Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that some of the retirement savings limits will increase for 2018. Employer Sponsored Plans Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to… Continue reading IRS Announces Higher Retirement Plan Limits for 2018
The IRS announced that the standard mileage rate will decrease to 53.5 cents per business mile driven in 2017. That is a decrease of approximately 1% from the 54 cents allowed in 2016. According to the IRS, "The standard mileage rate for business is based on an annual study of the fixed and variable costs… Continue reading IRS Announces Slightly Lower Mileage Rates for 2017
The IRS recently announced that hundreds of thousands of taxpayers might be at risk of identity theft in connection with the GetMyTranscript tool offered on the IRS website. ID thieves tried to access copies of people’s tax returns through this feature. The IRS has since halted the feature on their website. They have also researched… Continue reading IRS Website has Security Breach
From the IRS News, IR-2014-72, June 10, 2014 WASHINGTON ― The Internal Revenue Service announced the adoption of a "Taxpayer Bill of Rights" that will become a cornerstone document to provide the nation's taxpayers with a better understanding of their rights. The Taxpayer Bill of Rights takes the multiple existing rights embedded in the tax… Continue reading IRS ANNOUNCES ADOPTION OF A TAXPAYER “BILL OF RIGHTS”
Yikes! I got the call. As we wrote in an article from our May 2014 blog, identity theft in connection with federal tax filings is on the rise. One specific fraud involves people receiving phone calls from scammers posing as IRS agents and then being aggressively instructed to wire money directly to the scammer to pay… Continue reading Phone Call Scammers Claiming to be IRS Agents
From IRS.gov: The IRS has been alerted to a new email phishing scam. The emails appear to be from the IRS and include a link to a bogus web site intended to mirror the official IRS web site. These emails contain the direction “you are to update your IRS e-file immediately.” The emails mention USA.gov… Continue reading IRS Alert of New Email Phishing Scam
The Internal Revenue Service issued a warning for consumers to guard against sophisticated and aggressive phone scams targeting taxpayers. Reported incidents of this type of crime continue to rise nationwide. The phone scam frequently targets recent immigrants and threatens them with deportation, arrest, having their utilities shut off, or having their driver’s licenses revoked. Callers… Continue reading IRS Warns of Phone Scam that Targets Immigrants
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that most of the retirement savings limits will NOT increase for 2014. RETIREMENT PLAN LIMITS FOR 2014: Savings Opportunity Maximum Contribution for 2014 401(k) or 403(b) Deferrals $17,500 in 2014 Roth and Traditional… Continue reading IRS Increases Retirement Plan Limits for 2014
by Richard S. Schwartz CPA. CVA Will the re-elected President and the new Congress let all these tax rules expires? We'll have to wait and see. Here is a recap list of all the changes that will be made to the Tax Code if Congress and the President aren't able to pass a Tax Act… Continue reading POTENTIAL 2013 TAX CHANGES
In a shocking development, the IRS recently announced that they will be honoring the FICA tax refunds submitted by residency programs and individual doctors. The catch is that only FICA taxes paid prior to 4/1/05 qualify. For more information, go to our MDTAXES' April 2010 Newsletter, our January 2009 Newsletter, or our February 2001 Newsletter or… Continue reading WHAT’S NEW WITH THE FICA REFUND?
Many healthcare professionals work based on the Academic Calendar. That means that a lot of Doctors switch jobs over the summer. According to our friends at the IRS in their IRS Summertime Tax Tip 2012-06: Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job… Continue reading IRS: Job Search Expenses Can Be Tax Deductible
The Internal Revenue Service issued its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers… Continue reading IRS lists The Dirty Dozen Tax Scams for 2012
If your Keogh or Solo 401(k) accounts are worth more than $250,000, or if you have employees in your plan, you need to file Form 5500-EZ by Tuesday, July 31. For more info: http://www.irs.gov/retirement/article/0,,id=117588,00.html Have questions? We can help: 781.938.0045.
It's summertime! And taxes are the last thing on your mind, but now is actually the BEST time to think about doing a tax projection. If you have self-employment income, had a job change, got married, have multiple sources of income, or just want to see where you stand, you'll find a tax projection to… Continue reading Mid-Year Tax Projections – Don’t Delay
Have Foreign Accounts? Your FBAR Filing is due 6/30/12 for individuals and businesses with foreign accounts worth more than $10k at any point during 2011.
In Part One, we reviewed the Common Law Rules and evidence for determining if a person providing services is an employee or an independent contractor. Let's look at the most common forms and documentation you might run into: Form SS-8 After reviewing the three categories of evidence, if you are still unsure if a worker… Continue reading Employee vs Independent Contractor – Part 2
April 17 is the deadline for filing your personal tax returns. If you need to file a Partnership or Fiduciary return, it's due today as well.
One more week to send in your efile forms before the tax filing deadline! Make sure to bounce them over to your accountant as soon as possible! Hop to it!
If you feel like you can't get your taxes done by the deadline, make sure to file an extension (IRS Form 4868 http://www.irs.gov/pub/irs-pdf/f4868.pdf). The extension is also due by April 17, 2012 but can be a life saver if you're missing vital information to complete your return. If you're a Schwartz & Schwartz client, please… Continue reading Can’t get it done?
File your taxes or an extension by April 17, 2012! Deadline is two weeks away!