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Blog Month: August 2019

Educator Expenses – Costs teachers can and can’t deduct on their tax returns

As teachers head back for a new school year, they often pay for various classroom expenses for which they don’t receive reimbursement. Fortunately, teachers may be able to deduct these
Winner Sign

The tax implications of being a winner

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! Before you celebrate, understand the tax consequences of your good fortune. Winning at gambling Whether you

New IRS Impersonation Email Scam

IRS warned today that they became aware of another email scam. The email subject line may say “Automatic Income Tax Reminder” or Electronic Tax Return Reminder”. Also included in the
Expense Receipt

Tips for Recording Functional Expenses

“100% of your contribution directly supports our program.”   Although it would be impressive to be able to make this claim as a charitable organization, it’s impossible.  The Financial Accounting Standards

Automatic 2018 Individual Estimated Tax Penalty Relief

The IRS announced that for 2018 tax returns already filed, the relief from the underpayment of estimated taxes would be automatically granted, even if the return as filed did not

Uh-Oh…Received an IRS “no-match” letter?

Has your business received a “no match” letter in the past few months? Many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose

Navigating the Kiddie Tax – After Tax Reform

You may have heard the term “kiddie tax” before. The “kiddie tax” rules prevent high-income taxpayers from shifting “unearned income” to their children or grandchildren in lower tax brackets. Children,
team of people working on a prototype

How your company can utilize R&D credits as you break through the Fourth Industrial Revolution (4IR)

What is the Fourth Industrial Revolution (4IR)? The Fourth Industrial Revolution goes beyond computing automation – think Artificial Intelligence, Robotics, the Internet of Things, Big Data analysis, and 3D printing. 

You Just Hired a Caregiver or Household Worker – Are You Subject to the “Nanny” Tax?

The “nanny tax” applies to more than just nannies.  Hiring a babysitter, gardener or another household employee (who isn’t an independent contractor) may result in a “nanny tax” tax obligation.