Beneficial Articles

Want up to date useful tax information? Catalano, Caboor & Co.'s Beneficial Articles and Tax Alerts are updated on a regular basis for your convenience.

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Tax Alerts
Tax Briefing(s)

Parents can boost their back-to-school budget by claiming tax credits and refunds

Know what’s deductible after buying that first home, sweet home

Knowing How The IRS Contacts Taxpayers Can Help Protect People From Scammers

Standard mileage rate will increase to 62.5 effective July 1, 2022

Year-round tax planning: All taxpayers should understand eligibility for credits and deductions

Wedding Planning Checklist: Cake, Rings, Flowers … Tax Forms?

Taxpayers who are paying someone to take care of their children or another member of household while they work, may qualify for child and dependent care credit regardless of their income.

Taxpayers Can Start The 2022 Tax Year Off Right by Checking Their Withholding

This holiday season the IRS reminds taxpayers, the agency won’t ask for or accept gift cards as payment for a tax bill. However, that doesn’t stop scammers from targeting taxpayers by asking them to pay a fake tax bill with gift cards. They may also use a compromised email account to send emails requesting gift card purchases for friends, family or co-workers. Gift cards make great presents for loved ones, but they cannot be used to pay taxes.

Many Americans have been working from home due to the pandemic, but only certain people will qualify to claim the home office deduction. This deduction allows qualifying taxpayers to deduct certain home expenses on their tax return when they file their 2021 tax return next year.

October 15 is fast approaching. That's the last day to file for most people who requested an extension for their 2020 tax return. These taxpayers can file any time on or before Friday, October 15 if they have all their required tax-related documents. They should also pay part or all their taxes since amounts owed after May 17 this year could be subject to penalties and interest.

The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021.  Additionally, the IRS issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the employee retention credit.

It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income.

After a natural disaster, having access to personal financial, insurance, medical and other records can help people starting the recovery process quickly. There are a few things taxpayers can do to help protect their financial safety in a disaster situation.

The advance child tax credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season. The IRS will disburse these advance payments monthly through December 2021. Here some details to help people better understand these payments.

Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next year.

Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it’s about a specific issue with a taxpayer’s federal tax return or tax account. A notice may tell them about changes to their account or ask for more information. It could also tell them they need to make a payment. This year, people might have also received correspondence about Economic Impact Payments or an advance child tax credit outreach letter.

Taxpayers and tax calling the IRS will be asked to verify their identity. This is part of the agency’s ongoing efforts to keep taxpayer data secure from identity thieves.

During the summer many students focus on making money from a summer job. They may want to gain work experience, earn some spending money or help pay for college. Here are some facts all student workers should know about summer jobs and taxes.

The IRS continues to observe criminals using a variety of scams that target honest taxpayers. In some cases, these scams will trick taxpayers into doing something illegal or that ultimately causes them financial harm. These scammers may cause otherwise honest people to do things they don't realize are illegal or prey on their good will to steal their money.

If you own a heavy highway vehicle and need to file Form 2290

Click here for more infomartion

Truckers/trucking companies seeking assistance and/or a new accountant please contact Adam Marchewka

It's summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season.

The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source.

When hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a business avoid missed deposits for employment taxes and other unpaid bills.

Where's my refund Federal

Where's my refund State of Illinois

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

Clutch has just announced the top accounting firms as part of their Small Business Solidarity program. We are thrilled to announce that Clutch has named Catalano, Caboor & Co. a top accounting firm in Chicago for 2020!

Taxpayers can use online tool to start checking on the status of refund 24 hours after the IRS acknowledges receipt of the taxpayer’s e-filed tax return.Currently, the IRS is experiencing delays in processing paper tax returns due to limited staffing as a result of COVID-19.

Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020...

DuPage County announced 5/12/20 it will launch Reinvest DuPage, a grant relief program developed in partnership with Choose DuPage for small businesses and independent contractors.

