August 2018

//August 2018

Watch out for Scams during Hurricane Season

By | 2018-09-10T06:26:05+00:00 August 10th, 2018|Categories: August 2018, Tax Tips|

Hurricane season runs June 1 to November 30. With hurricane season well underway, taxpayers should watch out for disaster-related scams carried out by criminals and scammers who often try to take advantage of the generosity of taxpayers wanting to help victims of major disasters. Fraudulent schemes normally start with unsolicited contact by telephone, social media, e-mail [...]

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Avoid Delays: Renew ITINs Expiring in 2018 Now

By | 2018-09-10T06:26:01+00:00 August 10th, 2018|Categories: August 2018, Tax Tips|

Under the Protecting Americans from Tax Hikes (PATH) Act, Individual Taxpayer Identification Numbers (ITINs) that have not been used on a federal tax return at least once in the last three consecutive years will expire December 31, 2018. In addition, ITINs with middle digits 73, 74, 75, 76, 77, 81 or 82 will also expire at [...]

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The Facts about Penalty Relief for Taxpayers

By | 2018-09-10T06:25:52+00:00 August 10th, 2018|Categories: August 2018, Tax Tips|

Taxpayers who make an effort to comply with the law but are unable to meet their tax obligations due to circumstances beyond their control may qualify for relief from penalties. If you've received a notice stating that the IRS assessed a penalty, the first step taxpayers should take is to check that the information in the [...]

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Some Veterans Eligible for Refunds from Overpayment

By | 2018-09-10T06:25:46+00:00 August 10th, 2018|Categories: August 2018, Tax Tips|

Certain veterans who received disability severance payments after January 17, 1991, and included that payment as income should file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to the disability severance payment. The refund is the result of the Combat-Injured Veterans Tax Fairness Act passed in 2016. [...]

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Good Recordkeeping Benefits your Business

By | 2018-09-10T06:20:25+00:00 August 10th, 2018|Categories: August 2018, Tax Tips|

Avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year. Records help [...]

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