Scammers Never Sleep! Beware the IRS 2019 “Dirty Dozen!” Scammers are hard at work making tax season difficult for preparers and taxpayers alike. These common scams have peaked during filing season – not just individuals, but businesses also should be forewarned and forearmed! It may look like a duck, walk like a duck, and quack
Businesses Now a Target for Tax-Return Identity Theft
Think only individuals are targeted for identity theft? Think your business entity is safe from cybercriminals and IRS fraud? Think again. For years, identity thieves have used stolen employer identification numbers (EINs) to create fake Wage and Tax Statements (W2s) that they use to file fraudulent individual tax returns, as well as to open new
One Dozen Tax Breaks Still Around to Take Advantage of in 2019
Were you shellshocked by your 2018 tax return and refund? Although April 15th will be behind us in a week or so, it might just be time to start thinking about your tax filing strategy for 2019! The tax code contains over 170 preferences that benefit middle-income households, like the Earned Income Credit and the
TRENDS IN TRADING: The ETF vs The MUTUAL FUND
There is a rivalry that is forming in the investment world bigger than the Lakers vs the Celtics or the Yankees vs the Red Sox. It is the ETF vs the Mutual Fund. While many investors are familiar with Mutual Funds, they have little knowledge of Exchange Traded Funds. There is a difference in investment
Charitable Giving Strategies and Solutions
Think Tax Reform is likely to discourage charitable giving? Not at all. The Tax Cuts and Jobs Act may have lowered individual income tax rates, reduced the value of tax deductions, and doubled the estate tax exemption to $22 million for couples, but it will not impact all tax-motivated bequests. Millions of passionate non-itemizers contributed
Who Would Benefit From the Cost-of-Living Refund Act of 2019
Legislation was reintroduced in late February to expand the Earned Income Tax Credit called the Cost-of-Living Refund Act of 2019. This bill would increase the size of the EITC as well as increase the number of tax filers eligible for the credit. The hope is that it would assist American families receiving smaller refunds than
Are You Taking Advantage of the Investment Opportunity Act?
Hidden away in the 2017 Tax Cuts and Jobs Acts is a program called the Investing in Opportunity Act, which can bring much needed investment to some of the nation’s distressed communities. It allows for investment in new businesses and in education, particularly charter schools and skill trainings programs. It is gaining popularity as a
Take A Second Look At Opportunity Zones
Time is running out if you have been considering investments in qualified opportunity zone properties and businesses. The deadline to get the full 15 percent step-up in basis afforded to realized capital gains is December 31, 2019. Opportunity Zones are a way to encourage more investment in economically distressed communities. They were slow in gathering
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Tax Reform Tax Break for Pass Through Entities
Tax Reform’s 20% Tax Break for Pass Through Entities – Exceptions Apply! The Tax Cuts and Jobs Act lowered the corporate tax rate to 21% while individual rates remained higher for individuals. This proved to be a problem for sole proprietors, partnerships, LLCs, trusts and other owners of pass-through entities like S-Corporations. So Congress, with
