In recent years, the IRS has increased its scrutiny — including actual audits — of not-for-profits. Do you know what to do if your organization receives an audit letter? What is an audit? An audit begins with the initial contact… Read More
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SEPs: A powerful retroactive tax planning tool
Simplified Employee Pensions (SEPs) are sometimes regarded as the “no-brainer” first choice for high-income small-business owners who don’t currently have tax-advantaged retirement plans set up for themselves. Why? Unlike other types of retirement plans, a SEP is easy to establish… Read More
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IRS Reiterates Warning of Pervasive Telephone Scam
As the 2014 filing season nears an end, the Internal Revenue Service today issued another strong warning for consumers to guard against sophisticated and aggressive phone scams targeting taxpayers, including recent immigrants, as reported incidents of this crime continue to… Read More
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Employers Must Use Revised Form I-9, Employment Eligibility Verification
U.S. Citizenship and Immigration Services (USCIS) reminds employers that beginning May 7, 2013 they must use the revised Form I-9, Employment Eligibility Verification (Revision 03/08/13)N for all new hires and reverifications. All employers are required to complete and retain a… Read More
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IRS Increases Mileage Rates for 2013
The Internal Revenue Service today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2013, the standard mileage rates for the… Read More
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New Income Tax Surcharge to hit in 2013
A new tax 3.8% income tax surcharge will become effective on taxable years beginning on and after January 1, 2013. These new surcharges have been put into place to help finance the recent healthcare reform. This surtax will apply an… Read More
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Maryland Homestead Tax Credit
By the end of 2012, all Maryland homeowners must reapply for the Homestead Tax Credit, which helps offset large assessment increases for property tax purposes in a given year. The law requires the state government to limit increases in the… Read More
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Employers hit by rising health costs look to high-deductible plans
There’s a good chance during open enrollment this fall that you will be offered a high-deductible insurance plan with a savings account — if you haven’t already been nudged into one. Increasingly, employers are offering this as a way to… Read More
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14 tax issues to watch after the election
These personal tax matters could see changes in 2013, depending on who wins the White House. Whatever happens in the election on Nov. 6, the next Congress and president will face a heaping helping of unfinished tax business. Here’s the… Read More
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How to Get a Transcript or Copy of a Prior Year’s Tax Return from the IRS
Taxpayers should keep copies of their tax returns, but if they cannot be located or have been destroyed during natural disasters or by fire, the IRS can help. Whether you need your prior year’s tax return to apply for a… Read More