Archive for - May, 2015

IRS security breach of nearly 100,000 accounts

May. 28, 2015

IRS Get Transcript Security Breach The IRS recently announced that nearly 100,000 tax accounts were accessed by unauthorized sources through their “Get Transcript” application. Data such as Social Security information, […]

Do you need a receipt for every gift to charity?

May. 26, 2015

Charitable deduction rules 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 […]

 Modernized e-File (MeF) will be down during Memorial Day Weekend

May. 21, 2015

IRS will conduct its annual Memorial Day Power Outage beginning Saturday, May 23, 2015, at 10 p.m. and ending on Tuesday, May 26, 2015, at 6 a.m. The Modernized e-File […]

Reporting requirements of rental income

May. 21, 2015

With the Republican National Convention coming to Cleveland in the summer of 2016, more than just the city will try to benefit from the incoming economic activity. A quick search online yields […]

Foreign account reports due June 30

May. 19, 2015

The due date for FinCEN 114, the report of foreign accounts for 2014, is June 30, 2015. It applies for foreign bank and brokerage accounts and certain other financial accounts […]

Individuals can begin to prepare for the 2016 filing season

May. 18, 2015

Too early for 2016 tax planning? It is never too early to begin planning for the 2016 filing season, the IRS has advised in seven new planning tips published on […]

Second quarter estimated tax deadline is June 15

May. 18, 2015

The second estimated tax due date for calendar-year taxpayers is June 15. Federal estimated tax payments (for estimated tax exceeding withholding) can be based on 110% of 2014 tax on […]

ACA and employers – why size matters

May. 13, 2015

Why does workforce size matter? There are many tax provisions that affect employers with the Affordable Care Act. The size and structure of a workforce – small, or large – […]

What’s new on the credit for small employer health insurance premiums?

May. 07, 2015

Did your organization qualify for the small employer health insurance credit? Many organizations are finding out they do not qualify for the credit because they did not go through a […]

New protection for consumers

May. 07, 2015

Your credit profile can make a big difference in your financial life, not only for major purchases like a home or car, but also for college loans, credit card terms, […]