Changes To IRS Partnership Audit Rules
The Bipartisan Budget Act of 2015 (the Act) enacted late last year repeals the existing partnership audit rules known as the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and will allow the IRS to collect taxes associated with audit adjustments at the partnership level, rather than passing adjustments through to the individual partners. […]
Client Memo Fraudulent EFTPS E-Mail Scams
There is a new e-mail scam related to the Electronic Federal Tax Payment System (EFTPS) that we want you to be aware of. According to the IRS, the scheme targets individuals and businesses who utilize EFTPS to pay their federal taxes online or via telephone. The fraudulent e-mail claims that the user’s tax payments were […]
Client Memo – Estate Beneficiary
Tax Time Scams Awareness
As the IRS announced the beginning of the 2018 tax filing season last week, it also warned that this is the time when identity thieves and fraudsters are actively seeking opportunities to steal from businesses and individuals. In addition to tax scams covered in our previous client memos – IRS Warns of Phone Scam, IRS […]
Client Memo – Red Flags
Fraudsters exhibit behavioral warning signs of their misdeeds. These red flags are not to be ignored as they might be the key to detecting or deterring fraud. Employee Red Flags – Employee lifestyle changes: expensive cars, jewelry, homes, clothes Significant personal debt and credit problems Addiction problems: substance abuse, gambling, and excessive drinking Refuse to […]
Tax Records
The period between filing last year’s tax return and this year’s return is the perfect time to organize your tax records. Granted, it may not be something you relish doing, but tackling this now can save you a multitude of headaches later. Tax law rules Generally, you should keep tax-related records as long as the […]
Kiddie Tax: New Hazard, New Opportunities
Despite its name, the “kiddie tax” is far from child’s play. And a change made by the Tax Cuts and Jobs Act (TCJA) puts some adult teeth into the tax. Now, children with unearned income may find themselves in a tax bracket higher than that of their parents. At the same time, the TCJA creates […]
Calendar or Fiscal Tax Year?
Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners ’personal returns, making it about as simple as anything involving taxes can be. But for businesses whose primary operating season doesn’t fall neatly within a single calendar year, choosing a fiscal year end can make more […]
