsely show the IRS phone number.

Aug
13
2014

Arizona Construction Contractors Sales Tax Changes Are Coming!

A bill signed by Arizona Governor Jan Brewer in June 2013 to reform Arizona sales tax law includes a substantial change to the way construction contractors will pay sales taxes beginning January 1, 2015.

While the new law has been touted by many as simplification, the Arizona Department of Revenue has done very little to inform construction contractors how the law will affect the way they do business.

Under current law,

Aug
01
2014

Sales Tax Simplification

Arizona business owners, are you tired of filing multiple forms to report your transaction privilege tax (TPT) each month? If so, you are in luck. With the enactment of HB 2111, effective January 1, 2015, there will be one form on which you report your sales and use taxes, and one payment to remit your tax liabilities for all counties and cities in Arizona. You will no longer have to file up to nineteen separate reports each month.

Jul
28
2014

Education Savings Plans and Qualified Expenses

By Patricia M. McCoy, CPA

The popularity of educational savings accounts such as 529 Qualified Tuition Plans (QTPs) and Coverdell Education Savings Accounts (ESAs) continues to grow, and we are taking this opportunity to provide a broad overview of these plans, along with some details of deductions allowed for the distributions. 529 and Coverdell accounts are valuable tax planning tools for ensuring that your loved ones have access to funds set aside specifically for educational purposes.

Feb
13
2014

2013 Filing Season – Make the Most of the New Individual Deductions and Credits

There are a few new deductions and credits for this tax season, outlined below. In addition, if you’d had any sort of unusual event during the year (marriage/divorce, birth of a child, adoption of a child, new home purchase or refinancing, new job, retirement, etc.) please alert us to your news before we start preparing your return. There are many opportunities related to these types of events that can reduce your tax bill.

Simplified Home Office Deduction

Beginning in tax year 2013 (returns filed in 2014),

Jan
18
2014

2013 Filing Season – Preparing for your Individual Tax Return

Whether you are meeting with us for a tax interview or just dropping off your information this year, advance preparation on your part can make this filing season nearly painless. A few recommendations:

Complete your organizer (especially the questionnaire section) as thoroughly as possible. If you have misplaced your organizer, please call us and we will be happy to provide another one.
Bring your source documents; to prepare your return,

Apr
24
2012

Missed the Income Tax Deadline – IRS Offers Help for Taxpayers

The IRS has some advice for taxpayers who missed the tax filing deadline.

Don’t panic but file as soon as possible. If you owe money the quicker you file your return, the less penalties and interest you will have to pay. Even if you have to mail us your return, the sooner we receive it, the better.

E-file is still your best option. IRS e-file programs are available for most taxpayers through the extension deadline –