Posted on March 30, 2015
by
Karen Lake
Employers who hired qualified veterans or members of certain disadvantaged groups in 2014 and missed the 28-day period to apply for a Work Opportunity Tax Credit (WOTC) now have until April 30, 2015, to claim the credit equal to $1,200 and $9,600 per qualifying employee. The WOTC, established to remove barriers to employment for […]
Posted on March 26, 2015
by
Jim Spencer
The Internal Revenue Service requires all U.S. citizens and residents to report their worldwide income on their annual tax returns. This includes U.S. citizens as well as resident aliens who worked overseas or received income above certain thresholds from foreign sources, including foreign trusts and foreign bank and securities accounts. Generally, a taxpayer’s age, income […]
Posted on March 24, 2015
by
Joseph Saka
In an effort to stem the rise in tax-season identity theft, the Internal Revenue Service is mailing letters asking some taxpayers to verify their identities through the IRS’s Identify Verification Service website. Taxpayers should be aware that this is not a scam. The correspondence is being sent via U.S. Postal Service only to those taxpayers […]
Posted on March 23, 2015
by
Rick Bazzani
Taxpayers who turned 70 ½ in 2014 must take the required minimum distributions (RMD) from their IRAs and employer-sponsored plans, such as 401(k)s, 403(b)s and 457s, by April 1, 2015. The April deadline applies only to first-year RMDs. For all subsequent years, taxpayers must make a RMD by December 31. A taxpayer who takes […]
Posted on March 18, 2015
by
Rick Bazzani
The start of a New Year is a perfect time for taxpayers to check their credit reports with the three major reporting agencies. Note only does this allow individuals the opportunity to recognize and address reporting errors that could impede efforts to secure a loan or new employment, it can also help individuals detect potential […]
The dreaded Alternative Minimum Tax (AMT) aims to limit the benefits, such as deductions and credits for certain expenses,that taxpayers may otherwise use to reduce their taxable income. It is considered an extra tax, with its own set of rules and rates, which some taxpayers must pay above their standard income taxes. As its name […]
MIAMI, March 14, 2015 – Berkowitz Pollack Brant Advisors and Accountants, one of the largest firms in South Florida, was ranked by Accounting Today to the annual listing of top 100 firm in the United States based on revenue size. The firm was also recognized as one of the 30 fastest growing in the US […]
Posted on March 10, 2015
by
Joseph Saka
The IRS issued its annual list of the top scams and fraudulent activities for which taxpayers should take precautions to protect themselves during this tax season. Phone Scams. Criminals, pretending to be IRS agents, telephone taxpayers and demand personal financial information or immediate payment of bogus tax liabilities with the threat of arrest and […]
Posted on March 06, 2015
by
John Ebenger
Under current Internal Revenue Code section 1031, taxpayers who sell business or investment property and reinvest the proceeds in a new, “like-kind” property may defer taxes at the time of the exchange, provided the assets are “held for either productive use in a trade or business or for investment.” Taxpayers may change the form of […]
Corruption, improper billing and expense reimbursement top the list of reported frauds in the construction industry, according to the Association of Certified Fraud Examiners’ (ACFE) 2014 Report to the Nations. While these payment schemes can occur at any stage of the construction process, owners may wield greater control over mitigating resulting losses during the contracting […]
