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29May2014

When Does an Employee Qualify as Exempt From Withholding?

When helping staff members fill out W-4 forms, they may ask if they can be exempt from federal withholding. Here are some points to keep in mind: Did the employee have a tax liability in the previous year? If he or she received a refund of all federal income tax paid (or had a right to
  • 29 May, 2014
  • Haley Spain
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28May2014

Don’t Panic if You Receive an IRS Notice

  Article Highlights: Letter May Be In Error Let Your Tax Professional Respond Procrastination Leads to Bigger Problems Change of Address Complications If it is not your refund check in the mailbox, that letter from the IRS will probably increase your heart rate a little. Don’t panic; many of these letters can be dealt with
  • 28 May, 2014
  • Haley Spain
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27May2014

Did You Overlook Something on a Prior Tax Return?

Article Highlights: Repercussions of Incorrect Tax Returns Filing Amended Returns Statute of Limitations for Refunds Potential of Audit   It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed.  Regardless of whether
  • 27 May, 2014
  • Haley Spain
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19May2014

Update on the IRA ‘One Rollover a Year’ Rule

The U.S. Tax Court made a controversial ruling in January that contradicted an IRS publication designed to explain the law to taxpayers. In Bobrow, the court ruled that the one-rollover-per-year rule applies to all of taxpayer’s individual retirement accounts (IRAs) in aggregate, rather than on an account-by-account basis. This ruling is significant for taxpayers with several IRA
  • 19 May, 2014
  • Haley Spain
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15May2014

Physicians, Other Health Care Workers Hit by Refund Fraud

If you work in the health industry, don’t be too shocked this year if the IRS sends you or your tax adviser a notice that it is rejecting your tax return because it has already been filed by someone else. You would be among hundreds of physicians and other health professionals in several states that have recently
  • 15 May, 2014
  • Haley Spain
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14May2014

How to Handle IRS Notices

Is this your situation? Just when you thought tax season was over, you receive a notice from the IRS. Don’t panic — you’re not alone. The IRS sends millions of notices and letters out each year. Many are computer-generated, because these days, the IRS relies less on employees to get directly involved in issues including collections. Many state
  • 14 May, 2014
  • Haley Spain
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13May2014

Study Analyzes the Impact of the ‘Amazon Tax’

The future of online sales tax remains uncertain. But a recent study conducted by Ohio State University (OSU) reveals an interesting trend: Consumers spend approximately 10 percent less when shopping on Amazon in states where sales tax is imposed, than in states that don’t levy sales tax on Internet purchases. This revelation could indicate an erosion of
  • 13 May, 2014
  • Haley Spain
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12May2014

Get a Big Refund This Year?

Article Highlights: Average refund amounts Tax-free loan to Uncle Sam Plan your withholding and estimated tax payments The IRS reported that approximately 118 million Americans received tax refunds in 2013 averaging around $2,640. The average refund this year is expected to be even higher. If you are among those who received a refund, you are
  • 12 May, 2014
  • Haley Spain
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09May2014

Are You In Danger of An Audit?

Article Highlights Chances of being audited EITC Returns Returns with and without a Schedule C Audit rates based upon income Audit rates for returns other than individual returns In recently-released data, the IRS divulged the audit statistics for returns the Service audited in fiscal year 2013. It provides information about the number of returns being
  • 9 May, 2014
  • Haley Spain
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08May2014

Tax Relief for Severe Storms, Tornadoes and Flooding in Mississipp

Victims of the severe storms, tornadoes and flooding that took place beginning on April 28, 2014 in parts of Mississippi may qualify for tax relief from the Internal Revenue Service. Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in Mississippi will receive
  • 8 May, 2014
  • Haley Spain
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