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IRS Announces Unauthorized Access of Taxpayer Transcripts

The IRS announced that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts through IRS’ “Get Transcript” application. This data included Social Security information, date of birth and street address. The Get Transcript system is temporarily shut down. The IRS has released the statement below on […]

Top 10 Tax Facts about Exemptions and Dependents

IRS Tax Tip 2015-05, January 26, 2015 Nearly everyone can claim an exemption on their tax return. It usually lowers your taxable income. In most cases, that reduces the amount of tax you owe for the year. Here are the top 10 tax facts about exemptions to help you file your tax return. E-file your […]

Six Tips on Who Should File a 2014 Tax Return

IRS Tax Tip 2015-03, January 22, 2015 Most people file their tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. This year, there are a few new rules for some who must file. Here are […]

Six Common Myths Regarding Income Tax

By:  Isaac M O’Bannon, Managing Editor CPA Practice Advisor While millions of American taxpayers wait for their W-2, 1099 and other important tax documents to arrive in the mail, their thoughts turn to the often-dreaded prospect of filing their 2014 tax returns. With all the annual changes to the tax rules and its complexity, it’s […]

Expired Tax Breaks Renewed

At long last, Congress granted a reprieve for most of the expired tax provisions that had remained in limbo this year, but the late-breaking tax relief is only temporary. The new legislation – the Tax Increase Prevention Act of 2014 – restores these tax breaks retroactive to January 1, 2014. However the provisions expire again […]

IRS Urges Taxpayers to Choose a Tax Preparer Wisely

More than half of taxpayers hire a professional when it’s time to file a tax return. Even if you don’t prepare your own Form 1040, you’re still legally responsible for what is on it. A tax return preparer is trusted with your most personal information. They know about your marriage, your income, your children and […]

EA vs. CPA: Which is Right for You?

By Kayleigh Kulp Published March 26, 2012 FOXBusiness When trying to find a professional tax preparer, consumers face an alphabet soup of choices. Most people turn to the two well-known groups of licensed tax professionals: certified public accountants (CPA) and enrolled agents (EA). No matter the acronym after their name, the first step in your […]

Alimony in the Spotlight

Alimony is deductible by the person making the payments.  The receiving ex-spouse must report alimony as income on his or her tax return. Unfortunately, in a recent Treasury Department audit of tax returns, 47% of those that claimed to pay alimony did not have a matching tax return from someone that added the payment back […]

You May Now Need to File

With new tax laws beginning in 2014, a number of taxpayers who were not traditionally required to file a tax return may now need to do so.  Here are three new situations in 2014 that may require you to file a tax return. You have no medical insurance.  Beginning in 2014, if you are not […]

The Top 10 Reasons to Contact Your EA

Minimizing your taxes requires a year round effort. The following events will have an impact on your tax liability. In most cases, proper tax planning can minimize any negative tax consequences. Whenever a situation on this list occurs, call your EA.   Buying, selling or exchanging any real property (land or building), including converting your […]