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One of the most confusing questions clients ask their accountants is: what do I do with my tax records and how long do I need to keep them?


To: All retailers and servicepersons conducting business in taxing jurisdictions whose sales tax rate is changing, effective July 1, 2017


Taxpayers who pay work-related expenses out of their own pocket may be able to deduct them. Generally, employee business expenses are deductible if they are more than two percent of adjusted gross income. In most cases, they go on IRS Schedule A, Itemized Deductions.


Taxpayers who have adopted or tried to adopt a child in 2016 may qualify for a tax credit. Here are nine important things about the 

adoption credit.


The Internal Revenue Service posted confirmation on its website that it is giving calendar-year C corporations a six-month filing extension, despite statutory language that specifies a five-month extension for calendar-year C corporations.


Taxpayers with children may qualify for certain tax benefits. Parents should consider child-related tax benefits when filing their federal tax return.


Self-employed taxpayers normally earn income by carrying on a trade or business. Here are 6 important tips from the IRS for the self-employed.


If taxpayers receive Social Security benefits, they may have to pay federal income tax on part of those benefits. These IRS tips will help taxpayers determine if they need to do so.


This IRS YouTube video walks taxpayers through the steps of how to use the IRS “Where’s my refund?” tool.  The online tool gives personalized up to date tracking information on a refunds’ status. Nine out of 10 refunds are issued within 21 days when sent electronically and using direct deposit. 


Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, which can be filed by small exempt organizations that meet certain gross receipts and assets tests, now has 29 help icons on various parts of the form that link to explanations, instructions and other resources.


Easy, safe and fast — that’s direct deposit. It’s the best way to get a tax refund. Eighty percent of taxpayers choose it every year. The IRS knows taxpayers have a choice of how to receive their refunds.


The Internal Revenue Service provided procedures for same-sex married couples to recompute the estate or gift tax applicable exclusion amount and the generation-skipping transfer tax exemption amount in light of the Supreme Court's Windsor decision.


The odds are against people who make New Year's resolutions, with research suggesting that less than half of resolutions will be kept six months later. Here are tips for following through on financial objectives, beginning with setting goals that are specific, measurable and realistic.


Some tax attributes, such as net operating losses attributable to the decedent, may be lost when a decedent-taxpayer dies, but proper planning for elderly or sick clients can allow practitioners to realize substantial tax savings for these clients.


The Internal Revenue Service issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.


If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep in mind.


Understanding your tax obligation is one key to business success. When you start a business, you need to know about income taxes, payroll taxes and much more. Here are five IRS tax tips that can help you get your business off to a good start.


Do you plan to donate your time to charity before years end? If you travel for it, you may be able to lower your taxes. Here are some tax tips that you should know about deducting charity-related travel expenses.


Your medical expenses may save you money at tax time, but a few key rules apply. Here are some tax tips to help you determine if you can deduct medical and dental expenses on your tax return.


Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five important points to keep in mind if your child has investment income.


The Internal Revenue Service, states and the tax industry remind you that online threats and annoyances abound. There are viruses, worms, Trojans, bots, spyware and adware – all fall under the malicious programs (malware) umbrella.


The Chicago Amusement Tax applies to paid television programming, including satellite TV. The Federal Communications Act exempts satellite TV providers from having to collect local taxes, but it does not exempt customers from having to pay them.

Because many businesses were previously unaware of their obligation to pay the Amusement Tax, the Department is offering to accept the payment of Amusement Tax from July 1, 2015 to the date of payment, waiving all interest and penalties, and waiving all liability for periods before July 1, 2015 (including Amusement Tax, interest and penalties), for any business that applies to the Department by December 31, 2016. Any business that wishes to accept this offer should submit the 2016 Voluntary Disclosure Application for Business Subscribers of Satellite Television Services.


The IRS does not initiate contact with taxpayers by email, text message or social media to request personal or financial information. This includes requests for PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts.


Victims of Hurricane Matthew that took place beginning on October 7, 2016 in parts of Virginia may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disaster exists in the Commonwealth of Virginia. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in the independent cities of Chesapeake, Newport News, Norfolk and Virginia Beach will receive tax relief.


A new federal law moves up the W-2 filing deadline for employers and small businesses to Jan. 31. The new law makes it easier for the IRS to find and stop refund fraud. It also delays some taxpayer refunds. Those taxpayers claiming the Earned Income Tax Credit or the Additional Child Tax Credit won’t see refunds until Feb.15, at the earliest.


A name change can have an impact on your taxes. All the names on your tax return must match Social Security Administration records. A name mismatch can delay your refund. Here’s what you should know if you changed your name.


With hurricane season underway, the IRS offers advice to those impacted by storms and other natural disasters. Here are some tips to help you prepare for such events.


If you received an extension of time to file your 2015 federal tax return, you have until Oct. 17 to double check your return and information on it that is related to the Affordable Care Act. The health care law includes the individual shared responsibility provision and the premium tax credit that may affect your return.


If you are a farmer or rancher forced to sell your livestock because of the drought that affects much of the nation, special IRS tax relief may help you. The IRS has extended the time to replace livestock that their owners were forced to sell due to drought. If you’re eligible, this may help you defer tax on any gains you got from the forced sales. The relief applies to all or part of 37 states and Puerto Rico affected by the drought.

Here are several points you should know about this relief.


The updated rates are effective for per-diem allowances paid to any employee on or after Oct. 1, 2016, for travel away from home on or after that date, and supersede the rates in Notice 2015-63, which provided the rates for Oct. 1, 2015, through Sept. 30, 2016.


The Internal Revenue Service issued an alert to taxpayers not to respond to the latest tax fraud scheme, an emailed CP2000 notice claiming to be related to an Affordable Care Act tax underpayment. The alert emphasizes that the IRS does not communicate with taxpayers about their taxes by email.


Older baby boomers need to pay attention to deadlines for withdraw required amounts of money from retirement accounts when they turn 70-and-a-half. Missing a deadline can trigger a 50% tax penalty.


No, seriously. It's a VR game. About accounting. At first, anyway...


Renting out a vacation property to others can be profitable. If you do this, you  must normally report the rental income on your tax return. You may not have to report the rent, however, if the rental period is short and you also use the property as your home. Here are some tips that you should know.


This review of developments in individual income taxation covers new laws, cases, regulations and Internal Revenue Service guidance, including new due-diligence requirements for preparers of returns claiming the child tax credit and the American opportunity tax credit.


