Tax Planning Tips for Cutting 2017 Income Taxes - Tax Reform Edition

There’s still time left for you or your clients to cut their 2017 tax bills.

The conventional tax wisdom at the end of the year is to pull in deductions to offset current tax liability and push off income to postpone tax payment. This takes on added significance in 2017 with enactment of the new tax reform law, the Tax Cuts and Jobs Act (TCJA). Because the bill, just signed into law by President Trump on Friday, December 22, cuts individual tax rates and eliminates or scales back most itemized deductions in 2018, many taxpayers have even more tax incentive to follow the traditional pull-and-push strategy.

Read More: http://www.cpapracticeadvisor.com/news/12388257/tax-planning-tips-for-cutting-2017-income-taxes-tax-reform-edition

Questions: http://www.rehcpas.com/

IRS issues 2018 standard mileage rates

The optional standard mileage rates for business use of a vehicle will increase slightly in 2018, after decreasing in the two previous years, the IRS announced Thursday (Notice 2018-3). For business use of a car, van, pickup truck, or panel truck, the rate for 2018 will be 54.5 cents per mile, up from 53.5 cents per mile in 2017. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.

Read More: https://www.journalofaccountancy.com/news/2017/dec/2018-irs-standard-mileage-rates-201718061.html

Questions: http://www.rehcpas.com/

House bill features many business tax changes

At an estimated projected revenue cost over 10 years of $1.46 trillion, the reduction of the corporate income tax rate in the Tax Cuts and Jobs Act, H.R. 1, is the bill's largest single item by forecast negative effect to the federal budget, according to the Joint Committee on Taxation's estimate (JCX-47-17). But the bill contains many other provisions that would affect a large number of businesses, if enacted.

Read More: https://www.journalofaccountancy.com/news/2017/nov/house-bill-features-business-tax-changes-201717819.html

Questions: http://www.rehcpas.com/index.asp

Details of tax reform legislation revealed

The House Ways and Means Committee released draft tax reform legislation on Thursday. The Tax Cuts and Jobs Act, H.R. 1, incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details. Budget legislation passed in October would allow for the tax reform bill to cut federal government revenue by up to $1.5 trillion over the next 10 years and still be enacted under the Senate’s budget reconciliation rules, which would require only 51 votes in the Senate for passage. The Joint Committee on Taxation issued an estimate of the revenue effects of the bill on Thursday showing a net total revenue loss of $1.487 trillion over 10 years.

Read More: https://www.journalofaccountancy.com/news/2017/nov/tax-reform-legislation-details-201717798.html

Questions: http://www.rehcpas.com/index.asp

The Most Overlooked Tax Deduction by Real Estate Owners

The IRS has provided real estate owners with a juicy tax deduction. The de minimis safe harbor election is an annual tax return election that permits a taxpayer to deduct, as ordinary and necessary business expenses, purchases of items that would normally have to be capitalized. Yet this advantageous election is often overlooked by taxpayers. This article will discuss the de minimis safe harbor election and its requirements.

Read More: http://www.cpapracticeadvisor.com/article/12372399/the-most-overlooked-tax-deduction-by-real-estate-owners

Questions: http://www.rehcpas.com/index.asp

When 'Independent Contractors' Get Unemployment Benefits

What It Means For Employers

With Uber, Lyft, and many other companies that provide many different services and products, the norm these days seems to be independent contractors. The companies avoid the huge taxes, expenses, and liabilities of having employees. The workers get the freedom to work on their own, managing their own schedules. One of the great unanswered questions, of course, is how much control is too much for independent contractors, without making them employees. Many lawsuits brought by workers and by third parties are about this very question. 

Read More: https://www.forbes.com/sites/robertwood/2017/10/20/when-independent-contractors-get-unemployment-benefits-what-it-means-for-employers/#687f45084eff

Questions: http://rehcpas.com/

Social Security Administration announces small increase in 2018 wage base

The Social Security Administration (SSA) announced on Friday that the maximum amount of wages in 2018 subject to the 6.2% Social Security tax (old age, survivor, and disability insurance) will rise from $127,200 to $128,700, an increase of a little more than 1%. By comparison, the 2017 wage base increased more than 7% over the 2016 wage base.

