Watch Out for a New Insurance Tax Form Scam

A NEW WARNING FROM THE IRS > > > WASHINGTON – The Internal Revenue Service today alerted tax professionals and their clients to a fake insurance tax form scam that is being used to access annuity and life insurance accounts. Cyber-criminals currently are combining several tactics to create a complex scheme through which both tax professionals and taxpayers … [Read more...]

Six Tips for Filing Extended Tax Returns

Every year, millions of taxpayers file an extension with the IRS for an extra six months to file their taxes. If you filed for an extension, you should have paid any tax you owed by the April deadline, but you have until October 16 to file your complete returns. Monday, October 16 is the extension deadline this year. Here are six things to remember if you haven’t filed … [Read more...]

Unhappy Employees Can Cost Your Business Big Bucks

It is easy to look at employee turnover as a regular part of doing business. While a certain amount of turnover is inevitable, it is worth doing whatever you can to keep your employees happy, healthy and satisfied in their positions. According to the US Department of Labor, 20% of workers voluntarily leave their jobs, while another 15% are fired. If you take into … [Read more...]

Flexible Spending Plans (FSA) Can Benefit Both Employees and Employers

Although the future of the Affordable Care Act (ACA) is still unclear, it’s likely that health insurance costs will continue to increase in the future regardless of the outcome. Business owners are finding that they are requiring greater employee contributions or needing to offer reduced coverage as costs increase. In addition, the ACA has made it more difficult for … [Read more...]

Tax Relief for Victims of Hurricane Harvey

WASHINGTON –– The IRS announced on Monday that Hurricane Harvey victims in the path of the storm will have extra time to file and pay certain individual and business taxes. Due dates for some returns and payments will be postponed until January 31, 2018 for qualified taxpayers.  The IRS is offering relief to any area designated by the Federal Emergency Management … [Read more...]

New Changes to FAFSA – Start FAFSA Planning Earlier

The new FAFSA schedule that was introduced last year makes summer the time for FAFSA prep. Financial aid applications for the 2018-19 school year can be filed as early as October 1, 2017.  In prior years, students had to wait until January 1 to request financial aid for the coming academic year. Why is this important? Some observers believe that financial aid may be … [Read more...]

5 Important Tax Tips For New Businesses

Tax tips from the IRS for new businesses, including information on business structures, taxes, Employer Identification Numbers, accounting methods, and employee health care. When you start a business, one key to success is knowing about your federal tax obligations. From choosing the structure of your business to handling payroll taxes, here are five basic tax … [Read more...]

New Alert from the IRS – Watch Out for Business Email Compromise Scams

The Internal Revenue Service has issued a warning to businesses today about a new email scam. It involves scammers impersonating company executives in emails to gain access to W-2 forms, wire transfers, and other potentially damaging information. Read on to see how you and your business can protect yourself.   WASHINGTON – The IRS, state tax agencies and the tax … [Read more...]

Outlining the Trump Tax Plan

As a candidate in 2016, Donald Trump promised significant tax reform. A few months after becoming President, Trump released a one-page outline of his goals in that area. As the year goes on, we will see many discussions and changes to the plan. This is a review of the original outline, showing the major areas that will be addressed.  Taxes on Businesses President Trump … [Read more...]

How to Account for Employees Under the Affordable Care Act

With the recent defeat of healthcare reform in the US Senate, it is important to remember that businesses are still bound by the rules and regulations of the Affordable Care Act. We will be reviewing the basics of how the ACA affects small businesses, large corporations, and individuals. Today's topic - how to account for your employees under the Affordable Care … [Read more...]