Americans have serious money issues. Nearly half the people in this country say they don't have enough money saved to cover even a $400 emergency expense, and a third of Americans regularly carry credit card debt.

Financial education alone won't fix all of the problems Americans face. But consider that since schools invested in sex education in the 1980s and 1990s, teen pregnancies have declined dramatically.  Imagine what could happen if people learned the basics about money.


With all the planning and preparation that goes into a wedding, taxes may not be high on your summer wedding checklist. However, you should be aware of the tax issues that come along with marriage. Here are some basic tips to help with your planning.


State income taxes or property taxes could cost you thousands of dollars every year. High sales taxes or gas taxes could slowly drain your funds every time you pull out your wallet.


Accounting is one of the most important areas for keeping your company profitable. As you start out and your company grows, software can only take you so far. Accountants can help your company move forward. Here are five reasons why your business needs an accountant in all stages of your growth.


Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses.


The Internal Revenue Service today warned taxpayers against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.”


Every taxpayer has a set of fundamental rights. The “Taxpayer Bill of Rights” takes the many existing rights in the tax code and groups them into 10 categories. You should know these rights when you interact with the IRS. Publication 1, Your Rights as a Taxpayer, highlights a list of your rights and the agency’s obligations to protect them. Here is a summary of the Taxpayer Bill of Rights.


Olympic athletes who bring home medals also bring home cash — $25,000 for gold, $15,000 for silver and $10,000 for bronze — paid for by the United States Olympic Committee. Like any prize winner, from a jackpot hitter to a Nobel Prize recipient, the athletes are taxed because Olympic medals and cash bonuses are considered income.


If you pay for college in 2016, you may receive some tax savings on your federal tax return, even if you’re studying outside of the U.S. Both the American Opportunity Tax Credit and the Lifetime Learning Credit may reduce the amount of tax you owe, but only the AOTC is partially refundable.

Here are a few things you should know about education credits.


Many taxpayers who made their next-day employment tax deposits on Tuesday, May 31, or semi-weekly employment tax deposits on Thursday, June 2, 2016, were incorrectly sent notices that their deposits were late.

The IRS apologizes for any inconvenience, and no taxpayer action is required. IRS systems have been corrected and impacted taxpayer accounts will be updated.


If you are in the U. S. Armed Forces, there are special tax breaks for you. For example, some types of pay are not taxable. Certain rules apply to deductions or credits that you may be able to claim that can lower your tax. In some cases, you may get more time to file your tax return. You may also get more time to pay your income tax. Here are some tips to keep in mind.


You retire to an income-tax-free state and you don’t expect to pay any income tax. So imagine the surprise a former California couple in their 60s got when they went to a tax preparer in Tennessee for help with their 2015 federal tax return, and she gave them the news that they owed $1,200 in taxes to Tennessee on their capital gains, interest and dividend income, thanks to the 6% state “Hall Tax.”


August is here, which means one thing: Back-to-school shopping! While kids are excited to break open new supplies, some parents struggle with how to pay for it all. Luckily, tax-free weekends in states around the nation will help parents buy the clothes and supplies their children need for the upcoming school year.


If there’s one thing we all have in common, it’s that no one enjoys filing taxes. But, according to recent studies, millennials feel particularly anxious about the annual process.


The above-the-line deduction that teachers can claim for classroom expenditures was recently made permanent, adjusted for inflation and expanded. Here's a look at the new rules and how to take advantage of them.


Outlined in this article are five ways to run your not-for-profit more effectively, inspired by our panel of nonprofit executives.

Please contact our CPAs Steve Caboor or Jeff Hansen for your not-for-profit audits or accounting needs.

 


It can be hard to understand taxes. But the IRS provides many free products and services in Spanish and other languages on IRS.gov. Here are some ways that you can get help from the IRS this summer.


The IRS shares some advice on fixing a return.


The tax credit for research-and-development activities is a valuable incentive for taxpayers to help fund and encourage innovation. However, taxpayers must maintain sufficient documentation to prove that their expenses qualify, as this article examines in detail.  Catalano Caboor & Co. currently partners with Titan Armor for R & D documentation.


Tax scammers work year-round; they don’t take the summer off. The IRS urges you to stay vigilant against calls from scammers impersonating the IRS. Here are several tips from the IRS to help you avoid being a victim.


Many students get summer jobs. It’s a great way to earn extra spending money or to save for later. Here are some tips for students with summer jobs.


The Internal Revenue Service has closed down its electronic filing PIN tool after noticing suspicious activity.


CPA personal financial planners can help married same-sex couples navigate changes to Medicare access to ensure they are receiving appropriate benefits.


Day camps are common during the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify for a federal tax credit. Here are 10 things to know about the Child and Dependent Care Credit.


Self-insured employers, applicable large employers and health coverage providers are reminded that the June 30 deadline to electronically file information returns with the IRS is approaching. The deadline to provide information returns to employees or responsible individuals was March 31. While the deadline to file paper information returns with the IRS was May 31, electronic filers have more time. This chart provides a reminder about the upcoming filing requirement and the June 30, 2016 deadline.     


Before paying for additional insurance when renting a car, people should check their own auto insurance and credit cards to see what type of coverage they already have. These sources of coverage may be cheaper than the rates charged by the rental company.


Everyone knows they were the product of exposure to chemical ooze in New York sewers. But for an informed public, the New York Post compiled 10 things you didn’t know about the Teenage Mutant Ninja Turtles. With the resurgence of the 1980s heroes, they’re everywhere again.

The movie, Teenage Mutant Ninja Turtles Out Of The Shadows won’t tell you every tidbit about the heroes in a half shell. And the movie certainly won’t tell you about their taxes. But like death, taxes hit everywhere.


For families with children and aging parents, it’s important to make sure everyone guards their personal information online and at home.

It may be time for “the conversation.”


If you are a small employer, there is a tax credit that can put money in your pocket. The small business health care tax credit benefits employers that...


Starting with 2016 returns, business entity investors’ Schedules K-1 are due before the investors’ returns are due, and foreign account information (FBAR) is due (and can be extended) when the individual returns are due.

Here’s a brief recap of the new federal tax return deadlines.


