Archive for the ‘Blog’ Category

The IRS & Private Debt Collectors

09/06/17 11:39 am | Comments (0) | Posted By:

In September of 2016, the IRS announced that it would start using private debt collectors to recover certain overdue federal tax debts in the spring of 2017. To implement this new program, the IRS contracted with four private collection agencies: CBE Group, Conserve, Performant, and Pioneer. In carrying out their collection efforts, these four c...

You May Not Have to Ask to Get an Extension

11/05/17 2:20 pm | Comments (0) | Posted By:

Right before this year’s tax deadline, the IRS put out a release reminding people that some of us may not have to ask for an extension. While this advice is coming a bit late from me for the current tax year, it is definitely something to keep in mind. As the IRS notes “Taxpayers in Presidentially-declared disaster areas, members of the military...

Making the Most Out of Tax Time

19/01/17 1:49 pm | Comments (0) | Posted By:

We all know how it goes - as soon as the New Year begins the tax forms begin filling up your mailbox. Just another year to throw the 1099s and W-2s in a pile and ship them off to your accountant just in time to throw a return together and be done with it. Many people see tax time as a necessary evil which they grin and bear their way through the...

Autumn is the time to think about taxes

25/08/16 9:34 am | Comments (0) | Posted By:

It’s hard to believe we are two-thirds of the way through 2016 already. Seems like just yesterday you were gathering all of your tax documents and filing your 2015 return (or maybe you still are if it was extended). I know for a lot of individuals and business owners taxes are the last thing on their mind right now, but if you are willing to spe...

Summer Tax Tip: ‘Tis the Season to Give!

14/07/16 3:15 pm | Comments (0) | Posted By:

According to the Network for Good, 30% of all online charitable contributions in 2015 were made during the month of December. This is not surprising as the gift-giving spirit around the holidays inspires many people to donate to causes near to their hearts at that time. Fortunately for us taxpayers, a donation to an IRS qualified charity can pro...

Deploying to military combat zones: Tax regulations designed to benefit those who serve

28/04/16 9:13 am | Comments (0) | Posted By:

There are a number of beneficial tax provisions that have been implemented to help military members who have been deployed to combat zones and their families. Two substantial benefits are extensions of filing deadlines and military pay exclusions. To be able to take advantage of these special tax treatments, however, specific requirements need t...

Important Dates for 2015 Tax Returns

11/02/16 11:58 am | Comments (0) | Posted By:

With all of the talk of tax deadlines switching for 2016 tax returns it’s important to go over some of the deadlines for this current tax season. The deadlines for this year are the same as they have been in the past. Here are a few of those dates, but additional guidance can be found on the IRS website.

  • Monday, February 29. Deadline for bus...

How the United States Tax Rates Compares to Germany

15/03/15 10:56 am | Comments (2) | Posted By:

  Having recently visited Germany and being a CPA, I naturally was interested in their taxes. I have heard throughout my life how taxes in Europe are extremely higher than in the United States and I thought I’d do a simple comparison. According to a KPMG report on income tax and social security rates on $100,000 USD of income, in Germany t...

A Quick Look at the History of the IRS

19/02/15 1:23 pm | Comments (0) | Posted By:

  Have you ever wondered when and how the IRS got its start? I did and so I did a little research. The IRS traces its origins back to the Civil War. In 1862, President Lincoln signed the Revenue Act of 1862 into effect. This law was intended to help pay for war expenses by establishing a Commissioner of Internal Revenue and the country’s f...

A Quick Overview on Publicly Traded Partnerships

17/10/14 4:59 pm | Comments (0) | Posted By:

  In today’s low yield environment, where a five year CD yields 1.5%, publicly traded partnerships (PTPs) have been proliferating. These are companies, usually associated with oil and gas, that are required to distribute their “distributable cash flow” and avoid the double taxation that is inherent to corporations. They usually have yields in...

The Many Reasons to E-File Your Tax Return

27/02/14 8:00 am | Comments (1) | Posted By:

As you may be aware, for the last few years the Internal Revenue Service has been strongly urging taxpayers to file their income tax returns electronically. Tax return preparers have been required to IRS e-file individual income tax returns since 2012, with certain allowable exceptions. One of those exceptions is that the taxpayer can opt-out of...

ARE YOU READY? IT’S TAX SEASON!

