Tax Law

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Be Ready for IRS Collection Calls

By | January 13th, 2016|Blog, Tax Law, Uncategorized|

I used to tell to my friends and clients to hang up if they receive IRS collection calls.  Similarly, the IRS and law enforcement officials often issue warnings about phone scams involving tax collection, and each time they claim the same thing: "The IRS will never call you to demand payment. It sends letters by mail." [...]

2016 Standard Mileage Rates

By | January 12th, 2016|Tax Law, Uncategorized|

The IRS recently announced the new 2016 standard mileage rates to be used for travel. The standard business mileage rate is decreased by 3.5 cents while Medical and moving mileage rates are lowered by 4.0 cents. Charitable mileage rates are unchanged. 2016 Standard Mileage Rates Lower gas prices - good news; lower IRS standard mileage [...]

Same-Sex Marriages Will Be Recognized for Federal Tax Purposes

By | October 1st, 2013|Blog, Tax Law|

A new revenue ruling was recently issued by the IRS, which states that all same sex marriages will be recognized for federal taxation purposes, even if the state where such couples currently live does not recognize their union. So, if a same sex couple is lawfully married in one state, they will retain that marital [...]

New FCRA Forms

By | February 14th, 2013|Blog, Tax Law|

With little fanfare, the one-year-old Consumer Financial Protection Bureau has become the chief enforcer of the Fair Credit Reporting Act (FCRA) and has issued revised forms.  Employers and consumer reporting agencies must start using the new FCRA forms no later than Jan. 1, 2013. The updated forms are available in Appendixes K, M, and N [...]

Individual Income Tax Information for Tax Year 2008 Is Now Available On-Line

By | July 22nd, 2011|Blog, Tax Law|

Individual income tax information by state and zip code for tax year 2008 is now available to download (in excel format) from the IRS TaxStats' website.  Please click here to find the information or follow this link - www.irs.gov/taxstats/index.html. .................................................................................................................................. Should you have any questions regarding the above-mentioned issues or other tax-related matters, please contact [...]

SEVERAL FACTS ABOUT THE ALTERNATIVE MINIMUM TAX

By | May 1st, 2011|Alternative Minimum Tax, Blog, Tax Law|

The Alternative Minimum Tax (also called the “AMT”) attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. You should know the following seven facts about the AMT to prepare yourself for this tax season: Certain tax laws provide to some taxpayers many tax benefits, allowing [...]

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SEVERAL FACTS ABOUT HOME OFFICE DEDUCTIONS

By | May 1st, 2011|Blog, Home Office Deductions, Tax Law|

With technology making it easier than ever for people to operate a business out of their house, many taxpayers may be able to take a home office deduction when filing their 2009 federal tax return next year. Here are five important things that you should know about claiming the home office deduction. Generally, in order [...]

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