Effective June 1, 2016, the combined sales tax rate for locations currently within the territory of the DuPage Water Commission will decrease by 0.25 percent, due to the DuPage Water Commission Sales Tax expiring on May 31, 2016, as required by Public Act 96-1389.


Some startup businesses are using crowdsourcing services to gather input from a large number of people and test their ideas and business strategies.


It’s important to know how many full-time employees you have because two provisions of the Affordable Care Act – employer shared responsibility and employer information reporting for offers of minimum essential coverage – apply only to applicable large employers. Employers average the number of their full-time employees, including full-time equivalents, for the months from the previous year to see whether they are considered an applicable large employer.


It’s no secret that tax refund fraud is big business for scammers. The Internal Revenue Service (IRS) estimates it paid $3.1 billion in identity theft fraudulent refunds in filing season 2014. During that same time, the IRS stopped attempts to collect an additional $22.5 billion in fraudulent refunds (GAO study downloads as a pdf).

IRS Commissioner John Koskinen has noted before that stopping fraud requires IRS to be a step ahead of the scammers. Congress thinks it has a plan to do just that. There’s just one problem: in the attempt to slow tax refund fraud, millions of families may have a longer wait next tax season to get their refund.


Retirees searching for income who also want to give to charity are drawn to charitable remainder trusts and charitable gift annuities. You get lifetime payouts, and the charity gets its share when you die. What if there was a way to fund these with your Individual Retirement Account dollars?


If you are a self-employed landscaper or gardener, be sure to view the IRS webinar “Business Taxes for the Self-Employed: The Basics.”


If you are self-employed, visit IRS.gov for all your tax needs. Knowing the tax rules can help your business start, grow and succeed. For example, see IRS Publication 4902, Tips for the Cosmetology and Barber Industry.

If you need tax assistance with your existing business or help getting your business started please contact us: (630) 261-0550


Small Business Week is May 1–7, and the IRS is highlighting some of its most popular educational products, videos and webinars to help your small business thrive. A good example is the webinar: “Tax Related Guidance for Child Care Providers.” The online resource can help business owners and operators learn how to report common tax items linked with this type of business.


The Treasury Inspector General for Tax Administration issued an alert Friday 4/22/16 warning that it has received information that callers impersonating IRS employees or the Treasury Department are demanding payments on iTunes Gift Cards.


You may be tempted to forget about your taxes once you’ve filed but some tax planning done now may benefit you later. Now is a good time to set up a system so you can keep your tax records safe and easy to find.  Here are some IRS tips to give you a leg up on next year’s taxes.


Owning a restaurant is not a one-size-fits-all endeavor—the recipe isn’t exact, but the key ingredients are the same. From food trucks to five-star dining, this guide will inform small business owners of the financial checkpoints for opening a new restaurant.


April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late. To keep interest and penalties to a minimum, you should file your tax return and pay the tax as soon as possible. Here are some facts that you should know. 


Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from IRS, here are 10 things to know.


34 Tax Day 2016 Deals, Discounts and Freebies

This year, most of us get three extra days to file our federal income tax. Since Emancipation Day falls on April 15, Tax Day 2016 has been pushed back to April 18, except if you live in Massachusetts and Maine where you’ll be celebrating Patriots’ Day that Monday; you have have until Tuesday, April 19 to file.

But no matter what the tax deadline is where you live, you can take advantage of many special tax season offers. Here are food freebies, last-minute tax filing deals and more for Tax Day, April 18.


You can fix mistakes or omissions on your tax return by filing an amended tax return. If you need to file one, these 10 tips can help.


Some taxpayers will be receiving an IRS letter about the premium tax credit; this letter is also known as a 12C letter. Be sure to read your letter carefully and respond timely. Here are answers to questions you may have about this letter.


If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips for gifts and the gift tax.


If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips for gifts and the gift tax.


Do you own a small business or run a tax-exempt organization with fewer than 25 full-time equivalent employees? If  you do, the Small Business Health Care Tax Credit can help you provide insurance to your employees. You may be able to save on your taxes if you paid for at least half of their health insurance premiums. Here are seven tax tips about this credit.


The Internal Revenue Service has some advice for taxpayers that  may prevent them from being the victim of a tax scam: Don’t be fooled by scammers. Stay safe and be informed. Here are some of the most recent IRS-related scams to be on the lookout for.


If you get income from tips, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly.


If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify, you can claim the deduction whether you rent or own your home. You may use either the simplified method or the regular method to claim your deduction. Here are six tips that you should know about the home office deduction.


If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your adjusted gross income. Here are five other facts you should know.


Did you receive income from a foreign source in 2015? Are you a U.S. citizen or resident who worked abroad last year? If you answered ‘yes’ to either of those questions, here are seven tips to keep in mind about foreign income.


Mark Hughes crunched a whole lot of numbers and talked to a bunch of people in order to bring you as clear, definitive, and detailed a reply to rumors and speculation as he can right now. It’s a lot of information, comparisons, box office numbers, estimates, and points.


There are factors at play beyond simply procrastinating. Is filing an extension on your taxes really smart? Or are you just delaying the inevitable?


If you contribute to a retirement plan, like a 401(k) or an IRA, you may be able to claim the Saver’s Credit. This credit can help you save for retirement and reduce the tax you owe. Here are some key facts that you should know about this important tax credit.


If you can’t pay your taxes in full, the IRS will work with you. Past due debts like taxes owed, however, can reduce your federal tax refund. The Treasury Offset Program can use all or part of your federal refund to settle certain unpaid federal or state debts, to include unpaid individual shared responsibility payments. Here are five facts to know about tax refund offsets.


The IRS encourages you to file an accurate tax return. Take extra time if you need it. If you make an error on your return then it will likely take longer for the IRS to process it. That could delay your refund. You can avoid many common errors by filing electronically. IRS e-file is the most accurate way to file your tax return.


What started out as a solemn religious ceremony on the Emerald Isle has slowly but surely transformed into one of the banner days in American capitalism. As everything from NBA jerseys to Bud Light bottles turns green on March 17, it seems as though brands have figured out how to squeeze every nook and cranny out of the festive holiday.

Come Thursday, everyone will plan on “turning Irish,” breaking out their colors and staying at the bar just slightly longer than usual. St. Patrick’s Day is a full-fledged business entity, so let’s take a look at just how much we really plan on celebrating & spending.


