Unless you’ve been hiding under a rock, you’ve probably heard about the battle between the President and Congress over funding for a southern border wall. The government “shutdown” created by the impasse has created a lot of uncertainty about many government-provided services.
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Many folks faced the new year with a fresh-start mindset, new goals, and a handful of resolutions. For some, 2017 is still at the top-of-mind with credit card balance carry-overs and a loan or two. For others, the new year brings ideas of travel, home renovations, or major purchases.
Regardless of the intent, oftentimes folks think they can simply borrow or withdraw from their 401(k) to pay for these things when their bank account is not liquid. After all, the money is theirs and just “sitting” untouched. So why not tap into the account – life is short, right?
Recently, pop star Iggy Azalea discovered (the hard way) that even though you might an iconic pop star, you still have to pay your fair share of taxes on earnings.
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There are changes in due dates coming for many different business tax returns beginning in 2017, and many business owners are unaware of these changes. What’s changing and how is it changing?
read more…If your business uses independent contractors as part of its work force, depending on the circumstances, the IRS might reclassify these workers as employees. Such a reclassification would expose your business to employment taxes and penalties. In addition, your business might be responsible for retroactive fringe benefits for any reclassified workers.
So through some miracle, you ended up with enough healthy players at the end of your season to triumph in your fantasy football championship. Although you may still be riding that high, like yours truly, it’s good to know how this may or may not affect your tax return for this year. With fantasy football becoming ever more popular year after year, it’s becoming a larger target to the IRS.
Each year, many people get a larger refund than they expect. Some find they owe a lot more tax than they thought they would. If this has happened to you, review your situation to prevent a tax surprise. Did you marry? Have a child? Change in income? Life events can have a major impact on your taxes. Bring the taxes you pay closer to the amount you owe. Here are some tips to help you come up with a plan:
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Confronting the latest scheme to target taxpayers, the IRS and its Security Summit partners warned (on September 22, 2016) that scammers have sent fake emails purportedly containing CP2000 notices, which are used in the IRS’s Automated Underreporter Program.
Read more about IRS Scams by Howard Kass
The IRS emphasized that it never sends these notices by email, and instead uses the U.S. Postal Service (IR-2016-123).
Background–direct and indirect (60-day) rollovers
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REMEMBER: The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. In addition, IRS does not threaten taxpayers with lawsuits, imprisonment or other enforcement action. Being able to recognize these tell-tale signs of a phishing or tax scam could save you from becoming a victim.
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Zinner & Co. proudly welcomes Karen J. Costantini, CPA, and Brian Lynch, MBA, to our team. Karen was named Senior Tax Manager, while Brian will serve in the role of Audit Senior. Karen Costantini With more than 25 years of experience involving all aspects of tax...
Have you ever received an email that looked a little off? These social engineering emails may say your password was compromised or that you won a gift card. They are a sneaky way scammers try to trick people into giving up personal information or clicking on dangerous...
The sales and use tax rate for Lake County (43) will increase from 7 percent to 7.25 percent effective July 1, 2025. Last year, LakeTran, the county's regional public transportation system, announced that it would pause the agency's quarter-of-a-percent sales tax,...
On April 9, vendor licenses will increase from $25 to $50. The change is due to the passage of HB 366, to support the Organized Crime Commission Fund. This fee increase will impact both county vendors and transient vendors’ licenses. A vendor license is required for...
Potential Income and Estate Tax Savings The death of a husband or wife can be an overwhelming time for the surviving spouse, especially when it comes to financial decisions. When a spouse dies, many surviving spouses elect to transfer retirement assets to their own...
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