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Tax News

When you’re enjoying your summer vacation, the last thing you want to think about is taxes. But most people aren’t aware of the tax implications that comes with residential and vacation home rentals.
If you receive money for the use of one of your personal residences, that generally requires reporting the rental income on your tax return. It could also mean that certain expenses for that home can be used as deductions.

Our growing tax resolution firm is looking for a Marketing Intern. This role assists with various duties and must be highly organized, creative, detail-oriented, great with time management, have excellent writing skills and be able to work independently with little supervision. The intern will work predominately with the Marketing Coordinator, assisting with tasks and certain projects. The ideal candidate will be working towards a marketing degree or a degree in a related field. The internship is paid.

The IRS is warning people about a new scam that involves their Electronic Federal Tax Payment System (EFTPS). The new scam involves a scammer calling a taxpayer and claiming they are from the IRS. The scammer then tells the taxpayer that two certified letters allegedly sent to the taxpayer in the mail have been returned as undeliverable. The scammer then threatens to arrest you if a payment is not made through a prepaid debit card. The scammer says the card is linked to the EFTPS system, when in fact it is controlled entirely by the scammer. The taxpayer is also warned not to contact their tax preparer, their attorney or their local IRS office until a payment is made.

The IRS wants to remind U.S. citizens living and working abroad that they must file their 2016 tax return by June 15th. The June 15th deadline is available to U.S. citizens and resident aliens abroad, including taxpayers with dual citizenship. A taxpayer must file an income tax return, even if they qualify for a tax benefit like the Foreign Earned Income Exclusion or the Foreign Tax credit that could reduce or eliminate their U.S. tax liability. A taxpayer qualifies for the June deadline if both their tax home and abode are outside the U.S. and Puerto Rico. Those serving in the military outside the U.S. also qualify for the June 15th date. When filing, make sure to attach a statement indicating which situation applies to you.

Your next collections request might not come from the IRS. That’s because the IRS has implemented a new private collections program for certain overdue federal tax debts. The new program allows four designated contractors to collect outstanding tax debts on the governments behalf.

Starting this summer, any taxpayer who wants to request a letter ruling, a closing agreement, and other certain rulings from the IRS will need to pay the user fee electronically. The IRS will now be using the Pay.gov system to deal with taxpayer fee payments. Pay.gov allows people to pay for a variety of government services. Users can use a credit or debit card or can have funds withdrawn electronically from checking or savings account. In the past, users wanting to request rulings could only pay the required user fee by check or money order.

As we enter severe weather season, it’s important to keep you and your loved ones safe. Whether you are at your home or business, you should have an emergency plan ready and practice it often so you’re ready when disaster strikes. Along with keeping yourself safe, you should also take some time to make sure your records and your financial future are safe as well.

With more Americans than ever burdened by student loan debt, many are seeking out options for forgiveness or loan cancelation.

The good news is the Consumer Financial Protection Bureau estimates that one-fourth of the American workforce may be eligible for these forgiveness programs.

However, the process for obtaining forgiveness may be complicated and lengthy, and some programs may result in a large tax bill.

It is important that business owners and contract workers keep detailed records of their expenses to ensure they pay the correct amount in taxes each year and to have information available in the case of an audit.

The good news is technology can make this process faster and more organized without a significant amount of extra work. Gone are the days of boxes full of faded receipts, now tracking software can store important documents.

This month, the IRS announced there is approximately $1 billion in unclaimed federal income tax refunds for those who did not file their returns in 2013.

There is no penalty for filing a late return if it results in a refund, but the deadline to collect money from a 2013 tax return is no later than this year’s tax deadline – April 18. After three years, the refund becomes property of the U.S. Treasury.

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