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Tax Alerts

A $100 donation may not provide a $100 charitable deduction. What you give and how the charity uses the gift are just two of the factors that may also affect your deduction. Here’s what you need to know.


Considering a home mortgage restructuring or foreclosure? You may be surprised to learn that such debt relief can increase your taxable income. But if you act soon, you may be eligible for a tax break.


Productivity and, indeed, profitability are both tied to highly engaged employees. When looking to promote employee engagement, lessons lie in Maslow’s “hierarchy of needs.”


Being classified as a trader rather than an investor has certain tax advantages if you make short-term investments. But qualifying as a trader isn’t easy.


Would you drive a car without a functional dashboard? Perhaps once a month someone could tell you how fast you were going and how much fuel you had left. Sound good? Probably not. Yet this is how many business owners run their companies.


If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume that there are no tax implications involved. And you’re probably right — but there is a chance your miles could be taxable.


Succession planning raises some tough questions. When should you hand over the reins? And how and when should you reveal your successor’s identity to employees? We offer some helpful advice.


If you’ve paid investment advisory fees, retained certain legal services or not been reimbursed for employee business expenses, you might benefit from “bunching” miscellaneous deductions into 2016.


It’s the goal of many Americans to pass wealth to the next generation. To maximize what goes to your loved ones vs. Uncle Sam, you need to carefully plan your gifts.


Today’s companies can be undermined by many things. Savvy leaders must lay a solid foundation and continue to elevate their success. Here are the four pillars on which you should build your business.


You want employees to show up for work. But a worker who’s ill or distracted can actually inhibit productivity — otherwise known as “presenteeism.” Learn more about this common problem.


If you win a bet, do you have to report the income? Are wagering losses deductible? If you’ve gambled this year and can’t answer these questions, here’s what you need to know.


Nearly every business is vulnerable to fraud. One common scheme is padding expense account reports. This threat could derail your profitability. Here’s how to fight back.


As the new administration and Congress get to work, tax reform is high on the agenda. Although legislative language has not been yet released, statements from tax writers in Congress shed some light on various proposals.


The filing season is the most active time of the year for tax scams. These scams take every shape and form, ranging from telephone calls to individuals to sophisticated schemes targeting employers and businesses. The goal of all these scams is identity theft. Using legitimate identities of unsuspecting individuals allows criminals to file fraudulent returns and claim bogus refunds.


The Treasury Inspector General for Tax Administration (TIGTA), in its recently released final report for the 2016 filing season, highlighted the IRS’s response to what was good and what was bad about its performance. It signals what the IRS is doing during the 2017 filing season currently underway to improve things (TIGTA, Ref. No. 2017-40-014). Nevertheless, although the IRS had improved in a number of areas with respect to the 2016 filing season, TIGTA reports that the agency continues to be plagued by numerous challenges.


The first step is to determine if you qualify for the federal fuel tax credit. The IRS has uncovered significant fraud associated with the fuel tax credit and is watching for fraudulent claims. The credit is not available to most taxpayers but only to qualified taxpayers, such as taxpayers engaged in farming. However, some ineligible taxpayers claim the credit in order to inflate their refunds. Fuel tax credit fraud can result in a penalty of $5,000.


Tax-related identity theft spikes during the filing season. Many taxpayers discover for the first time that they are victims of identity theft when they receive a letter from the IRS.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of March 2017.


Health flexible spending arrangements (health FSAs) are popular savings vehicles for medical expenses, but their use has been held back by a strict use-or-lose rule. The IRS recently announced a significant change to encourage more employers to offer health FSAs and boost enrollment. At the plan sponsor's option, employees participating in health FSAs will be able to carry over, instead of forfeiting, up to $500 of unused funds remaining at year-end.


The IRS has made several changes to its examination (aka, "audit") functions that are designed to expedite the process and relieve some burden on business taxpayers. These include the expansion of the Fast Track Settlement (FTS) program for small business, self-employed (SB/SE) taxpayers and a new process for issuing information document requests (IDRs) in large case audits.





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