Q&A: IRS Fraud Schemes Targeting Taxpayers

The IRS releases a Dirty Dozen scams list highlighting twelve fraud schemes every year. Guess what the 1st three schemes were? Phishing, phone scams, and identity theft. All fraud schemes that involve solicitation of your personal information. While these fraud schemes aren’t new, the method of communication and contact from fraudsters has changed. The fraudsters

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President Trump Puts Taxpayers First

On July 1, President Trump signed into law H.R. 3151, The Taxpayer First Act. Sounds like it’s putting us, the taxpayers, first, but what exactly does this new bill entail? H.R. 3151 is comprised of four parts, with each part being broken down into subtitles and sections. The changes are plentiful, so let’s look at

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Q&A: Tax Implications of Being A World Roaming Worker

Remote Worker. Digital Nomad. One is old school. One is new school. Both are terms for workers that aren’t confined to a physical location in order to do their job. The main difference between the two is that the advent of technology has morphed remote worker who may live in another state into an international

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Tax Transcripts: The IRS Increases Protection of Data

Most taxpayers save copies of their tax returns immediately after they file. Whether you’re getting a loan for your newest business venture or applying for financial aid for your child to attend college, a review of your previous years tax returns is customary. So what happens when it’s time to pull out your tax return

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The Truth About Real Estate Investment as a Retirement Plan

Let’s face it, there are dozens of ways that men and women can begin to invest in residential real estate – fix and flips, wholesaling, and, of course, rental properties.  Nearly all of the methods that are traditionally employed have the requirement of “time” in them.  Time to find the properties, time spent finding buyers,

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Tax Return Documents: Save them or trash them?

Let me ask you a question. What do you do with all of your receipts, statements, and calculations after you’ve filed your return? Hopefully you keep them, but many people simply throw them away after they’ve completed their tax returns. Why? Because they’ve never been audited. While I hope that you never get audited, knowing

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IRS cracks down on payroll tax cheats

The Internal Revenue Service has been focusing efforts in recent weeks on payroll tax compliance, with revenue officers visiting nearly 100 businesses suspected of having serious issues with employment tax compliance. IRS Field Collection and Criminal Investigation employees undertook a two-week campaign between March 25 and April 5 to ensure the businesses complied with the

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To Report or Not Report Reportable Transactions

The IRS is nosy. They want you to report everything! They want to know how much you make, how much you spend, how you calculate it, and so on. While simply including the amount and the method of valuation will suffice for most numbers on your tax return, there’s this subset of transactions that IRS

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Multi-state Tax Management

On June 21, 2018, landmark case South Dakota v. Wayfair, Inc. enabled states to tax remote sellers. This was a major victory for state taxing authorities. The online seller—not so much. For most online sellers prior to this ruling, they were only responsible for paying sales and use taxes to the state where they had a

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I Didn’t File My Taxes. Now What?

April 15 is sketched into the brain of every adult. It’s Tax Day! You’re either looking at the frantic filers aiming to complete their returns before midnight or you are the frantic filer. It’s that simple. And if you’re reading this, we’re going to assume that you’ve either been the frantic filer or know a

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