June 10, 2017
Andrew Presti
Blog Posts
0 CommentsHow do I? Safeguard tax benefits against natural disasters As “hurricane season” officially begins, the IRS has released a number a tax tips, reminders and other advice to help taxpayers weather the storm of natural disasters and similar emergencies. The underlying theme for all IRS “tax tips” is that recordkeeping has generally become easier in […]
Read moreJune 10, 2017Andrew PrestiBlog Posts0 CommentsFAQ: What are passive losses? Individuals, trusts, estates, personal service corporations and closely held C corporations may only deduct passive activities losses from passive activity income. The rules do not apply to S corporations and partnerships but do apply to their respective shareholders and partners. In general, limited partners are not deemed to materially participate […]
Read moreJune 10, 2017Andrew PrestiBlog Posts0 CommentsJune 2017 tax compliance calendar 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 June 2017. June 1 Employers. Semi-weekly depositors must deposit employment […]
Read moreMay 11, 2017Andrew PrestiBlog Posts0 CommentsFAQ: What are my odds of being audited? Audit coverage rates are at low levels, the IRS has reported. According to the IRS, the audit coverage rate for individuals fell 16 percent from FY 2015 to FY 2016. The 0.7 percent audit coverage rate for individuals was the lowest coverage rate in more than a […]
Read moreMarch 09, 2017Andrew PrestiBlog Posts0 CommentsTax scams proliferate during filing season 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 […]
Read moreJanuary 12, 2017Andrew PrestiBlog Posts0 CommentsAll eyes on tax reform in 2017 Congress ended 2016 passing a few targeted tax bills and lawmakers focused on the incoming Trump administration and tax reform in 2017. President-elect Donald Trump campaigned on tax cuts for individuals and businesses. Already, lawmakers from both sides of the aisle are preparing for what is expected to […]
Read moreJanuary 12, 2017Andrew PrestiBlog Posts0 CommentsIRS releases 2017 standard mileage rates; business and medical/moving rates drop The IRS has released the 2017 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The updated rates are effective […]
Read moreJanuary 12, 2017Andrew PrestiBlog Posts0 CommentsHow do I? Know what records to discard A new year may find a number of individuals with the pressing urge to take stock, clean house and become a bit more organized. With such a desire to declutter, a taxpayer may want to undergo a housecleaning of documents, receipts and papers that he or she […]
Read moreJanuary 12, 2017Andrew PrestiBlog Posts0 CommentsJanuary 2017 tax compliance calendar January 5 Employers. Semi-weekly depositors must deposit employment taxes for Dec 28–Dec 30. January 6 Employers. Semi-weekly depositors must deposit employment taxes for Dec 31 and Jan 1–Jan 3. January 10 Employees who work for tips. Employees who received $20 or more in tips during December must report them to […]
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