tax-scams

Tax Scams – How to Protect Yourself

There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season and target virtually everyone. Stay alert to the ways criminals pose as the IRS to trick you out of your […]

IRS Due Date Changes

Changes in Tax Year 2016 filing dates

Dear Clients, The IRS has changed some of the filing deadlines for tax returns and informational documents, effective with your 2016 returns. This means that you may need to plan to get us your information quite a bit sooner than before in order to file your 2016 return timely. Please note that pending legislation for […]

IRS Horse Racing

Horse Racing Activity Not a Hobby

Cross References • Roberts, 7th Circuit Court of Appeals, April 15, 2016 • T.C. Memo. 2014-74 • IRC §183 The Tax Court ruled a taxpayer was not engaged in a race horse activity for profit and therefore disallowed losses used to offset other income. The 7th Circuit Court of Appeals recently reversed that ruling. The taxpayer […]

European Union Flag

The British Are Leaving! Why the Brexit Matters to Investors

On June 23, citizens of the United Kingdom (England, Scotland, Wales, and Northern Ireland) voted to leave the European Union by a margin of 52% to 48%.1 Though pre-election polls suggested that public opinion was evenly divided, when the election results became clear, financial markets around the world reacted swiftly to concerns about potential economic ramifications […]

Horses For Profit

Horse Breeding Was a Hobby, Not a Business

Cross References: Stuller, 7th Circuit Court of Appeals, January 26, 2016 The taxpayers lived in Illinois and owned several profitable restaurants. They also owned and bred horses on a farm in Tennessee. They hired an experienced horse trainer to train their horses and manage the farm. Under an agreement between the trainer and the taxpayers, the horse trainer […]

Employee Vehicles

Tax Guidelines to Vehicles for Business Use

Vehicles — Business Use Under certain circumstances a taxpayer can claim a deduction for using their vehicle for business purposes. If you use your car for business purposes, you ordinarily can deduct car expenses using either the standard mileage rate or actual expenses. Use of a vehicle qualifies as business use under all of the following. Getting from […]

The Value Of An Accountant In An Organization

In every organization or any business establishment that deals with distribution of a certain product to the market, there exists a procedure that needs to be followed. When money is involved, the value of an accountant cannot be under estimated or downplayed. There needs to be a system that ensures the finances coming in and […]

Have Your Business Valuations For IPO Done Properly

Everyone that owns a company would want the value of their company to be the best. You might wonder how you will be able to get the best value for your company. Business valuations for IPO are something that you can look in to. You need to remember; if your company is a small company […]

Get The Most Value Of An Outsourced Bookkeeper

If you own a business it is vital to keep the accounts current. You must also make sure to meet important deadlines. Business owners need to understand the value of an outsourced bookkeeper. The bookkeeper can do so much for your company. It is important that you keep open communicate with your bookkeeper so you […]

IRS

IRS Identifies Five Ways to Spot Scam Phone Calls

The IRS has issued a consumer alert providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS. These callers may demand money or may say the taxpayer has a refund due and try to trick the person into sharing private information. These con artists can […]