16/01/14 11:32 am | Comments (0) | Posted By:

  Yes, it is that time of year. Now that the holidays are over, it’s time to start thinking about income tax. Were there any life event changes such as getting married, having a baby, adopting a child, death of a spouse, purchasing a home or any other events that would affect your income tax return? Start accumulating your documents to pre...

It’s Tax Season – Be on the Lookout for “The Dirty Dozen”

04/04/13 12:06 pm | Comments (0) | Posted By:

  As tax season begins to draw to an end, the Internal Revenue Service is issuing its annual “The Dirty Dozen” warning to consumers about fraud on and by taxpayers. This year’s list is little changed from 2012, and is again headed up by identity theft. A growing problem every year worldwide, the IRS is stepping up its vigilance in this area,...

Let the tax season begin…a little late

10/01/13 12:12 pm | Comments (0) | Posted By:

  The IRS has just announced plans that the 2013 tax season will begin on January 30, 2013 (a Wednesday if you're wondering). This misses the previously set date of January 22, 2013, but given that Congress passed the American Taxpayer Relief Act (ATRA) in 2013 when it should have passed it in 2012, a late start of only eight days is impressi...

Maximizing your tax benefits on charitable contributions

04/10/12 8:22 pm | Comments (0) | Posted By:

  With the year-end quickly approaching, it’s a good time to start planning your charitable donations. Donating not only allows you the opportunity to help others in need, it can also provide you with tax benefits. The following are guidelines to help you maximize your tax benefits:

  1. Charitable contributions are only deductible if you i...

Another Housing Time Bomb

19/07/12 8:00 am | Comments (0) | Posted By:

  The Mortgage Forgiveness Debt Relief Act is set to expire on December 31, 2012 and has large implications for Nevadans.  Nevada is perennially in the lead, or in the top five in the U.S., in mortgage foreclosures.  When a house is foreclosed upon, the difference in debt owed less the value of the house sold at auction, is considered cancell...

THE IRS – AND THEIR FUNDING ISSUES

07/06/12 9:27 pm | Comments (1) | Posted By:

 

So you think you have financial issues?  Just listen to what Nina Olson, National Taxpayer Advocate, has to say about the IRS.  In her annual report to Congress she suggested that the IRS’s increasing workload and declining resources are the most serious problems facing taxpayers.  So how does she connect the dots to conclude that this is a “...

Taxes, Taxes, Taxes! How Much Do You Really Pay Each Year?

31/05/12 8:42 pm | Comments (0) | Posted By:

  Have you ever wondered just how much you pay in taxes over a year? Not just big tax items like income and property taxes, but even the taxes on the gas you pump into your car to the taxes on your utility bill? Maybe you haven’t because you’re not obsessed with taxes like us CPAs, but if you are curious, the American Institute of CPAs has...

Spring Fever is the right time for College Tax Planning

24/05/12 11:47 pm | Comments (0) | Posted By:

It’s spring time in the Truckee Meadows. The river is running high, the trees are green, and students of all ages are getting spring fever. With graduation on the horizon, it’s hard not to think about what is coming next. Whether your student is finishing kindergarten, graduating high school, or currently in college, it’s always a wise idea t...

A Look inside the President’s Finances

17/05/12 7:46 pm | Comments (0) | Posted By:

  It’s always interesting to get a look into somebody’s finances, and who better to snoop at than President Obama. He released his 2011 tax return, which can be viewed at: http://s3.documentcloud.org/documents/336093/bidens-and-obamas-release-2011-income-tax-returns.pdf. It’s a very simple return: Wages from being the President of $394,821...

Investing in precious metals can lead to higher taxes

10/05/12 9:41 pm | Comments (1) | Posted By:

Gold is one of the hot new investments today. People invest in this asset by purchasing gold bars, gold company stocks or gold electronic trading funds.  These electronic trading funds, commonly called ETFs, have proliferated as evidenced by the ETF with the symbol GLD.  This is a fund that started in 2005 and now has over 64 billion dollars...

A Look at Taxes of the Past

04/05/12 7:52 pm | Comments (0) | Posted By:

 

This year could be the last year before the Bush tax cuts expire and the tax rates increase.   If these cuts expire, single people and married people alike will have higher taxes.   A single person with taxable income making $100,000 will have a tax bill of $23,805 and an average tax rate of 23.8% come 2013 when these changes go into effect...