Archive

29Jun2012

What to Do If You Receive an IRS Notice

It’s a moment many taxpayers dread. A letter arrives from the IRS and it’s not a refund check. But don’t panic; many of these letters can be dealt with simply and painlessly. Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of changes to their
  • 29 Jun, 2012
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26Jun2012

Social Security Administration Launches New Online Tool

If you go back a few years, you may remember that every year, about three months before your birthday, you received an earnings and benefits statement from the Social Security Administration providing you with a history of your earnings and projected benefits. Then, along came a recession and the accompanying budget cuts and the mailing
  • 26 Jun, 2012
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20Jun2012

IRS Liberalizes Position on Local Lodging

In the past, a business deduction was allowed only for lodging when a taxpayer traveled away from his or her “tax home.” A taxpayer’s tax home is generally the location (such as city or metropolitan area) of a taxpayer’s main place of business (not necessarily the place where he/she lives). This has long created problems
  • 20 Jun, 2012
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18Jun2012

Do You Have a Financial Interest in or Signature Authority over a Foreign Financial Account? Better Read This! June 30 Is a Critical Date

Every U.S. person who has a financial interest in or signature or other authority over any foreign financial accounts (including bank, securities and other types of financial accounts in a foreign country), if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year, must report those relationships to the
  • 18 Jun, 2012
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15Jun2012

Are You an Employee or an Independent Contractor?

The distinction has significant implications for both the employer and the employee. Employers like to treat individuals as independent contractors because they avoid having to match the employees’ payroll tax, pay benefits, pay unemployment insurance, etc. This results in a significant savings for employers. When you are an employee, the employer pays you a net
  • 15 Jun, 2012
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12Jun2012

Forgot Something on Your Tax Return? It’s Not Too Late to Amend the Return

If you discover that you forgot something on your tax return, you can amend that return after it has been filed. The need to amend can include a number of issues: Receiving an unexpected or amended K-1 from a trust, estate, partnership, or S-corporation. Overlooking an item of income or receiving a corrected 1099. Forgetting
  • 12 Jun, 2012
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