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What Is The First Step Of A 1031 Tax Deferred Exchange?
Posted on February 10, 2013 | No CommentsConfused about the wide world of 1031 Tax Deferred property exchanges? This article from ExchangeSmart.com lays it out for you. Article posted on Exchange Smart.com WHAT’S THE FIRST STEP? Always discuss a §1031 tax deferred exchange with your tax and/or legal advisors. Call Asset Preservation for a free consultation at … Continue reading -
7 New Social Security Rules for 2013
Posted on February 5, 2013 | No CommentsTaking social security? Emily Brandon of US News and World Report shares the changes that have arrived in 2013 in this very informative article. By Emily Brandon | U.S.News & World Report LP The Social Security Administration has implemented a variety of new rules and features for 2013. The two-year … Continue reading -
IRS Offers Advice for Coping with Delayed Tax Season
Posted on February 1, 2013 | No CommentsThe Internal Revenue Service provided advice to taxpayers Wednesday on dealing with the late opening of tax season on January 30 that could also prove helpful to tax preparers. For the first time this tax season, the “Where’s My Refund?” tool will provide personalized refund timelines for taxpayers. The IRS … Continue reading -
IRS Steps Up Enforcement and Audits of High-Income Taxpayers
Posted on January 29, 2013 | No CommentsMaking millions? Be ready for an audit–check out this article we found in Accounting Today by Michael Cohn. By Michael Cohn, As seen in Accounting Today The Internal Revenue Service reported that audits of individuals topped 1 million in fiscal year 2012 for the sixth year in a row, a … Continue reading -
What to Bring to Your Tax Prep Appointment
Posted on January 15, 2013 | No CommentsBy Charles Green, eHow Contributor You can help your tax preparer by bringing the required information with you. If you plan to have an accountant or tax preparing professional handle your taxes this year, you need to bring with you pertinent documentation to expedite the filing process. Omit one or … Continue reading -
It’s here: Form 1099-K
Posted on January 10, 2013 | No CommentsBy Jim Buttonow: As seen in the Accounting Today Newsletter The internal Revenue Service has always been able to match individual returns against information statements and propose under-reporter adjustments that come in the form of CP2000 notices. But things are changing, and a new era is upon us. Now, the … Continue reading -
Fiscal Cliff – Holding My Tongue
Posted on January 3, 2013 | No CommentsI had a dream of writing this blog on December 31st. Below is how I was going to rant: It is sad news that today is December 31 and we still do not have a resolution to this fiscal cliff dilemma. the accounting community is calling us Taxmageddon. This issue … Continue reading -
Employers Hiring Veterans by Year’s End May Get Expanded Tax Credit
Posted on December 26, 2012 | No CommentsIRS Special Edition Tax Tip 2012-14 Employers planning to claim an expanded tax credit for hiring certain veterans should act soon, according to the IRS. Many businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit, but only if the veteran begins work before the new … Continue reading -
IRS Warns Congress Tax Season Might Be Delayed until March or Later without AMT Patch
Posted on December 26, 2012 | No CommentsWhat’s this? Tax season could be delayed? I found this article in the Accounting Today newsletter and thought it was quite informative. Here’s my take on this issue as well: Without knowing what the laws are, the IRS cannot finish the 1040 forms, and without those, no one can file! … Continue reading -
IRS Extends Deadline for Complying with Service Charge Treatment Rules
Posted on December 21, 2012 | No CommentsWashington, D.C. (December 13, 2012) By Daniel Hood The Internal Revenue Service has given businesses an extra year to make sure they are compliant with new rules on how to treat service charges. The rules were released in Revenue Ruling 2012-18 last summer, with guidance included in Announcement 2012-25, to … Continue reading