If you did not file a tax return for 2012, you may be one of nearly one million taxpayers who may be due a refund from that year. If you are, you must claim your share of almost $950 million by April 18. To claim your refund, you must file a 2012 federal income tax return. Here are the facts you need to know about unclaimed refunds:


Some 48 million Americans have received a tax refund from the federal government so far this year, and what they do with the money is as varied as the country itself.


Federal income tax refunds totaling $950 million may be waiting for an estimated one million taxpayers who did not file a federal income tax return for 2012. To collect the money, these taxpayers must file a 2012 tax return with the IRS no later than this year's April tax deadline.


Recent legislation made the 100% exclusion of gain from the sale of qualified small business stock permanent, ending years of uncertainty as the amount fluctuated.  It's time to revisit this tax break.


Money you paid for higher education in 2015 can mean tax savings in 2016. If you, your spouse or your dependent took post-high school coursework last year, there may be a tax credit or deduction for you. Here are some facts from the IRS about key tax breaks for higher education.


You can trim your taxes and save on your energy bills with certain home improvements. Here are some key facts to know about home energy tax credits.


Here are the best ways to get federal tax help from the IRS ‘en español’.


Each year, people fall prey to tax scams. That’s why the IRS sends a list of its annual “Dirty Dozen.” Stay safe and be informed – don’t become a victim.


The key to teaching children about personal finance issues is to start early and bring up the issue frequently, experts say. Three experts discuss the value of financial skills, how to instill them in children and the role that schools can play in financial education.


Just when you think you’ve seen and heard it all, in walks a client with an absolutely ludicrous tax deduction.  Here are six outraggeous tax deductions that were requested.


On Thursday, the Internal Revenue Service issued a publication that outlines a new examination process that will govern examinations of taxpayers undertaken by the IRS’ Large Business and International Division. The examination process, which will be effective May 1, 2016, includes new procedures for refund claims while an examination is underway.


A TIGTA investigation into the data breach discovered last May brings the total number of taxpayers whose tax transcripts were potentially compromised to 724,000


This year, you may receive one or more forms that provide information about your 2015 health coverage.  These forms are 1095-A, 1095-B and 1095-C. This tip is part of a series that answers your questions about these forms.


When you receive an IRS notice, you may get a knot in the pit of your stomach even before you open it. Every year the IRS sends millions of letters and notices. (This is the way the agency contacts taxpayers, not by calling them out of the blue and threatening to put them in jail or by sending emails demanding payment—those are scams.)


If your facts are right and you feel adventurous, here are some unusual deductions taxpayers managed to get approved. Admittedly, some had to take the IRS to court to get their deduction approved.


This year, you may receive one or more forms that provide information about your 2015 health coverage you had in 2015.  These forms are 1095-A, 1095-B and 1095-C. This tip is part of a series that answers your questions about these forms.


There are many reasons why you may need a copy of your tax return information from a prior year. Transcripts are free and available for the most current tax year after the IRS has processed the return. You can also get them for the past three tax years. If you don’t have your copy, the IRS can help. Here are the types of transcripts to choose from.


A variety of products designed specifically for women cost more and offer less value than similar products for men -- a phenomenon known as the "pink tax."  Women do have some options for addressing this problem.


The Internal Revenue Service further postponed the due date for a new reporting requirement under which estates must report the value of estate assets to the IRS and beneficiaries. The postponement is designed to give the IRS time to issue proposed regulations.


Scams using the IRS as a lure continue. They take many different forms. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal your identity too.


If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine if you need to pay taxes on your benefits.


Whether they’ve lost that loving feeling or they’ve wised up about inflated prices on Valentine’s Day, young people can learn a thing or two from long marrieds and save a few bucks.


Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return.


Farms include ranches, ranges and orchards. While some may raise cattle, poultry or fish and others grow fruits or vegetables, all will report their farm income on Schedule F, Profit or Loss from Farming. If you own a farm or ranch, here are 10 tax tips.


Illinois, and Chicago in particular, attracted $330 million in film and television production work in 2015, the Illinois Film Office reported today, with 291 projects shooting here.


Several trends are changing the way companies hire CFOs. Women and minorities are earning more of the open spots. In addition, more companies are hiring investment bankers and people with previous CFO experience.


Taxpayers may not like receiving IRS Form 1099, and in some cases, are happy to be missing an IRS Form 1099. Businesses may not like sending them out. Perhaps no one likes 1099s except the IRS. The agency loves them because they easily allow matching data against tax returns.


 Jerry Catalano offers ‪small business‬ tips on creating a great working staff.


AN INFORMATIVE MEETING about the Illinois Filmmakers 30% Tax Credit will take place Wednesday, Jan. 27, 2016 to explain how to wend your way through the qualifications to obtain the credit when your film is completed and getting ready to hit the screens.

Organized by Joe Orlandino’s Atlas Media and Stage 32, the knowledgeable main speaker is Catalano Caboor & Co.'s very own, Christine Fitch, who is 1 of 8 people listed on the Illinois Film Office’s list of accountants to contact about the process. Fitch will also answer questions.


Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are 6 tips to help you find out if you should file a tax return.


The Affordable Care Act requires you and your dependents to have health care coverage, an exemption from the coverage requirement, or make a shared responsibility payment for any month without coverage or an exemption with your return. This law will affect your federal income tax return when you file this year.


Tax time is upon us again, and 2016 brings some tax changes you need to know about. By knowing about them, you'll be better able to take steps that will leave you prepared both this year and next. Here are the 10 biggest tax changes you should know about.


The Minnesota Society of Certified Public Accountants recently surveyed its CPA members in public accounting on the most outrageous tax deductions clients tried to take on their tax returns. The resulting list shows that, more often than not, clients just don’t know which deductions are allowed.


Winning Powerball, or receiving other types of windfalls, can lead people to make ruinous financial mistakes. CPA financial planners identify five major mistakes made by people who become rich overnight, and suggest ways to avoid them.


When clients die, tax practitioners can take a number of steps on their clients' individual income tax returns for their final year that can help the family save on taxes.


All of our CPAs are on the Directory of Federal Tax Return Preparers with Credentials and Select Qualifications.

Many people use a tax professional to prepare their taxes. Tax professionals with an IRS Preparer Tax Identification Number (PTIN) can prepare a return for a fee. If you choose a tax pro, you should know who can represent you before the IRS. There are new rules this year, so the IRS wants you to know who can represent you and when they can represent you.


