Monthly Newsletter for May 2017

by in Newsletter on May. 1, 2017

Early Withdrawals from Retirement Plans

Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of income tax taxpayers may have to pay. Here are a few key points to know about taking an early distribution:

  1. Early Withdrawals. An early withdrawal normally is taking cash out of a retirement plan before the taxpayer is 59½ years .

Monthly Newsletter for March 2017

by in Newsletter on Feb. 28, 2017

Get Credit for Making a Home Energy Efficient

Taxpayers who made certain energy efficient improvements to their home last year may qualify for a tax credit this year. Here are some key facts to know about home energy tax credits:

Non-Business Energy Property Credit

  • Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items added to a taxpayer’s main home last year. Qualified improvements include adding insulation, .

February Monthly Newsletter

by in Newsletter on Feb. 9, 2017

Early Withdrawals from Retirement Plans

Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of income tax taxpayers may have to pay. Here are a few key points to know about taking an early distribution:

  1. Early Withdrawals. An early withdrawal normally is taking cash out of a retirement plan before the taxpayer is 59½ years .

January Important Info

by in Newsletter on Jan. 5, 2017

All Employers:  Give your employees their copies of Form W-2 for 2016 by January 31, 2017.

All Businesses:  Give annual information statements to recipients of certain payments you made during 2016.

 

NOTE:  W2’s for employees and 1099’s for workers who are not considered employees now must be filed with the IRS by January 31, 2017.  This due date used to be February 28th.  Penalties will accrue if not filed on time.

Monthly Newsletter for January 2017

by in Newsletter on Jan. 3, 2017

IRS, States, Industry Urge Taxpayers to Learn Signs of Identity Theft

No matter how careful you are, identity thieves may be able to steal your personal information. If this happens, thieves try to turn that data quickly into cash by filing fraudulent tax returns.

The IRS, state tax agencies and the nation’s tax industry ask for your help in their effort to combat identity theft and fraudulent returns. Working in partnership with .

Monthly Newsletter for December 2016

by in Newsletter on Dec. 7, 2016

Tax Preparedness Series: Tax Records – What to Keep

WASHINGTON – As tax filing season approaches, the Internal Revenue Service has information for taxpayers who wonder how long to keep tax returns and other documents.

Generally, the IRS recommends keeping copies of tax returns and supporting documents at least three years. Some documents should be kept up to seven years in case a taxpayer needs to file .

Monthly Newsletter for November 2016

by in Newsletter on Oct. 28, 2016

IRS and Security Summit Partners Warn of Fake Tax Bills

The Internal Revenue Service and its Security Summit partners today issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act.

The IRS has received numerous reports around the country of scammers sending a fraudulent version of CP2000 notices for tax year 2015. Generally, the .

Monthly Newsletter for October 2016

by in Newsletter on Oct. 4, 2016

 

               Ingenious Scan Targets Taxpayers

 

Crooks have tried all sorts of e-mail scams, but almost everyone has figured out that the IRS does not send out notices by e-mail.  So crooks have changed their tactics.  Now, there are reports of taxpayers receiving by mail fake notices requiring immediate payment to a P.O. Box.  The P.O. Boxes are located in cities where the IRS has service centers, but of course are not .

Monthly Newsletter for September 2016

by in Newsletter on Aug. 23, 2016

IRS Warns of Back-to-School Scams; Encourages Students, Parents, Schools to Stay Alert

WASHINGTON — 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.”

People should be on the lookout for IRS impersonators calling students and demanding that they wire money immediately to pay a fake “federal student tax.” If the person .

Monthly Newsletter for August 2016

by in Newsletter on Jul. 18, 2016

Tax Tips for Students Working this Summer

IRS Special Edition Tax Tip 2016-11, June 28, 2016

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:

  1. Withholding and Estimated Tax.If you are an employee, your employer normally withholds taxfrom your paychecks. If you are self-employed, you may be responsible for paying taxes directly to the .