Penalties for Failure to File 1099s

July 6, 2015

Part of one of the new trade bills the President signed into law has, as an “offset” – or a way of paying the bill for the legislation.  This is how they write laws – or, rather, changes to them – and you can see exactly how much these penalties have increased.  The bottom line […]

Read the full article →

IRS Security Breach

June 1, 2015

On May 27, 2015, this announcement appeared on irs.gov: “The IRS announced today that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts through IRS’ “Get Transcript” application. This data included Social Security information, date of birth and street address. These third parties gained sufficient […]

Read the full article →

Donations and Contributions

February 10, 2015

The IRS released its new “”Dirty Dozen” Tax Scams for 2015″. You can find it here.  My concern today is FAKE CHARITIES.  The IRS says, “Fake Charities: Taxpayers should be on guard against groups masquerading as charitable organizations to attract donations from unsuspecting contributors. Contributors should take a few extra minutes to ensure their hard-earned money […]

Read the full article →

Tax Season Updates

February 6, 2015

The IRS is behind on processing returns and there is no indication of when they might get back on schedule.  Besides having the entire Affordable Care Act dumped in their lap to administer, their budget was slashed. If you’re waiting for your refund from the IRS, check WHERE’S MY REFUND To check on the State of […]

Read the full article →

Download a Booklet on the Affordable Care Act Here

January 21, 2015

Here is a link to a 16 page booklet on the Affordable Care act: Health Care Law: What’s New for Individuals & Families.

Read the full article →

Quickbooks Tip ~ Memorized Transactions

January 16, 2015

Memorized Transactions are a great way to save time and to act as a memory jogger. You can run into serious problems, however, when they expire. You might be either be shorting your cash flow, or not paying your bills. One of my “1st of the year” task is to review the Memorized Transaction lists […]

Read the full article →

Health Care Law & Your Tax Return

January 6, 2015

Affordable Care Act & Taxes ~ At a Glance IF YOU… THEN YOU… Have a tax return that is affected by any of the Affordable Care Act tax provisions  Should consider filing electronically using one of the many e-file options. Enrolled in health insurance through the Marketplace Should receive a Form 1095-A Health Insurance Marketplace […]

Read the full article →

New Sales Tax Payment Due Dates for Connecticut

January 6, 2015

From Connecticut’s website: SALES TAX FILING DEADLINE CHANGED Legislation passed in 2014 changes the due date for filing and paying Connecticut sales and use tax from the last day of the month to the 20th of the month following the close of the reporting period.  This change is consistent with tax administration practice in other states, […]

Read the full article →

Your Caller ID Might Be Lying

January 4, 2015

Thieves of your time, and your life, have devised a new way to grab an unauthorized chunk.  If you, like me, live by the Caller ID because your ratio of telemarketers to legitimate phone calls run about 20:1, know this.  Telemarketers can make your Caller ID say anything they want it to say.  NEVER give […]

Read the full article →

Affordable Care Update

January 2, 2015

I’ve been going through the tax software to see what the Affordable Care worksheets look like.  There are five extra worksheets that will, except for very rare instances, need to be completed. Watch carefully for Form 1095-A – and you may get more than one – several perhaps, one for each plan in effect for any […]

Read the full article →