Treasury to review/re-evaluate tax regulations
The Treasury Department is to undertake a review and re-evaluation
of tax regulations issued by the IRS since January 1, 2016.
President Trump signed an Executive Order 13789 (“Identifying and
Filing season ends with no red flags
The IRS processed more than 128 million returns and issued some 97
million refunds without hitting any major roadblocks by the end of
the filing season. As in past years, the vast majority of returns
FAQ: What are my odds of being audited?
Audit coverage rates are at low levels, the IRS has reported.
According to the IRS, the audit coverage rate for individuals fell
16 percent from FY 2015 to FY 2016. The 0.7 percent audit coverage
May 2017 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important federal tax reporting and filing data for
FAQ: What is the self-rental rule?
Under Code Sec. 469, passive losses can only be used to offset
passive income. Taxpayers who have losses from a passive
activity cannot use losses from a passive activity to offset
How do I? Prove business expenses
Everyone in business must keep records. Among other things, good
records will help a business prepare the business tax returns, and
will support items reported on tax returns. Taxpayers also must
FAQ…do I need a receipt for every gift to charity
The IRS requires that taxpayers substantiate their donations to
charity. Whatever the donation is, whether money or a household
item or clothing, the substantiation rules must be followed. The
FAQ: What is an information document request (IDR)?
When an IRS is conducting a detailed audit of a taxpayer, it may
want to see documents and records retained by the taxpayer. The
examiner will ask the taxpayer what type of documents are
Coming soon: greater tax-wise retirement options
Retired employees often start taking benefits by age 65 and, under
the minimum distribution rules, must begin taking distributions
from their retirement plans when they reach age 70 ½. Accordin...
How do I… Guard against taxpayer identity theft?
The number of tax return-related identity theft incidents has
almost doubled in the past three years to well over half a million
reported during 2011, according to a recent report by the Treasury
Common IRA contribution and distribution mistakes
Individual retirement accounts (IRAs) -- both traditional and Roth
IRAs -- are among the most popular retirement savings vehicles
today. Protecting the value of your IRA (and other retirement
Welcome and thank you for visiting our Website. In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors. Our dedication to superior client service has brought us to the Internet as we endeavor to continue to provide the highest quality professional service and guidance.
As you browse through our Website, you will see that not only have we highlighted background information on our firm and the services we provide, but have also included useful resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section). In addition, we have taken the time to gather many links to external Websites that we felt would be of interest to our clients and visitors (in our Internet Links section).
While browsing through our Website, please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.