People can check the status of their tax return about 24 hours after the IRS acknowledges receipt of an electronically filed tax return and up to four weeks after a taxpayer mails a paper return. The Where’s My Refund? tool updates once every 24 hours, usually overnight, so taxpayers only need to check once a day. 

2/14/20 Facebook Live Brief presentation "Should you be an employee or an independent contractor" by Catalano, Caboor & Co. CPA Jeff Hansen skip to 5:21

The final QBI regulations offer three avenues for a rental real estate activity to be considered a trade or business eligible to generate QBI: (1) the rental activity qualifies as a Sec. 162 trade or business; (2) it rents to specific related parties; or (3) it satisfies the requirements of a proposed safe harbor.

It's very common to look for ways to help people and communities affected after a natural disaster or tragic event. Unfortunately, imposters pop up to try and take donations away from those who really need them. You want to make sure your money gets in the hands of the charities you want to help. Make sure to do your research before donating to a charity, and help prevent others from becoming a victim of fraud by reporting scams to your state consumer protection office or the Federal Trade Commission.

Taxpayers should be aware of tax law changes related to alimony and seperation payments. These payments are made after a divorce or separation. The Tax Cuts and Jobs Act changed the rules around them, which will affect certain taxpayers when they file their 2019 tax returns next year.

New basis-consistency requirements make defensible valuations of inherited property even more important.

While the issue of whether employees are properly classified as exempt is always an issue that could potentially arise.

The TCJA dramatically changed tax planning related to marriage and divorce in many ways often indirect and unexpected that could have varied and adverse impact on different people.

The agency just debuted it’s official Instagram account, IRSNews, which users can access on their computer or smartphone using the Instagram app.

October 15 is the filing deadline for taxpayers who requested an extension for their 2017 tax return. However, those who have an extension should mark this coming Monday, Oct. 15 as the deadline to file.

While the deadline is just around the corner, there are still things these taxpayers can remember to make sure they file a complete and accurate return. Here are a few tips and reminders for taxpayers who have not yet filed.

The IRS on Wednesday 9/26/18 provided the 2018–2019 special per-diem rates, including the transportation industry meal 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.

The IRS urges everyone who works as an employee and who also has income from other sources to perform a paycheck checkup now.

Whether serving up slices, mowing lawns or ringing up groceries, here's what kids and their parents should know about summer jobs and taxes

Speaking at AICPA ENGAGE 2018, skateboarding legend Tony Hawk credited his accountants with making his skateboard company, Birdhouse, and the Tony Hawk Foundation successful. He also shared some of the key lessons he learned from becoming an entrepreneur.

The Tax Cuts and Jobs Act includes changes to moving, mileage and travel expenses

Last year's Tax Cuts and Jobs Act brought good news for taxpayers who claim the child tax credit. The law doubled the credit amount, increased the refundable portion, expanded the credit's scope and broadened the pool of eligible taxpayers.

While many people take summer vacations, data thieves do not. Phishing emails and telephone scams continue to pop up around the country. The IRS reminds everyone to be vigilant to avoid becoming a victim.

The IRS warns the nation’s business, payroll and human resource communities about a growing W-2 email scam. Criminals use this scheme to gain access to W-2 and other sensitive tax information that employers have about their employees.

Adoptive parents around the country may qualify for a tax credit. Parents who either adopted a child or tried to adopt a child may claim the adoption credit. Here are 9 things you should know about this credit.

Tax time is in full swing, and like every year the scams are in full effect!   The IRS is busy this time of year, and that makes it much easier for scammers to try to take your hard earned money.

Over the years, taxpayers have concocted a lot of zany arguments to justify their tax breaks. Here are 12 creative ones that the courts decided did not quite work.

Employers should use these updated withholding rules for 2018, putting them into effect as soon as possible but no later than Feb. 15, the IRS said. Until then, employers should continue to use the 2017 withholding tables.

Special thanks to Jeff Burgess for making this possible.

