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Author Archives: Roy Vargis CPA, CMA, CFM, CITA, EA, ACMA, CGMA
It’s Not Too Late
It’s not too late to make an IRA and/or SEP contribution or undo a Roth IRA conversion for 2011. Generally, after the close of the year you can no longer take steps to alter the outcome of your tax return. … Continue reading →
FBAR (Report of Foreign Bank and Financial Accounts) OR FORM 8938 OR BOTH?
This new filing requirement “Specified foreign financial asset” does not replace a taxpayer’s obligations to file a Report of FBAR –“Foreign Bank and Financial Accounts”. The FBAR is used to help theUnited Statesgovernment identify persons who may be using foreign … Continue reading →
Don’t be Scammed by Tax Season Cyber Criminals
Now that tax season is upon us, so are the e-mail scammers pretending to be the IRS. Most of these scams fraudulently use the IRS name, logo, and/or website header as a lure to make the communication appear more authentic … Continue reading →
February 2012 Individual Due Date Reminders
February 1 – Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 10 – Report Tips to Employer If you are an … Continue reading →
February 2012 Business Due Date Reminders
February 10 – Non-Payroll Taxes File Form 945 to report income tax withheld for 2011 on all non-payroll items. This due date applies only if you deposited the tax for the year in full and on time. February 10 … Continue reading →
The IRS Is Attacking the Medical Marijuana Business
Generally a business can deduct normal business expenses such as rent, payroll, etc. However, the IRS is using an obscure section of the code passed during the Reagan Administration as part of the “War on Drugs” to deny normal business … Continue reading →
New Credits for Hiring Veterans
Congress recently passed legislation that extends and expands the Work Opportunity Credit (WOTC) for hiring unemployed veterans. This effectively gave a one-year lease on life to the WOTC, but only with respect to qualified veterans who begin work for the … Continue reading →
Are You Required to File 1099s?
If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year to avoid facing the … Continue reading →
Are You Liable for a Gift Tax Return?
Frequently, taxpayers think that gifts of cash, securities, or other assets they give to other individuals are tax-deductible and, in turn, the gift recipient sometimes thinks income tax must be paid on the gift received. Nothing is further from the … Continue reading →
2012 Standard Mileage Rates Announced
The Internal Revenue Service has issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning onJanuary 1, 2012, the standard mileage rates for the … Continue reading →