Every year the IRS lists out the most aggressive scams of the year under its “Dirty Dozen” list. This list highlights various phishing and other scams that taxpayers might encounter. The current IRS list includes the following scams: Phishing: At the top fo the list is Phishing – fake e-mails/websites that try to steal personal […]
Whether in public accounting or business and industry, accountants are key stakeholders in cybersecurity. In organizations of all types, accountants play crucial roles in developing budgets that help determine how to protect tax data from hackers are implemented. The IRS considers identity theft to be at the top of its annual “dirty dozen” tax scams […]
Planning for the tax implications when it comes to selling your business is critical. Ignoring tax considerations until negotiations are well underway or a deal is struck is a serious mistake. Taxes on the proceeds of your sale, especially the potential for double taxation, can leave you clutching at the straws. Business owners who […]
Tax season is a stressful time for millions, but for the population which will receive tax refund, it could well be termed a joyous time. The tax refund is nothing but money coming back after being loaned to the government at negligible interest rates. However, practically, it is often an unexpected cash infusion into […]
As cloud applications continue to grow at a lightning pace, the word “cloud” finds itself in nearly every conversation regarding technology advancements and improved business efficiency. Virtually every business today is leveraging cloud-based services in some shape or form, including having a customer-facing website and using online banking. It is important to understand how your […]
A portion of your social security benefits may be subject to income tax if your modified adjusted gross income (MAGI), plus one-half your Social Security benefits, exceeds specific limits. Your MAGI equals adjusted gross income (or the adjusted gross income of you and your spouse if married and filing jointly), including wages, interest, dividends, taxable […]
Summer is here and most of us are flocking to the beach or hiring rental properties in the beach? Are you one of the lucky owners who is looking for renting your vacation home? If so, there are a number of tax implications to consider while renting your vacation home. Listed below are some points […]
While the aftermath of nature’s fury can be disastrous, it also brings out the true face of many people who come forward to help the victims. Unfortunately, there is also the risk of being exposed to con artists armed with illegal scams when affected individuals are most vulnerable. To help avoid being conned whenever […]
What if your client cannot pay taxes in time? As a tax advisor, you do your best to ensure your clients are not in for any unpleasant surprises when handing in their completed tax returns. However, there might be an increasing number of clients who owe money to the IRS for taxes, but do not […]