Read More: https://www.journalofaccountancy.com/news/2017/oct/social-security-wage-base-2018-201717654.html

Questions: http://rehcpas.com/

Republicans Unveil Tax Reform Framework

Republican lawmakers released a framework for tax reform on Wednesday, announcing that their goals are to cut tax rates, simplify the Internal Revenue Code, and provide a more competitive environment for business. The framework generally reiterates proposals made by President Donald Trump in April.

Read More: https://www.journalofaccountancy.com/news/2017/sep/republican-tax-reform-framework-201717551.html

Questions: http://rehcpas.com/

When IRS Can Collect Taxes From You Owed By Someone Else

It seems bad enough that you have to pay your own taxes, let alone someone else's. But it can happen. The IRS sometimes comes after one taxpayer to collect the tax liability of someone else. How is this possible, you might wonder? The answer is "transferee liability," a concept embodied in Section 6901 of the tax code. Actually, the concept has deep roots in legal history. In fact, it is a creditor protection device going back hundreds of years. Essentially, the IRS can pursue a "transferee"—someone who received assets or money for less than full and fair value from the taxpayer. You might think of it as kind of a stolen property rule.

Read More: https://www.forbes.com/sites/robertwood/2017/09/25/when-irs-can-collect-taxes-from-you-owed-by-someone-else/#6db4dca97c07

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Renowned Biochemist Brings Wrong Formula To Tax Court

William Rutter is no dummy. A world-renowned scientist in the field of biotechnology, he earned a degree from Harvard and PhD from the University of Illinois before performing postdoctoral work at the Nobel Institute in Sweden. He has published over 400 scientific papers, holds over 25 patents, and has earned millions upon millions of dollars developing HIV and Hepatitis vaccines.

Read More: https://www.forbes.com/sites/anthonynitti/2017/09/09/renowned-biochemist-brings-wrong-formula-to-tax-court/#7d4efbd9a80e

Equifax Cybersecurity Incident

To learn more about the cybersecurity incident, including whether your personal information was potentially impacted, or to sign up for complimentary identity theft protection and credit file monitoring https://www.equifaxsecurity2017.com/

Equifax had a security brach on September 11, 2017

Listed below are a few items you can do now to help protect your information:

1) Adjusted our PIN Generation for Security Freezes
2) Call Center Support
3) Clarification Regarding Automatic Sign-Up to TrustedID Premier
4) Obvious Link from Equifax.com
5) Adjusted the TrustedID Premier and Clarified Equifax.com

NC General Assembly Enacts NCACPA’s Proposed Changes to SB 628

The General Assembly reconvened on August 3 for a one-day session to consider veto overrides and adopt conference reports. During the session, the House and the Senate voted to adopt the conference report for SB 628, Various Changes to Revenue Laws, which makes numerous technical changes to the North Carolina tax code. NCACPA was highly involved in the drafting of this legislation and worked very closely with the bill sponsors during the regular session and the conferees throughout the recess to ensure the final language included provisions supported by our members. The bill now heads to the Governor’s desk for him to sign, veto, or allow to become law without his signature.

Read More: https://www.ncacpa.org/news/nc-general-assembly-enacts-changes-sb-628-various-changes-revenue-laws/

Questions: http://rehcpas.com/

Properly classifying workers remains a major problem

Worker misclassification is a perennial issue for the Internal Revenue Service and state taxing authorities due to the perception that many employers are not properly classifying their workers.