The Illinois Department of Revenue says taxpayers will have to wait until after March 1 to receive income tax refunds.


You should be encouraged to save for retirement without worrying you may not have the liquidity you need. Here’s how to help get money when necessary without incurring the onerous 10% tax on early withdrawals.


Effective January 1, 2016, certain taxing jurisdictions have imposed a local sales tax or changed their local sales tax rate on general merchandise sales.

The following taxes are affected:

  • home rule sales tax
  • county home rule sales
  • tax business district sales tax

These local sales taxes are referred to in this bulletin as “locally imposed sales tax.”


The IRS, the states and the tax industry urge you to be safe online and remind you to take important steps to help protect your tax and financial information and guard against identity theft. Treat your personal information like cash – don’t hand it out to just anyone.


Employer benefits, opportunities and requirements under the health care law are dependent upon the employer’s workforce size.


Congress passed a $1.1 trillion spending measure that extends a number of important tax provisions, and makes several of them permanent.


No doubt you’ve heard that warning to beware of phishing many times. But phishing remains a problem because it works. To help taxpayers understand the dangers of phishing and malware, the IRS, state revenue departments and the tax industry released the second in a series of special tax tips.


Beginning in 2016, providers of minimum essential coverage must report certain information to the IRS and to covered individuals about the individual’s health coverage in 2015.


Nowadays, financial planning throughout the year – with an eye particularly on taxes – isn’t just for the wealthy. Advance planning is also rewarding for most middle-income individuals.


The Internal Revenue Service on Thursday issued the standard mileage rates for business use of an automobile and for driving for medical or moving purposes for 2016. Both are lower than they were in 2015.


Much attention was paid to the tangible property regulations this last year because most businesses had to adopt accounting method changes for the 2014 tax year. But there are still parts of the regulations that are important for the coming filing season for 2015 returns, which this article discusses in depth, including specific accounting method changes.


It’s time to have a word about your password.

Many of us use the same sign-on and password over and over for our online accounts.

That’s why phishing scams, which often seek password information, are so successful. Once a criminal has your password for one account, it’s highly likely you’ve used the same sign-on information for other accounts.


The theft of your identity, especially personal information such as your name, Social Security number, address and children’s names, can be traumatic and frustrating. In this online era, it’s important to always be on guard.


The Affordable Care Act requires applicable large employers to file information reporting returns with the IRS and employees. ALEs are generally those employers with 50 or more full-time employees, including full-time equivalent employees in the preceding calendar year.


Updated procedures on penalties imposed for failing to file the Report of Foreign Bank and Financial Accounts provide consistency and help taxpayers know what to expect.


The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind.


On 11/24/15 The IRS warned tax practitioners that an email phishing scam is being used to attempt to capture IRS e-Services usernames and passwords (IRS QuickAlert (11/24/15)). According to the IRS, emails are being sent to tax preparers asking them to update their e-Services information, but these emails are not coming from the IRS. The IRS warns practitioners not to click on any links in these emails.


Form 1095-B, Health Coverage, is used to report certain information to the IRS and to taxpayers about individuals who are covered by minimum essential coverage and therefore aren't liable for the individual shared responsibility payment.


Employers with 50 or more full-time employees, including full-time equivalent employees, in the previous year use Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to report the information required about offers of health coverage and enrollment in health coverage for their employees.  Form 1095-C is used to report information about each employee.


Business startup costs are treated very differently for financial accounting purposes than for tax purposes, and their tax treatment can be complicated.


Achieving a Better Life Experience (ABLE) accounts can be set up by taxpayers with disabilities, their parents or guardians, or anyone who holds power of attorney. Among the many advantages of these accounts is that they are disregarded when determining whether participants qualify for federal needs-based programs.


Fictional forensic accountants will appear on TV as well as on the movie screen in 2016.  If you find you need one in real life please contact our CPA John Dyckman for forensic accounting services.


MyRA, the new retirement savings account intended for people with taxable compensation income but who lack access to an employer-sponsored retirement plan, is launched nationwide.


If you enrolled in insurance coverage through the Health Insurance Marketplace, you are required to report changes to the Marketplace when they happen, like changes to your household income or family size, because they may affect your eligibility for the advance payments of the premium tax credits.


Victims of the severe storms and flooding that took place beginning on October 1, 2015 in parts of South Carolina may qualify for tax relief from the Internal Revenue Service.


If you are a farmer or rancher forced to sell your livestock because of the drought that affects much of the nation, special IRS tax relief may help you. The IRS has extended the time to replace livestock that their owners were forced to sell due to drought. If you’re eligible, this may help you defer tax on any gains you got from the forced sales. The relief applies to all or part of 48 states and Puerto Rico affected by the drought. Here are several points you should know about this relief.


New due dates enacted this summer should make for a better workflow and solve the problem of late Schedules K-1, which made it difficult to file a timely, accurate return under the prior-law deadlines.


The IRS continues to warn consumers to guard against scam phone calls from thieves intent on stealing their money or their identity. Criminals pose as the IRS to trick victims out of their money or personal information. Here are several tips to help you avoid being a victim of these scams.


The bad news for Social Security recipients is that nonexistent inflation means no cost-of-living increase for Social Security payments next year. The good news for workers is that there will also be no increase in the amount of wages subject to Social Security taxes (old age, survivor and disability insurance).


Taxpayers and practitioners are still waiting for Congress to agree on a package extending all currently expired tax breaks. Here's a look at the expired provisions and the actions that are pending to extend them.


Congress has not yet extended the many tax incentives that expired at the end of last year. But businesses can still do a number of things before the year is out to reduce their 2015 taxes.


Crowdfunding is an Internet campaign to raise money for businesses and other purposes. How this new funding source is treated for tax purposes is not certain, but this article suggests some possible approaches.


If you’ve ever been told that you could make easy money and it sounds too good to be true, it probably is. Pyramid schemes often sound like enticing business deals, but fraudsters may use this “business model” - to take advantage of you. Before you invest your time and money, it’s important to ask good questions and do some research on the company.


Among the important developments in estate and trust taxation this year were the final regulations on how an estate can elect portability of a deceased spouse's unused estate tax exemption and an IRS ruling on the taxability of income in respect of a decedent in a grantor trust.


The Affordable Care Act requires any person or organization that provides minimum essential coverage, including employers that provide self-insured group health plans, to report this coverage to the IRS and furnish statements to the covered individuals.


