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November 2 7, 2018 The IRS reminds employers and other businesses that January 31 remains the filing deadline for wage statements and independent contractor forms. Employers are required to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31. Certain Forms 1099-MISC, Miscellaneous Income, filed with the IRS to report non-employee compensation to independent contracto

November 2 9, 2018 The Tax Cuts and Jobs Act — better known simply as tax reform — allows more small business taxpayers to use the cash method of accounting. The new law defines a small business taxpayer as a taxpayer who has average annual gross receipts of $25 million or less for the three prior tax years and is not a tax shelter. Here’s how tax reform changed the rules for small business taxpayers. The law: Expands the number of small business taxpayers eligible to use the

January 31, 2019 How will tax reform benefit individuals and families? One of the biggest impacts taxpayers can expect involves an increase in the amount of the standard deduction. The previous amount — $6,350 for single filers — is nearly doubled under the reform, now falling at $12,000. Couples who file jointly will find that their standard deduction has risen from $12,700 to a substantially heftier $24,000. Alternative minimum tax, or AMT, will prove less of an issue for b

February 22 2019 Beware of ‘ghost’ tax return preparers The IRS warns taxpayers to avoid unethical tax return preparers, known as ghost preparers. By law, anyone who is paid to prepare or assist in preparing federal tax returns must sign the return and include their Preparer Tax Identification Number. ‘Ghost’ preparers, however, avoid signing the tax return. Instead, they often inflate any potential refund and print the return and instruct the taxpayer to sign and mail it to

June 20 2019 8 Things to Know About an IRS Notice By TaxAct If you receive a letter this year from the IRS, don’t be alarmed. After every tax season, the agency sends out a variety of notices to taxpayers. Not every letter means there’s an impending audit coming your way. Many of the notices are routine and can easily be resolved. Here’s what to do if one shows up in your mailbox. 1. Stay calm. Before your heart starts racing, remember that not all IRS letters are delivering

September 21, 2018 If you asked for an extension to file your tax return, remember the deadline to file your return is Oct. 15 . Contact us today to make an appointment or Call 775-419-4168 Learn more in this IRS YouTube video: https://www.youtube.com/watch?v=2cFIHwQadn4.

October 31, 2018 The IRS encourages several key groups of taxpayers to perform a “paycheck checkup” to check if they are having their employer withhold the right amount of tax for their situation, following recent tax-law changes. It’s especially important for certain people, to check their withholding. They are people who: Belong to a two-income family. Work two or more jobs or only work for part of the year. Have children and claim credits such as the Child Tax Credit. Have

October 31, 2018 The Tax Cuts and Jobs Act ("TCJA") changed deductions, depreciation, expensing, tax credits and other tax items that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly.

November 1, 2018 The Form 1040 for tax year 2018 is a shorter form and replaces the current Form 1040, Form 1040A and the Form 1040EZ. The new Form 1040 can be supplemented with up to six additional schedules if needed. If you prepare and file your own taxes electronically, you must sign and validate your electronic tax return by entering your prior-year AGI or your prior-year Self-Select PIN. Some taxpayers using a software product for the first time may need to provide thei

November 3, 2018 What You Need to Know: Due to tax changes in the Tax Cuts and Jobs Act, many taxpayers’ withholding went down in early 2018, giving them more money in their paychecks in 2018. You may receive a smaller refund - or even owe an unexpected tax bill – when you file your 2018 tax return next year, especially if you did not adjust your withholding after the withholding tables changed.Other changes that affect you and your family include increasing the standard dedu

November 7, 2018 Phishing (as in “fishing for information”) is a scam where fraudsters send e-mail messages to trick unsuspecting victims into revealing personal and financial information that can be used to steal the victims’ identity. The IRS has issued several alerts about the fraudulent use of the IRS name or logo by scammers trying to gain access to consumers’ financial information to steal their identity and assets. Scam emails are designed to trick taxpayers into

November 11, 2018 More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the identification number requirement for 2018 and subsequent years. The new law also created a second smaller credit of up to $500 per depend

November 15, 2018 The TCJA (Tax Cuts and Jobs Act) allows small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting. An increase from the 2017 limit of average annual gross receipts of $5 million or less in the prior three-year period. The law expands the number of small business taxpayers eligible to use the cash method of accounting and exempts these small businesses from certain ac

November 11, 2018 More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the identification number requirement for 2018 and subsequent years. The new law also created a second smaller credit of up to $500 per depend

November 15, 2018 The TCJA (Tax Cuts and Jobs Act) allows small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting. An increase from the 2017 limit of average annual gross receipts of $5 million or less in the prior three-year period. The law expands the number of small business taxpayers eligible to use the cash method of accounting and exempts these small businesses from certain ac

November 2 5, 2018 Child Tax Credit Beginning with Tax Year 2018, you may able to claim the Child Tax Credit if you have a qualifying child under the age of 17 and meet other qualifications. The maximum amount per qualifying child is $2,000. Up to $1,400 of the credit can be refundable for each qualifying child as the Additional Child Tax Credit. A refundable tax credit may give you a refund even if you don’t owe any tax. Your qualifying child must have a Social Security Numb

November 2 5, 2018 WASHINGTON — The Internal Revenue Service and Security Summit partners today warned the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware. The scam is especially problematic for businesses whose employees might open the malware because this malware can spread throughout the network and potentially take months to successfully remove. This well-known malware, kno

November 2 9, 2018 The Tax Cuts and Jobs Act — better known simply as tax reform — allows more small business taxpayers to use the cash method of accounting. The new law defines a small business taxpayer as a taxpayer who has average annual gross receipts of $25 million or less for the three prior tax years and is not a tax shelter. Here’s how tax reform changed the rules for small business taxpayers. The law: Expands the number of small business taxpayers eligible to use the

February 22 2019 Beware of ‘ghost’ tax return preparers The IRS warns taxpayers to avoid unethical tax return preparers, known as ghost preparers. By law, anyone who is paid to prepare or assist in preparing federal tax returns must sign the return and include their Preparer Tax Identification Number. ‘Ghost’ preparers, however, avoid signing the tax return. Instead, they often inflate any potential refund and print the return and instruct the taxpayer to sign and mail it to

June 20 2019 8 Things to Know About an IRS Notice By TaxAct If you receive a letter this year from the IRS, don’t be alarmed. After every tax season, the agency sends out a variety of notices to taxpayers. Not every letter means there’s an impending audit coming your way. Many of the notices are routine and can easily be resolved. Here’s what to do if one shows up in your mailbox. 1. Stay calm. Before your heart starts racing, remember that not all IRS letters are delivering