For all retailers and servicepersons conducting business in taxing jurisdictions whose sales tax rate is changing effective January 1, 2018

It’s the time of the year when many taxpayers choose a tax preparer to help file a tax return. These taxpayers should choose their tax return preparer wisely.  This is because taxpayers are responsible for all the information on their income tax return. That’s true no matter who prepares the return.

These are ten tips for taxpayers to remember when selecting a preparer.

Here is a summary

With the Tax Cuts and Jobs Act headed for the President's desk shortly, many clients may be asking what they can do before year-end to best position themselves for tax savings, and to avoid or soften the impact of disappearing deductions.

With research and budgeting, animal lovers can enjoy the companionship their pets offer without threatening their financial goals.

The Internal Revenue Service issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be...

On December 13, the Conference Committee reached an agreement in principle on reconciling the Senate and House versions of their tax bill.

Useful information for all individuals, and businesses required to pay Illinois Income Tax.

With the online holiday shopping season in full swing, it’s the perfect time for all taxpayers to take steps to protect their identities and personal data. The IRS partnered with state tax agencies, the tax industry and other groups across the country to encourage all taxpayers to think about data protection.

This article contains a compasion of the Bills. We will keep you updated as future progress is made.

Small business identity theft is a big business. Just like individuals, businesses can be victims too. Thieves use a business’s information to file fake tax returns or get credit cards.

In a nutshell, to account for inflation, many amounts increased, but some stayed at 2017 levels. As you implement 2017 year-end tax planning strategies, be sure to take these 2018 adjustments into account in your planning. (Just keep in mind that some of these amounts may change if Congress passes a new tax law.) 

Taxpayers who are victims of a disaster might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement.

Small businesses might be vulnerable to several types of fraud, including identity theft, payroll fraud and return fraud. However, entrepreneurs can take steps to protect their companies.

Taxpayers who requested an extension of time to file their federal tax returns have until Oct.16 to double-check their returns for tax benefits that people often overlook. These taxpayers still have time to see if they can benefit from these four credits.

Every year, millions of taxpayers ask for an extra six months to file their taxes. These taxpayers should have paid the tax they owed by the April deadline, but those who requested an extension should mark Monday, Oct. 16 as the extension deadline for 2017. While the deadline normally falls on Oct. 15, that date falls on a Sunday this year so the due date is moved to the next business day.

The Internal Revenue Service has issued an annual update of per diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1. The notice includes the rates and list of high-cost localities for purposes of the high-low substantiation method. The new rates will be in effect from Oct. 1, 2017, to Sept. 30, 2018. 

The IRS offers some tips to recover losses and reconstruct tax records, following the devastation caused by a natural disaster, such as the case recently with Hurricanes Harvey and Irma.

Taxpayers may be able to deduct certain expenses of moving to a new home because they started or changed job locations.  Here are some useful tax tips.

The federal income tax is a pay-as-you-go system. Employers generally withhold tax from workers’ wages. Taxpayers also often have taxes withheld from certain other income including pensions, bonuses, commissions and gambling winnings.

People who do not pay tax through withholding, like the self-employed, generally pay estimated tax. In addition, those who earn income such as dividends, interest, capital gains, rent and royalties are usually required to make estimated tax payments.

Each year, because of life events like changes to household income or family size, some people get a larger refund than they expect while others find they owe more tax.  

To prevent a tax-time surprise, the IRS offers these tips.

Many parents send their children to summer day camps while they work or look for work. The IRS urges those who do to save their paperwork for the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it on their taxes in 2018 if they paid for day camp or for someone to care for a child, dependent or spouse during 2017.

Students and teenagers often get summer jobs. This is a great way to earn extra spending money or to save for later. The IRS offers these 7 tax tips for taxpayers with a summer job.

Unlike many entities, not-for-profits can select a fiscal year end. A thoughtfully chosen year end may produce more meaningful financial statements, ease reporting requirements and even save the organization money.

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 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 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 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.