By avoiding labeling their workers as employees, employers also avoid paying minimum wages, overtime, payroll taxes, worker’s compensation, unemployment, Social Security contributions, health benefits, paid leave, 401(k) benefits and unpaid leave under the Federal Family and Medical Leave Act. And workers have some benefits to being considered independent contractors, such as the ability to deduct certain business expenses that are not available to employees, the ability to set up their own retirement plans, and the fact that they are not subject to withholding. Of course, many workers want to be considered employees so they can get the benefits due employees, such as vacation pay, overtime pay and health insurance.

Read more: https://www.accountingtoday.com/news/properly-classifying-workers-remains-a-major-problem?brief=00000158-5504-dc42-a1fe-55d7045f0000

Questions: http://rehcpas.com/

IRS heats up compliance enforcement...

...on passport holders with tax debt

In the past decade, Congress and the IRS have made numerous efforts to close the international tax gap.  This is the amount of taxes the Treasury loses each year from U.S. taxpayers abroad not reporting income, paying taxes, or filing tax returns.

In recent years, the IRS has tried to close the international tax gap with the Foreign Account Tax Compliance Act (FATCA) and a series of offshore voluntary disclosure programs—all aimed at enforcing proper reporting of foreign financial accounts and overseas income.

Read More: http://www.journalofaccountancy.com/newsletters/2017/jul/irs-compliance-enforcement-passport-holders-tax-debt.html

Questions: http://rehcpas.com/

IRS Warns That Pay On Disability Is Often Taxable: Here's How To Tell

What is taxed and what isn’t can be confusing. In the case of disability pay, whether it is taxed or not usually depends on who paid for the disability insurance coverage. Perhaps your employer paid and you were covered as a fringe benefit. In that case, when you are disabled and the coverage kicks in, the benefits you receive are taxable. However, what if you paid for your disability insurance yourself, with after-tax dollars? In that case, the payments you later receive on disability are tax-free.

Read More: https://www.forbes.com/sites/robertwood/2017/07/05/irs-warns-that-pay-on-disability-is-often-taxable-heres-how-to-tell/#309487a0648f

Questions: http://rehcpas.com/

IRS Rejects Minister Tax Write-Offs For Lack Of Profit Motive

The U.S. Tax Court has agreed with the IRS that a minister and author could not deduct business expenses. Why? He was not engaged in a trade or business for profit. To top it off, the reverend also wasn't allowed any deductions under the more liberal hobby loss rules, because he had no gross income from these activities. The case is Lewis v. Commissioner, involving a minister and author named Willie Lewis. He occasionally performed weddings, attended meetings, and conducted seminars. On his 2011 tax return, he claimed business expenses from these activities. The IRS said no, assessed more taxes, and added penalties. So Mr. Lewis went to Tax Court.

Read More: https://www.forbes.com/sites/robertwood/2017/07/06/irs-rejects-minister-tax-write-offs-for-lack-of-profit-motive/#2deb9b75673d

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When It Comes To Tax Time, Who Is A Dependent?

Today is my son's eighth birthday, and naturally, I spent the morning thinking back to the countless ways he's enriched my life. There was that first dependency exemption in 2009. And then that much-needed dependent care credit in 2011. And who can forget the child tax credit of 2014? Great times, all.

Read More: https://www.forbes.com/sites/anthonynitti/2017/06/02/when-it-comes-to-tax-time-who-is-a-dependent/#3a55d98e716b

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Worst Taxes? Paying Someone Else's

Paying taxes is rarely satisfying or something you look forward to. Besides, it is almost an article of faith that it is perfectly legal--and just plain smart--to arrange your affairs so you pay as little as possible. But if you think that paying taxes can't get any worse, you would be wrong. The least satisfying of all taxes would be paying taxes that are not even yours. It is as if no one is going to give you any credit, and you are only stuck with someone's else's taxes because you were at the wrong place at the wrong time. That might be how some people view some 'responsible persons' who are stuck paying their employer's taxes. Let's start with the basics.

Read More: https://www.forbes.com/sites/robertwood/2017/06/08/worst-taxes-paying-someone-elses/#5bbef73b4c2e

Questions: http://rehcpas.com/

'Soup Nazi' Tax Evasion Case Holds Lessons For Every Business

Robert N. Bertrand, CFO of the Soupman, Inc. chain made famous with Seinfeld’s Soup Nazi character, has been indicted for tax crimes. The indictment alleges 20 counts of failure to pay Medicare, Social Security, and federal income taxes. Soupman, Inc. is based in Staten Island, and licenses the name and recipes of Al Yeganeh, the “Soup Nazi” character from Seinfeld. No crime has yet been proven, but the charges are quite serious.

Read More: https://www.forbes.com/sites/robertwood/2017/05/24/soup-nazi-tax-evasion-case-holds-lessons-for-every-business/#58cce8ac4596

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Congress Votes to Change Overtime Laws

Allow Employers to Offer Comp Time Instead

Changes may be coming for the millions of American workers who receive overtime pay. And it may affect their paychecks.

A new bill passed by the U.S. House of Representatives would allow employers to offer hourly employees paid time off instead of overtime pay, when they reach over 40 hours in a workweek. So, for example, a worker who put in 45 hours one week, could be given seven and one-half hours off the next week (1.5 hours comp time for each hour of overtime), and paid for doing for working 40 hours but only having worked 32.5 hours.

Read More: http://www.cpapracticeadvisor.com/news/12331257/congress-votes-to-change-overtime-laws-allow-employers-to-offer-comp-time-instead

Questions: http://rehcpas.com/

President Trump's tax plan: Here's what it includes

President Trump’s top economic advisers laid out an ambitious tax plan Wednesday afternoon that the administration contends will simplify the process for average Americans and “stimulate” business investment.

Chief economic adviser Gary Cohn and Treasury Secretary Steve Mnuchin unveiled the first official details -- printed on a single sheet of paper -- of a plan Cohn called “the most significant tax reform legislation since 1986, and one of the biggest tax cuts in American history.”

Read More: http://www.foxnews.com/politics/2017/04/26/president-trumps-tax-plan-heres-what-it-includes.html

Questions: http://rehcpas.com

Trump likely to propose 15% tax rate for all businesses, not just corporations

As it is shaping up, President Trump's new tax plan sounds a lot like his old one. A Trump administration official told CNN on Tuesday that Trump may propose a major tax cut for so-called "pass-through businesses" from 39.6% to 15%. That comes on the heels of news that Trump is also considering a big reduction in the top rate for corporations from 35% to 15%. The Trump administration is planning to announce a tax plan on Wednesday, though it is expected to be more of an outline and not rich in detail.

Read More: http://money.cnn.com/2017/04/25/news/economy/trump-tax-rate-cut-businesses/index.html?iid=hp-toplead-dom

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IRS Offers Last-Minute Filing Tips

Use Direct Deposit for Quicker Refunds

With the April 18 deadline, fast approaching, the Internal Revenue Service today offered taxpayers still working on their 2016 taxes a number of tips. These tips are designed to help taxpayers avoid common errors that could delay their refunds or cause other tax problems in the future.

Read More: https://www.irs.gov/uac/newsroom/irs-offers-last-minute-filing-tips-use-direct-deposit-for-quicker-refunds

Questions: http://rehcpas.com/

Short-term rentals, the sharing economy, and tax

Clients renting out their properties need to know a few key rules.

As the sharing economy continues to grow, more people are capitalizing on the opportunity to rent their homes, other real property, or even extra rooms to travelers through Airbnb or similar services (sometimes called "peer-to-peer accommodation") for extra income. It's a win-win in many cases—travelers experience places they visit as a local resident would, and the owner makes money that would otherwise go to a hotel or motel (although the latter probably isn't too happy about it).

Read More: http://www.journalofaccountancy.com/issues/2016/dec/tax-on-airbnb-short-term-rentals.html

Questions: http://rehcpas.com/

IRS starting private debt collection program this week

The IRS said Tuesday that it is beginning its private debt collection program this week.

The program is being started as a result of a law that Congress passed in 2015. Typically, taxpayers whose accounts will be given to private collectors are people whom the IRS has contacted multiple times in the past several years and still have unpaid taxes, IRS officials said. 

Read More: http://thehill.com/policy/finance/327253-irs-starting-private-debt-collection-program-this-week

Questions: http://rehcpas.com/

What roll should your house have in retirement planning?

Home is where the heart is. And it can also be where the assets are. As of 2011, home equity made up about three-quarters of the average American’s net worth, according to the U.S. Census Bureau. Despite this high figure, the home doesn’t always factor into retirement planning calculations.

Read More: http://www.journalofaccountancy.com/news/2017/mar/how-home-ownership-impacts-retirement-201715814.html

Questions: http://rehcpas.com/

Tax Rules for Uber, Lyft and Other Ride-Share Drivers

Instead of sitting at home watching TV reruns during their down time, some of your clients are making extra cash by offering their services in the shared economy. One of the most popular methods is to become a driver for a company like Uber or Lyft. Essentially, you operate your own vehicle like a taxi cab, picking up and dropping off fares, utilizing a schedule that’s convenient for your lifestyle.

What are the tax consequences? The answer is not quite as simple.

When you’re a driver for Uber or Lyft, you receive a 1099 from the company, indicating the compensation received during the year. This is the amount you must report to the IRS, and any appropriate states, as taxable income. So there’s no such thing as a “free ride.” The type of form depends on the volume of your activities, Typically, the company will provide a 1099-MISC for low-to-middle-volume drivers, but a 1099-K if you had more than 200 transactions and $20,000 in payments.

Read More: http://www.cpapracticeadvisor.com/news/12316225/tax-rules-for-uber-lyft-and-other-ride-share-drivers

Questions: http://rehcpas.com/

March Madness Tax Tips

It's in the air, and later this week, it will start infecting millions of Americans in their offices. The Centers for Disease Control doesn't even recognize it as an issue, or even study it.

Read More: http://www.cpapracticeadvisor.com/news/12315218/march-madness-tax-tips

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16 Nice-Try Tax Breaks Rejected by the IRS

Over the years, taxpayers have concocted a lot of zany arguments to justify their tax breaks. We’ve come up with what we think are the 16 most creative ones that the courts decided did not quite work.

Read More: http://www.kiplinger.com/slideshow/taxes/T054-S011-16-nice-try-tax-breaks-rejected-by-the-irs/index.html

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Keeping Two Sets Of Books Can Mean Prison For Tax Evasion

It can be awfully difficult to explain two sets of books to the IRS. Take Jeffrey Nowak, a Las Vegas, Nevada liquor store owner. He was just sentenced to 41 months in prison for conspiring to defraud the United States and tax evasion. Mr. Nowak, 67, and Ramzi Suliman, jointly owned and operated liquor stores in Las Vegas. At Super Liquor Store South Strip, Nowak and Suliman skimmed cash receipts and maintained two set of books in order to under-report income to the IRS.

Read More: https://www.forbes.com/sites/robertwood/2017/03/07/keeping-two-sets-of-books-can-mean-prison-for-tax-evasion/#c2a4f083565c

Questions: http://rehcpas.com

This Year’s IRS Audits Are Bad News for the Rich

The number of audits conducted by the Internal Revenue Service has dropped as it continues to reel from years of budget cuts. But even as its workforce shrinks, the agency must keep the money flowing into the U.S. Treasury. The solution in 2017? Focus on target-rich environments, and squeeze more dollars out of each audit.

Rad More: https://www.bloomberg.com/news/articles/2017-02-28/this-year-s-irs-audits-are-bad-news-for-the-rich

Questions: http://rehcpas.com/

Florida Man Runs Afoul Of IRS Basis Rules For S Corporations

You will rarely see a better illustration of Reilly's Fourth Law of Tax Planning, than the Tax Court's decision yesterday in the case of William and Amaryllis Tinsley.  The Fourth Law by the way is - Execution isn't everything but it's a lot. The Tinsleys were hoping to post a good sized negative number ($110,480) from their S Corporation (Command Computers of West Florida Inc) on their individual return.  The loss was disallowed because of lack of basis. The Tinselys thought they had solved the problem of basis.  Maybe they had in some sense, but not to the satisfaction of the Tax Court.

Read More: https://www.forbes.com/sites/peterjreilly/2017/03/01/florida-man-runs-afoul-of-irs-basis-rules-for-s-corporations/#3370bb6a795e

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3 Trends That Will Affect the Future of Small Business

Today's small-business forecast is for bright skies, but ominous clouds are massing, according to the Kauffman Foundation's annual State of Entrepreneurship report, released Thursday morning.

Read More: http://www.inc.com/leigh-buchanan/kauffman-report-on-the-state-of-small-business.html?cid=hmcol1_5

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Did the IRS Just End Obamacare?

The IRS has announced that it will no longer require taxpayers to fill out the Obamacare line 61 on tax forms that asks whether taxpayers had health insurance throughout the year, and penalizes them if they did not. The line was added to enforce the individual mandate.

Read More Here: http://www.cpapracticeadvisor.com/news/12306304/did-the-irs-just-end-obamacare

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Tax Deductions

15 Expenses Many Taxpayers Think They Can - But Actually Can't - Claim As Tax Deductions

Can I deduct the cost of styling photos for my Instagram account?

Can I deduct moving expenses for my dog?

Can I deduct the cost of covering up a tattoo to keep my job?

I get lots of questions like the ones above from taxpayers throughout the year. My answer is usually, "It depends." That’s because facts and circumstances matter: tax deductibility may hinge on such specifics as what you do for a living, where you live, and whether you have a diagnosed medical condition.

Read More: http://www.forbes.com/sites/kellyphillipserb/2017/02/13/15-expenses-many-taxpayers-think-they-can-but-actually-cant-claim-as-tax-deductions/#4baa6bf64bed

Questions: http://rehcpas.com/

Mortgage Interest Tax Deductions May Get Extra Scrutiny This Year

In response to criticism that the IRS was not properly monitoring mortgage interest deductions, Congress was asked to require lenders to report more information about the loans. In 2015 Congress passed the new reporting rules, and they went into effect for tax year 2016. Homeowners will see the result this year in a newly designed Form 1098, which is used to report mortgage interest. The new form will include the mortgage origination date, the balance at the end of last year and the address of the property securing the loan, as well as other information useful to the IRS.

Read More: http://www.kiplinger.com/article/taxes/T055-C032-S014-mortgage-tax-deductions-may-get-extra-scrutiny.html

Questions: http://rehcpas.com/

IRS Audit Traps & 5 Ways To Steer Clear

Except for tax protesters, no one wants to fight with the IRS. But exactly how do you avoid it? Its a big worry, especially when the IRS can audit 6 tax years not 3. You can file timely tax returns and pay your taxes on time, but there's always the risk of an audit. There are numerous theories for what-triggers-an-audit. Even so, there are some basic things you can do to reduce your chances of being selected, and to make any interactions with the IRS less traumatic.

Read More: https://www.forbes.com/sites/robertwood/2017/02/08/irs-audit-traps-five-ways-to-steer-clear/#6b1d14e5159a

Questions: http://rehcpas.com/

IRS Can Audit 6 Tax Years Not 3

If you are hiding income from the taxman--or just worried you might not be able to substantiate every deduction--are you at risk for three years, six years, or more? Taxes are horribly complex, and even innocent activities can be misinterpreted. That's one of many reasons it pays to know how far back you can be audited. Start with the old rule that the IRS usually has three years after you file to audit you.

But there are many exceptions that give the IRS six years or longer. Several of those exceptions are so prevalent today that the six year statute of limitations is becoming more common. The three years is doubled to six if you omitted more than 25% of your income. For years, there was a debate over what it means to omit income from your return. Taxpayers and some courts said "omit" means leave off, as in don't report. But the IRS said it was much broader, including reporting that has the effect of an omission of income.

Read More: https://www.forbes.com/sites/robertwood/2017/02/09/irs-can-audit-6-tax-years-not-3-so-be-careful/#44a867f15994

Questions: http://rehcpas.com/

IRS Form 1099 Or Form W-2?

Some people ask '1099 or W-2?' as if they were asking how you take your coffee. With all the tax forms coming these days, it's good to remember the difference. Form W-2 is for employees, and includes details about tax withholding, remittance to the IRS and state taxing authorities. In contrast, Form 1099 reports payments to independent contractors. Any Form W-2 or 1099 you receive also goes to the IRS. IRS uses Forms 1099 for easy computer matching of Form 1099 data against tax returns. But how do you know which form? We'll come back to that question.

The deadline is Jan. 31 for mailing Forms 1099 to taxpayers, but the payer generally has until the end of February to send all its Forms 1099 to the IRS. This year (2017, for 2016 payments), the IRS moved up the filing date for Forms 1099-MISC reporting non-employee compensation in box 7. The reporting date to the IRS for those forms is January 31, the same as the due date for forms to be issued to recipients. If there is an error on a Form 1099 tell the payer immediately.

Read More: https://www.forbes.com/sites/robertwood/2017/01/30/irs-form-1099-or-form-w-2/#6a944088133a

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Choose Reputable Return Preparers

The vast majority of tax professionals provide honest, high-quality service. But there are some dishonest preparers who set up shop each filing season to perpetrate refund fraud, identity theft and other scams that hurt taxpayers. That's why unscrupulous preparers who prey on unsuspecting taxpayers with outlandish promises of overly large refunds make the Dirty Dozen list every year.

Read More: https://www.irs.gov/uac/newsroom/irs-dirty-dozen-series-of-tax-scams-for-2017-includes-return-preparer-fraud-choose-reputable-return-preparers

Questions: http://rehcpas.com/

Three Benefits of Maximizing Your Relationship with Accountants

Tax season has kicked off, which means you’ll be speaking to your accountant again. But did you know that accountants can do so much more for your business than filing taxes? In fact, for independent business owners and freelancers, it’s highly valuable to work with accountants throughout the entire year.

Read More: http://homebusinessmag.com/money/accounting-and-bookkeeping/three-benefits-maximizing-relationship-accountants/

Questions: http://rehcpas.com/

My IRS Form 1099 Is Wrong

A few observers may even think of issuing IRS Forms 1099 in a kind of punitive way, to turn the tax tables on someone. If you receive a Form 1099 you think is wrong, you can ask the payor to correct it. They can destroy the incorrect one if they have not already sent it to the IRS. If it's too late, they can issue a corrected form.

Read More here: https://www.forbes.com/sites/robertwood/2017/02/01/hey-my-irs-form-1099-is-wrong-maybe-intentionally/#5f8da5142516

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Top Income Tax Refund Myths

During the early parts of the tax season, early filers are anxious to get details about their tax refunds. And in some social media, this can lead to misunderstandings and speculation about refunds. The IRS offers some tips to keep in mind. Read more http://www.cpapracticeadvisor.com/news/12300993/the-top-income-tax-refund-myths

For all of your other questions visit http://rehcpas.com/

What Makes You a Dependent?

If you are assuming the day-to-day care and financial support of a parent and that parent qualifies as a dependent, you may be eligible to claim additional tax benefit. Read more http://www.cpapracticeadvisor.com/news/12298975/income-tax-tip-when-to-claim-parents-as-dependents

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REH CPA PLCC Accounting Services!

REH CPA, PLLC Provides Accounting and Payroll Services in Charlotte, the Lake Norman Areas of Statesville, Mooresville, Davidson, Cornelius and Huntersville North Carolina. Check us out on our site http://rehcpas.com/