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Tax Articles

Employment Tax Record Keeping

Records to be kept for at least 4 years should include: Your employer identification number. Amounts and dates of all wage, annuity, and pension payments. Amounts of tips reported. The fair market value of in-kind wages paid. Names, addresses, social security numbers, and occupations of employees and recipients. Any employee copies of Form W-2 that…


Business or Hobby? Tax Implications

Rowing, X-C skiing, Biking, Running, Mountain Climbing, Guitar Playing, Fishing, Gardening, Golf, Sewing, Woodworking, Horsemanship, Scrap Booking, Stamp and Coin Collecting, etc. The IRS isn’t trying to spoil your fun but if your favorite activity makes a profit every year or so, there may be tax implications that surprise you. What is a hobby? Hobbies,…


Tax Return Preparer Fraud – choose you tax advisor wisely

Tax return preparer fraud generally involves the preparation and filing of false income tax returns by preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients. This includes inflated requests for the special one-time refund of the long-distance telephone tax. Preparers may also manipulate…


Keeping Good Tax Records: IRS Publication 583

In a tax emergency, would you be ready? Well–organized records not only help you prepare your tax return. They also help you answer questions if your return is selected for examination or prepare a response if you are billed for additional tax. Fortunately, you don’t have to keep all tax records around forever. There are…


Negotiating an IRS dispute – here’s a checklist of items the IRS may request

To expedite the resolution of your account with the IRS, expect to be prepared to provide the following information: Valid F2848 covering all tax periods Explain in detail why the taxpayer is not able to full pay or borrow to full pay Completed Form 433- A, B or F Copies of delinquent tax returns and…


Can you take a home office deduction?

If you plan to run your small business out of your home you may be temped to “write-off” many of your household expenses. But how do you know what is deductible and what is not? Generally, expenses related to the rent, purchase, maintenance and repair of a personal residence are not deductible. However, if you…