Newsletters
Are Your Payroll Reports Correct?
As the Internal Revenue Service continues to endure more and more budget cuts, they continue to look to find new areas for additional tax revenue. Although overall individual and business audit rates remain very, very low (average individual rates of audit are .84% and average business rates of audit are .60%), the Department has increased focus in several areas which have brought in large revenue dollars. Payroll and compensation has been one such area. The Department has made many departmental changes in its focus of this area. In the past the Department has been lenient on wiaving penalties and enforcement.
Tax Planning With Deferred Tax Assets
With all the complications in today’s tax code there is no doubt that many options exist to save taxes. On that same note, many chances exist for us to pay more taxes than we legally need to. Good tax planning throughout a taxpayer’s life can potentially save millions in taxes. The most well known and widely used form to “save taxes” is to attempt to defer them until later in life when the taxpayer is usually in a lower tax bracket. Many avenues exist to do this, from IRA’s, Traditional 401(k)’s to 1031 Exchanges on property sales. All of these
Is That Really The IRS Calling Me?
In today’s digital age we all continue to use more and more online services and continue to trust our technology, but do we really know who we are “talking” to? Is anyone safe? The Internal Revenue Service recently suspended its website which was designed for individual with identity theft due IT being compromised by hackers! Taxpayers have once again been advised to stay on high alert through the end of the 2016 tax-filing season against callers who threaten taxpayers, just one of the Internal Revenue Service’s “Dirty Dozen” list of scams, yes its that bad that the Service has a
A New Year And More Laws
The end of 2015 saw, as years in past, the passing of several retroactive tax laws. For the first time in several years, the legislation was also proactive and made tax law changes that carry into future years. This will hopefully make tax planning a bit easier as we can focus on the laws and not the uncertainty of what the laws will be. For businesses there are several items which will affect many businesses. The two biggest changes relate to asset purchases. The expensing of assets (also known as section 179) has been made permanent and will be increased
