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Monthly Archives: January 2016

Today is the IRS’s Earned Income Tax Credit Awareness Day

Low and moderate income taxpayers will want to cash in on the EITC because it is a money saver. If you qualify there can be as much as $6,242 for those with children, and if you don’t have children the … Continue reading

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Penalties increased on Information Returns

According to the Trade Preferences Extension Act of 2015, the penalty for failing to file correct information returns on time has increased from $100 to $250. Information returns are the technical term for Form W-2, Form 1099, Schedule K-1′s, Form 1094-C and Form 1095-C. … Continue reading

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Complaints can be opportunities

When a customer complains, think of it as three opportunities in one. An opportunity to get feedback on something that’s not working right in your organization. An opportunity to convert a disgruntled customer into a loyal customer. An opportunity to … Continue reading

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Three positive steps to financial well-being

While you’re gathering information to prepare your 2015 tax return, set aside time for a financial review. Here are steps to get started. Compile a year-end list of your assets and debts and compare the list to last year. Are … Continue reading

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IRS receiving funds earmarked for customer service

Despite the Republican led Congress’ being adamant about refusing any increases in funding for the IRS, they did approve a $290 million increase but only for taxpayer services – the phone lines. The IRS says it plans to use the funds to … Continue reading

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Three tips to start the tax filing season

Check whether your children need to file a 2015 tax return. They’ll need to file if wages exceeded $6,300, self-employment income was over $400, or investment income exceeded $1,050. When income includes both wages and investment income, other thresholds apply. … Continue reading

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Corporate minutes support tax deductions

Well-documented corporate minutes can provide valuable supporting evidence if the IRS questions choices you make on your tax returns. Minutes are especially important when related-party transactions are involved, such as payments, loans, or distributions between the company and you or … Continue reading

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Adjust your mileage reimbursements for 2016

Standard mileage rates for deductible vehicle expenses have decreased from the 2015 rates. Here are the rates to use to calculate 2016 reimbursements and deductions. Business. Starting January 1, the rate is 54 cents per mile for the use of … Continue reading

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IRS has the media buzzing over revoking passports

The IRS was in the news again today because legislation granting them the authority to revoke a US passport for taxpayers owing more than $50,000 in back taxes is now in effect. We’ve blogged about this before but Fox News … Continue reading

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Upcoming tax deadlines

January 15 – Final 2015 individual estimated tax payment is due, unless your 2015 tax return is filed and taxes are paid in full by February 1, 2016. January 15 – Due date for calendar-year trusts and estates to pay … Continue reading

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