“Fraud in my company? No way.” If this is what you think when you hear a story about fraud, see a story on T.V., or read about fraud in a journal then you’re thinking exactly the same as most executives and business owners. The majority of companies have a tendency to believe that they have [...]
Occupational fraud continues to have a significant impact on businesses and their bottom line. Companies invest a lot of trust in their employees, and they should. Good employees are what keep a business running. However, the rising number of fraud cases should cause a business owner, CEO, CFO, or other top management to question whether [...]
Would you buy a new car if the only vehicle on the market was a BMW? How often would you go out to eat if the only menu item available was filet mignon? Thankfully, when it comes to what we drive and where we eat, we have options that fit our needs and our budgets. [...]
Cloud and mobile technology have changed and will continue to drive how clients and accounting firms operate, especially in the financial reporting process.
The Minnesota Department of Revenue (MN DOR) e-file acceptance software had a glitch starting in mid-February until it was fixed at the beginning of March. If you filed your return during this time period and your bank routing number starts with a zero, there is a chance that the MN DOR never received your bank [...]
Charles J. Sophy, et al. v. Commissioner, 138 T.C.
TAX LAW BACKGROUND
Currently taxpayers can deduct home mortgage interest consisting of two categories:
interest paid on acquisition indebtedness, or
interest paid on home equity indebtedness.
What does your tax return say about your financial situation? The fact is, the paperwork you file each year offers excellent information about how you are managing your money—and about areas where it might be wise to make changes in your financial habits.
If you have questions about your financial situation, remember that we can help. [...]
Accountants and the Internal Revenue Service aren’t the only ones that are especially busy during this time of year. Online spammers have also stepped up their efforts and are taking special advantage of the tax filing season. Spammers are sending emails which appear to have been sent from the IRS claiming filing of fraudulent tax returns or a denied tax appeal. These “phishing” schemes are especially clever and dangerous because they exploit people’s fear of the IRS at a time when they have the greatest chance of striking an authentic chord with the recipients.
On February 22, 2012, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012, H.R. 3630 into law. This Act extends the 2% employee payroll tax cut through the end of the year. Note that the employer portion of the Social Security tax remains unchanged at 6.2%, up to the taxable wage [...]
The IRS has compiled a list of 10 things you should know before taking an early distribution from your retirement plan. Click to see the list.
IRS regulations require us to advise you that, unless otherwise specifically noted, any federal tax advice in this communication (including any attachments, enclosures, or other accompanying materials) was not intended or written to be used, by any taxpayer for the purpose of avoiding tax-related penalties imposed under the U.S. Internal Revenue Code or any other applicable state or local tax law provision; furthermore, this communication was not intended or written to support the promoting, marketing or recommending of any of the transactions or matters it addresses.
