February 12, 2016
Steve Grgas
Blog Posts
0 CommentsNew ACA information forms debut for 2016 filing season As the 2016 filing season gets underway, many individuals will be receiving new information returns from their employers and/or health insurance providers. The information returns reflect new reporting requirements put in place by the Affordable Care Act. Some taxpayers will need to wait to file their […]
Read moreFebruary 12, 2016Steve GrgasBlog Posts0 CommentsTax-related identity theft remains serious problem as filing season begins In recent years, identity theft has mushroomed and as the filing season starts, tax-related identity theft is especially prevalent. Identity thieves typically file fraudulent returns early in the filing season, before unsuspecting taxpayers file their legitimate returns. Criminals gamble that the IRS will not detect […]
Read moreFebruary 12, 2016Steve GrgasBlog Posts0 CommentsHow do I? Prove business expenses Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also must keep their business records available for inspection by the IRS. In order to claim any deduction, a business […]
Read moreJanuary 13, 2016Steve GrgasBlog Posts0 CommentsHow Do I? Elect to be taxed as an S corporation? An S election is made by a small business corporation with the consent of its shareholders. Both the corporation and its shareholders must precisely follow the S election requirements or the election will not be valid. Qualified corporation. A corporation qualifies as a small […]
Read moreJanuary 13, 2016Steve GrgasBlog Posts0 CommentsIRS gets budget boost to improve customer service and cybersecurity, curb identity theft Going into the 2016 filing season, the IRS has additional monetary resources to improve customer service and cybersecurity along with curbing identity theft. The fiscal year (FY) 2016 omnibus spending bill approved by Congress and signed into law by President Obama in […]
Read moreNovember 15, 2015Steve GrgasBlog Posts0 CommentsClock ticks down to year-end passage of tax extenders for individuals and businesses As 2015 winds down, another temporary extension of the tax extenders appears almost certain. Despite talk in early 2015 about finding a permanent solution to the on-again, off-again extenders, the arrival of November brings a short window for Congress to extend these […]
Read moreOctober 12, 2015Steve GrgasBlog Posts0 CommentsThe approach of year-end 2015 makes it tax planning season. Tax law developments in 2015 can affect, for example, the deduction of costs and expenses, the treatment of contributions to tax-favored accounts, and the inclusion of certain benefits in income. Traditional year-end planning techniques for investments and retirement are also important. Small businesses also have […]
Read moreSeptember 11, 2015Steve GrgasBlog Posts0 CommentsFAQ: When must individuals pay estimated taxes? Many federal income taxes are paid from amounts that are withheld from payments to the taxpayer. For instance, amounts roughly equal to an employee’s estimated tax liability are generally withheld from the employee’s wages and paid over to the government by the employer. In contrast, estimated taxes are […]
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