Under the Affordable Care Act, certain employers -- called applicable large employers – are subject to the employer shared responsibility provisions. An employer that is subject to the employer shared responsibility provisions may choose to offer affordable minimum essential coverage that provides minimum value to its full-time employees and their dependents, or to potentially owe an employer shared responsibility payment to the IRS. Many employers already offer coverage that is sufficient to avoid owing a payment.


You are allowed a premium tax credit only for health insurance coverage you purchase through the Marketplace for yourself or other members of your tax family. However, to be eligible for the premium tax credit, your household income must be at least 100, but no more than 400 percent of the federal poverty line for your family size. An individual who meets these income requirements must also meet other eligibility criteria.


Victims of the Valley and Butte fires that began Sept. 12 in parts of California may qualify for tax relief from the Internal Revenue Service.


Research shows that the percentage of adult-aged children living with their parents is higher than it has been in decades. For parents, profound financial risks can emerge when they continue to financially support their children.


Want to own a piece of movie history? Buying and selling collectibles can be tricky. Here's what you need to know for tax purposes.


Amounts paid to an employee under an accountable plan for tickets to a sporting event must meet several conditions, in addition to the usual accountable plan requirements, to be deductible as a business expense by the employer. 


The new ACA Information Center for Applicable Large Employers page on IRS.gov features information and resources for employers of all sizes on how the health care law may affect them if they fit the definition of an applicable large employer.


Victims of the severe storms, tornadoes, straight-line winds, flooding, landslides, and mudslides that took place beginning on July 11 in parts of Kentucky may qualify for tax relief from the Internal Revenue Service. The disaster area was enlarged this week to include Leslie County.


The Internal Revenue Service issued its annual updates of per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1 2015. It contains the transportation industry meals and incidental expenses rates, the rate for the incidental-expenses-only deduction and the rates and list of high-cost localities for purposes of the high-low substantiation method.


Learn five ways to help not-for-profits implement controls to prevent fraud within their organizations, or detect and put a stop to it.


The Small Business Administration will offer grants to small businesses in 39 states to help pay the cost of scouting out sales opportunities abroad such as taking part in export trade shows or overseas marketing campaigns.  Interested firms should contact their local office of international trade.


For purposes of the health care law, the information that health coverage providers, including employers that provide self-insured coverage, report to the IRS includes the following…


Small-business tax rule No. 1: Don't mess with the IRS.

But that doesn't mean you should cheat yourself. Take every legal deduction you can. Here are a dozen that even savvy small-business owners and entrepreneurs sometimes forget.


Each year, many people get a larger refund than they expected. Some find they owe a lot more tax than they thought they would. If this happened to you, review your situation to prevent another tax surprise. Did you marry? Have a child? Have a change in income? Some life events can have a major effect on your taxes. You can bring the tax you pay closer to the amount you owe. Here are some key IRS tips to help you come up with a plan of action.


Even though it is not tax season, tax scammers work year-round. The IRS advises you to stay alert to protect yourself against new ways criminals pose as the IRS to trick you out of your money or personal information. These scams first tried to sting older Americans, newly arrived immigrants and those who speak English as a second language. The crooks have expanded their net, and now try to swindle virtually anyone. Here are several tips from the IRS to help you avoid being a victim of these scams


People often change their job in the summer. If you look for a job in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you should know about if you search for a new job.


Your health insurance company may request that you provide them with the social security numbers for you, your spouse and your children covered by your policy.  This is because the Affordable Care Act requires every provider of minimum essential coverage to report that coverage by filing an information return with the IRS and furnishing a statement to covered individuals. The information is used by the IRS to administer – and individuals to show compliance with – the health care law.


We all make mistakes so don’t panic if you made one on your tax return. You can file an amended return if you need to fix an error. You can also amend your tax return if you forgot to claim a tax credit or deduction. Here are ten tips from the IRS if you need to amend your federal tax return.


Paying off debts is an admirable goal, but it's important to remember that some debts are more urgent than others. In this article, a financial planner explains which debts should take priority, starting with your mortgage.


You've found the perfect business idea, one that seems to add up from every angle and couldn't be better for you and your future plans.  The only problem is that you don't have the capital to open the doors.  Well, unfortunately this is a rather significant problem for a small business startup ... particularly in today's lending environment.


As not-for-profit organizations expand their reach, many are unaware that they may be creating nexus in states where they have previously had a limited presence.


The Internal Revenue Service reminds truckers and other owners of heavy highway vehicles that in most cases their next federal highway use tax return is due Monday, Aug. 31, 2015.


There are many perks a company can offer employees that are cost-effective and won't add to employees' tax bills. Some of these benefits include free food, flexible scheduling and vacation time.


Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and a name change are just a few items you may need to consider. Here are some key tax tips to keep in mind if you get divorced or separated.


If you move your home you may be able to deduct the cost of the move on your federal tax return next year. This may apply if you move to start a new job or to work at the same job in a new location.


At issue is whether the Boston Bruins hockey club may deduct 100% of the costs it incurred to provide its players and staff with meals while travelling to away games. The case poses the IRS and Tax Court with some fairly interesting questions concerning the deductibility of employee fringe benefits.


Skimping on time off could be bad for your career, finances, and personal relationships.


Sure, there are application fees. But what about exam fees, costs to send exam scores, school visits, orientation, and tutors and application consultants? With some advance planning, you can help clients anticipate and budget for the hidden costs outlined in this article.


In a move designed to fight taxpayer identity theft and tax fraud, the Internal Revenue Service will eliminate automatic extensions of time to file forms in the W-2 series, starting in 2017. Under the new rules, one 30-day nonautomatic extension may be granted, but the filer must demonstrate a compelling reason for it.


About 40% of women claim their Social Security benefits as soon as they can, at age 62. This means that they may have their benefits decreased by up to 30%. The issue is especially significant for women, because they are much more likely than men to have Social Security as their only source of income.


Unmarried co-owners of two residences each qualified for mortgage-interest deductions on up to $1.1 million of acquisition indebtedness, the 9th Circuit Court of Appeals held. This decision reverses a Tax Court case that applied the limit on a per-residence basis.


Following the emergence of new variations of widespread tax scams, the Internal Revenue Service issued another warning to taxpayers to remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people.


When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five IRS tax tips that can help you get your business off to a good start.


