Archive

Monthly Archives: March 2015

Remember Foreign Income when Filing 2014 Tax Returns by James W. Spencer, CPA


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 […]

IRS Asking Taxpayers to Verify their Identities by Joseph L. Saka, CPA/PFS


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 […]

Time for a Credit Check Up by Rick D. Bazzani, CPA


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 […]

Are You at Risk of the AMT? by Jeff Mutnik, CPA/PFS


Posted on March 16, 2015 by Jeffrey Mutnik

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 […]

Be on the Lookout for the IRS’s Top Tax Scams by Joseph L. Saka, CPA/PFS


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 […]

The Uncertain Future of 1031 Exchange Rules by John G. Ebenger, CPA


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 […]

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