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IRS Released Top 10 Identity Theft Cases

The summary of the following 10 identity theft cases in states including Alabama, Florida, Georgia and New Jersey is based on public information available in court cases: Top 10 Identity Theft Cases Tampa Tax Fraudster and Wife Sentenced in Massive Identity Theft Tax Fraud Scheme – On June 19, 2015, James Lee Cobb III, was sentenced to 324 months in prison, five years of supervised release and ordered... Read More

Beware of Threat to Taxpayers: Criminals Impersonating IRS Agents on the Phone

Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, but now the IRS is receiving new reports of scammers calling under the guise of verifying tax return information over the phone. The latest variation being seen in the last few weeks tries to play off the current tax season. Scam artists call saying they have your tax return, and they just need... Read More

Cybersecurity for Business Owners

Data breaches at large companies often make headlines. The good news is that major corporations have the resources (and, increasingly, the motivation) to protect themselves from electronic intruders. If your company does business with firms in the S&P 500, your personal and business data probably are secure. The bad news? Thwarted hackers and identity thieves may step up attacks on small and... Read More

Tax Efficient IRA Withdrawals

Many people save for retirement by putting pretax dollars into an employer-sponsored retirement plan, such as a 401(k). Those dollars may be rolled into an IRA, perhaps at retirement or after a change in jobs. An IRA rollover can maintain the tax deferral. Ultimately, those pretax dollars will be withdrawn and reported as taxable income. If you are retired then, in a lower tax bracket because you no longer... Read More

Deducting Charitable Gifts

Charitable donations usually can be deducted on Schedule A of Form 1040, along with other itemized deductions. You should have the required support materials, in case your charitable deduction is questioned. This article will cover the rules on cash contributions: donations by cash, check, electronic funds transfer, debit or credit card, or payroll deduction. Separate rules apply to noncash donations;... Read More

FASB Has Issued the New Lease Accounting Standard

The Financial Accounting Standards Board (FASB) has finally issued the new lease accounting standard. The new standard is effective for non-public companies for the 2020 financial statements, allowing plenty of time to adapt. The final version is closer to the current accounting than the previous drafts. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a... Read More

Portability in Estate Planning

The federal estate tax exemption for deaths in 2016 is $5.45 million. Married couples may be able to pass twice that amount—$10.9 million—to their heirs without triggering estate tax. Some planning is necessary to reach the higher level, but a relatively new tax code provision, known as portability, can simplify the process. Traditional tactics For decades, estate tax planning for married couples with... Read More

The IRS May Put You on Hold

During the tax preparation season, business owners, individual taxpayers, and CPAs may have questions for the IRS. If you need to call the agency, be prepared for a long wait. Increased tax code complexity plus budget cuts have resulted in frustrating experiences for many callers. Advocate’s assessment In her latest report to Congress, National Taxpayer Advocate Nina E. Olson noted that the number of... Read More

Deducting Interest Paid

Among the itemized deductions on Schedule A of Form 1040, you’ll find “Interest You Paid.” As you get your records together for tax preparation, you should realize that not all interest can be deducted on your return. Interest you paid last year on credit card debt generally isn’t deductible, for example. Interest deductions on Schedule A fall into two categories. You probably can deduct interest on... Read More