Many taxpayers are surprised to discover that the Internal Revenue Service, while conducting a civil investigation, has been pursuing a criminal investigation against them at the same time. This article discusses the dangers to taxpayers posed by these parallel investigations and considerations for practitioners who represent these taxpayers


Illinois homeowners are taxed by a complex web of local government authorities. There are almost 8,500 local government units in the state, and 6,026 can raise taxes -- the highest number in the U.S.


The Tax Court disallowed a taxpayer's claimed loss, which consisted of payments owed him for services he provided to a company that was part of a Ponzi scheme, because he had never included the amounts in his taxable income.


If you are hiding income from the taxman, are you at risk three years, six, or more? Even if you did your best with your taxes, you might be worried. Taxes are horribly complex, and even innocent activities might be interpreted as suspect. It pays to know how far back you can be asked to prove your income, expenses, bank deposits and more. Start with the basic rule that the IRS usually has three years after you file to audit you.


If you, your spouse or a dependent are heading off to college in the fall, some of your costs may save you money at tax time. You may be able to claim a tax credit on your federal tax return. Here are some key IRS tips that you should know about education tax credits:


The IRS recommends that you always keep a copy of your tax return for your records. You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll also need them if you have to amend a prior year tax return. You often need them when you apply for a loan to buy a home or to start a business. You may need them if you apply for student financial aid.


Credit cards are important financial tools today. But they are also easy to misuse. Here are five tips for millennials who understand that they need credit cards to build a credit history, but don't want to fall victim to late fees, soaring interest rates or massive debt.


Once you’re handed a college diploma, moving back in with your parents can feel like a step backward. But if you approach the situation with purpose, it can get you on a better financial footing than some of your peers.


In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year.


The Affordable Care Act contains specific responsibilities for employers. The size and structure of your workforce – small, large, or part of a group – helps determine what applies to you. Employers with 50 or more full-time equivalent employees will need to file an annual information return reporting whether and what health insurance they offered employees. In addition, they are subject to the Employer Shared Responsibility provisions. All employers that are applicable large employers are subject to the Employer Shared Responsibility provisions, including federal, state, local, and Indian tribal government employers.


The Affordable Care Act requires you and each member of your family to have qualifying health care coverage, qualify for an exemption from the responsibility to have minimum essential coverage, or make an individual shared responsibility payment when you file your federal income tax return. For purposes of ACA, qualifying health care coverage is also known as minimum essential coverage.


Oct. 15 is the last day to file 2014 tax returns for most people who requested an automatic six-month extension. However, you can file any time before Oct. 15 if you have all your required tax documents. If you are one of the nearly 13 million taxpayers who asked for more time to file your federal tax return this year, you don’t need to wait until Oct. 15 extension deadline to file your return. You can file now if you are ready. As you prepare to file, here are some things that you should know:


Whether workers are legally defined as employees or independent contractors will affect a company's taxes and liabilities. To make matters more complicated, federal and state regulators may have different definitions.


Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are several tax tips that you should know if you travel while giving your services to charity.


For Americans taking a vacation, attending a concert, or working on their home or garden this summer, this season comes with its own unique consumer challenges. Learn the top five money and scam alerts for this time of year:


This tax tip is updated to clarify that self-insured employers that are not applicable large employers, those with fewer than 50 full-time or full-time equivalent employees in the preceding calendar year, should file Form 1095-B. Self-insured employers that are applicable large employers should report health coverage information on Form 1095-C.  This tip does not apply to information reporting on health care coverage of individuals who are not employees or entitled to coverage because of a relationship to an employee.


The IRS issued final regulations on the correct place for taxpayers to file claims for refund or credit (T.D. 9727). The new rules generally require taxpayers filing claims for refund or credit to file their claim with the IRS service center at which the taxpayers currently would be required to file a tax return for the type of tax to which the claims relate. Under the previous rules, a claim for credit or refund generally had to be filed with the service center serving the internal revenue district in which the tax was paid.


With some retirees living to age 95 and beyond, people need to plan carefully to make sure they have enough money to last in retirement. This article looks at common missteps people saving for retirement are making.


If you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit. These are paid directly to your insurance company to lower your monthly premium. Changes in your income or family size may affect your premium tax credit. If your circumstances have changed, the time is right for a mid-year checkup to see if you need to adjust the premium assistance you are receiving. You should report changes that have occurred since you signed up for your health insurance plan to your Marketplace as they occur.


Regardless of size, all employers that provide self-insured health coverage to their employees are treated as coverage providers. These employers must file an annual return reporting certain information for each employee they cover.


Miscellaneous deductions can cut taxes. These may include certain expenses you paid for in your work if you are an employee. You must itemize deductions when you file to claim these costs. So if you usually claim the standard deduction, think about itemizing instead. You might pay less tax if you itemize.  Here are some IRS tax tips you should know that may help you reduce your taxes:


Millions of people enjoy hobbies. They can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the income is different than how you report income from a business. There are special rules and limits for deductions you can claim for a hobby. Here are four basic tax tips you should know if you get income from your hobby:


So you want to be debt-free, but it's taking a while to get there. Yep, the road to financial freedom can be a long and overwhelming one. We spend quite a bit of time on our devices, so incorporating them into our financial goals can serve as a regular reminder to stay on track.

Here are a handful of mobile apps and sites that can help you stay motivated and on track as you work on paying down debt and improving your credit score.


Inheriting a house may seem like winning the lottery, but you need to be prepared to make a number of tough financial and emotional decisions.


With the dramatic changes in the employment landscape in recent years, more people are looking to work from home and find freelance work. The problem is that there are many rip-off work-from-home outfits that claim to find you jobs for an upfront fee. They're just trying to make a quick buck off you. Below are some sites and companies Clark has determined to be legitimate. Of course, you should check them out thoroughly yourself before getting involved. Good luck!


A poorly drafted lease agreement resulted in a lessor's having to recognize a large amount of income at the beginning of the lease term. Annette Nellen, CPA, CGMA, Esq., examines a recent Tax Court decision that upheld not only a large deficiency, but also accuracy-related penalties, and suggests what the taxpayer could have done differently.


Here are six steps for getting back on track if you're 40 or older with little or no retirement savings.


It can be hard to understand taxes. It can be much harder if English is not your first language. The IRS provides many free products and services in Spanish on IRS.gov/espanol. Here are some tips on tax help “en Español” that you can get from the IRS this summer:


Victims of the severe storms and flooding that took place beginning on May 24, 2015 in parts of Wyoming may qualify for tax relief from the Internal Revenue Service.


