December 2019 Newsletter

New SSN Scam

Scammers are at it again, this time calling up taxpayers, impersonating the IRS, and threatening to suspend or cancel social security numbers. According to the IRS, these calls can come in as “robocall” voicemails, requesting people to call back. The scammers may mention overdue taxes. If you receive a call threatening to suspend your SSN… Continue reading New SSN Scam

December 2019 Newsletter

IRS Gets Serious About Cryptocurrency

Have you been dabbling in cryptocurrency trading? The IRS is stepping up its efforts to provide guidance to taxpayers around cryptocurrency transactions and has enacted some new compliance measures. On 2019 tax returns, the IRS will require taxpayers to check off a box if they engaged in any virtual currency transactions during the year. The… Continue reading IRS Gets Serious About Cryptocurrency

December 2019 Newsletter

Benefits of small business owners of hiring family members Part II:

Consider adding your teenage children onto your company payroll. If you are self-employed and have children that are old enough to work, consider adding them onto your company payroll.  There are several tax benefits and opportunities for income shifting within the family when children become employees of your small business. Under the recently passed Tax… Continue reading Benefits of small business owners of hiring family members Part II: