Author Archives: Roy Vargis CPA, CMA, CFM, CITA, EA, ACMA, CGMA

April 2 – Last Day to Withdraw Required Minimum Distribution  Last day to withdraw 2011’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2011. Failing to make a timely withdrawal may result in a … Continue reading →

A regular form of fundraising by charitable organizations consists of sales or auctions of property or services at a price in excess of value. These are referred to as “quid pro quo” contributions or dual payments made that consist partly … Continue reading →

The Housing and Economic Recovery Act of 2008 required third-party payment entities, such as credit card companies, to begin filing informational returns with the IRS reporting merchant card transactions, such as credit and debit card payments.  The purpose was to … Continue reading →

Beginning with the 2011 tax return, reporting stock transactions has become significantly more complicated because of the new requirement for brokerage firms to track the purchase price of stocks acquired in 2011 and subsequent years and to include that information … Continue reading →

Congress gave all wage earners a short-lived 2012 reprieve by temporarily extending the 2% payroll tax cut though February of 2012. The payroll tax, frequently referred to as FICA or OASDI on your paycheck, has historically been 6.2%. This is … Continue reading →

Last month, we cautioned you about Internet scams aimed at tricking you into divulging information that will compromise your identity. That article described how Internet crooks disguise themselves as the IRS in an attempt to steal your identity. The IRS … Continue reading →

Want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 79 million people had their tax refunds deposited directly into their … Continue reading →