 This article addresses practical concepts related to the formation and maintenance of a nonprofit corporation, the various tax benefits it can receive ...


The IRS has been wielding a little known Code section — Section 280E, to be exact — to wage war on medicinal and recreational  marijuana facilities. Section 280E provides that no deduction — other than the cost to purchase or grow the marijuana inventory, or Cost of Goods Sold (COGS) — shall be allowed for any amount incurred in a business that consists of “trafficking in controlled substances.” And while marijuana may have been legalized in several states for medicinal or recreational purposes, because the drug finds itself on Schedule I of the Controlled Substances Act, the IRS has the ammunition necessary to deny all non-COGS deductions – things like rent, utilities, wages, supplies, etc… – of any facility that buys and sells the drug.


If you received advance payments of the premium tax credit in 2014 under the health care law, you should file your 2014 tax return as soon as possible this summer to ensure you can timely receive advance payments next year from your Marketplace.


It’s never too late to show a child—from a preschooler to a college kid—why and how to become responsible with money. To help teach young people about money, the Federal Deposit Insurance Corporation (FDIC) has some articles for the different school grades.


Each year the IRS mails millions of notices and letters to taxpayers. If you receive a notice from the IRS, here is what you should do:


Parents sending a kid off to college this fall have lengthy shopping lists, from those extra-long sheets for dorm beds to notebooks and flash drives. Your teen also needs to land on campus with some money smarts.


The Taxpayer Advocate Service has developed several tools for individuals and employers to assist in estimating their ACA related credits and payments. Because these tools provide only an estimate, you should not rely upon them as an accurate calculation of the information you will report on your tax return. You should use these estimators only as a guide to assist you in making decisions regarding your tax situation


If you rent a home to others, you usually must report the rental income on your tax return. However, you may not have to report the rent you get if the rental period is short and you also use the property as your home. In most cases, you can deduct your rental expenses. When you also use the rental as your home, your deduction may be limited. Here are some basic tax tips that you should know if you rent out a vacation home:


A wide range of publications and online resources are available year-round in six languages on IRS.gov


This YouTube video explains how to get accessible tax forms for taxpayers who are blind or visually impaired.

Click here for Accessible Forms & Publications that the Internal Revenue Service offers content in a variety of file formats to accommodate people who use assistive technology such as screen reading software, refreshable Braille displays, and voice recognition software. We have prepared hundreds of tax forms and publications that can be downloaded or viewed online in text-only, Braille ready files, browser-friendly HTML, accessible PDF, and large print.


If you play the ponies, play cards or pull the slots, your gambling winnings are taxable. You must report them on your tax return. If you gamble, these IRS tax tips can help you at tax time next year:


If you’re preparing for summer nuptials, make sure you do some tax planning as well. A few steps taken now can make tax time easier next year. Here are some tips from the IRS to help keep tax issues that may arise from your marriage to a minimum:


If you get a tax bill from the IRS, don’t ignore it. The longer you wait the more interest and penalties you will have to pay. Here are six tips to help you pay your tax debt and avoid extra charges:


Learning you are a victim of identity theft can be a stressful event. Identity theft is also a challenge to businesses, organizations and government agencies, including the IRS. Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund.

Many times, you may not be aware that someone has stolen your identity. The IRS may be the first to let you know you’re a victim of ID theft after you try to file your taxes.

The IRS combats tax-related identity theft with a strategy of prevention, detection and victim assistance. The IRS is making progress against this crime and it remains one of the agency’s highest priorities.

Here are ten things to know about ID Theft:


If you are a small employer, you might be eligible for the Small Business Health Care Tax Credit, which can make a difference for your business.   To be eligible for the credit, you must:


Day camps are common during the summer months. Many parents pay for them for their children while they work or look for work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are the top 10 tips to know about the Child and Dependent Care Credit...


Costs incurred in acquiring stock must usually be capitalized, although an exception exists for taxable stock acquisitions in certain circumstances. This article explains how taxpayers can use stock options to meet the requirement that the acquirer's stock ownership be more than 50% after the acquisition.


Help children understand valuable savings and budgeting lessons using a smartphone or tablet.


Have you ever donated old clothes, toys, or furniture to a second-hand store? Ever given tithe for a church offering?  Perhaps you’ve felt moved to sponsor a child in need or give canned goods to a homeless shelter?  Some people even donate their old cars, boats and equipment and receive tax deductions in return.

What most people don’t realize is, you can follow the exact same strategy with real estate and the real kicker is – in some cases, you can come out even further ahead if you give your properties away instead of selling them the conventional way!

As long as you can document the transaction and verify the numbers in sufficient detail – you can donate your properties and receive credit for their FULL market value (regardless of how little you paid for it).

When you’re able to buy properties for pennies on the dollar, this little-known strategy can go a long way towards reducing your tax bill (or even eliminating it altogether).  You can also create some HUGE tax write-offs by selectively donating properties instead of selling them for cash.

Check with one of our accountants before moving forward with this process as the author is not familiar with local laws in your area and has no idea what kinds of property you are dealing with.


Nearly 30% of Americans report they do not have savings for an emergency, marking the highest level in five years, according to Bankrate.com. A lack of growth in income is likely the reason.


In some cases, taxpayers may find that a transaction they entered into was a mistake. This article explains how those taxpayers may be able to undo what they did and not suffer any adverse tax consequences.


Students often get a job in the summer. If it’s your first job it gives you a chance to learn about work and paying tax. The tax you pay supports your home town, your state and our nation. Here are some tips students should know about summer jobs and taxes:


CPA planners and tax practitioners are well-positioned to help clients understand the tax treatment and possible deductions for expenses incurred at an assisted living, skilled nursing or memory care facility.


Many companies that send employees overseas continue to provide retirement benefits for these employees, often unaware that doing so can run afoul of a number of rules. This article discusses the rules that apply and the steps a company can take to cure any disqualification.


All U.S. citizens and residents must report worldwide income on their federal income tax return. If you lived outside the U.S. on the regular due date of your tax return, the extended filing deadline for your 2014 tax return is Monday, June 15, 2015. Similarly, the deadline to report interests in certain foreign financial accounts is the end of June. Here are some important tips to know if these reporting rules apply to you: