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Independent Contractor or Not?

It is important now more than ever to correctly classify workers as employees or independent contractors. The Internal Revenue Service (IRS) has begun finding new ways to generate revenue and crack down on the misclassification of independent contractors.

Businesses that unintentionally misclassify an employee as an independent contractor can face a number of penalties including the […]

Don’t Become a Victim of Internet or E-mail Scams

The most important fact to know is that the IRS and the Franchise Tax Board do not initiate contact with taxpayers or request personal or financial information through email!

For more detailed information regarding the latest suspicious e-mails, scams, and identity theft you can go directly to the IRS website at http://www.irs.gov. Simply type “Scams” […]

It’s Here: Form 1099-K Business Income Matching

Know what to do when your clients receive one of the IRS’ four new business income underreporting letters

The IRS has always been able to match individual tax returns against information statements and propose underreporter adjustments that come in the form of CP2000 notices.

But things […]

Patient Protection & Affordable Care Act – Obamacare

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What are Your Chances of Being Audited? IRS’s 2012 Data Book Provides Some Clues.

IRS has issued its annual data book, which provides statistical data on its fiscal year (FY) 2012 activities. As this article explains, the data book provides valuable information about how many tax returns IRS examines (audits) and what categories of returns IRS is focusing resources on, as well as data on other enforcement activities such […]

Tax Increases Under the President’s FY 2014 Budget Proposal — Who Would Pay More?

A new study by the nonpartisian Tax Policy Center (TPC) has found that many households would pay higher taxes under the President’s budget proposal, but that the lion’s share of the increased tax burden would fall on the wealthiest Americans—in particular, on the top 1% of earners. This article examines the specific proposals that would […]

ATRA – Individual

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ATRA – Business

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How Obamacare Effects Tax Returns for 2014 & Beyond

Did you know that because of Obamacare, your tax returns will never be the same? Most people are still unaware of how Obamacare will affect them personally. In fact, the requirements for coverage and the penalties for noncoverage affect all of us, and as your tax professional, I want to ensure that you have a […]