Bulletin Businesses that do not issue Form 1099 as required have been in for some nasty surprises from the IRS lately. There are several variations of Form 1099, but the primary one for business services is the 1099-MISC. Beginning January … Continue reading
In recent weeks, numerous taxpayers have reported receiving threatening phone calls “from the IRS.” If you receive such a call, hang up immediately; it is a scam. The IRS always communicates with taxpayers in writing via U.S. Mail. Do not … Continue reading
Every year around this time, news reports are filled with stories of people who have fallen victim to identity theft and had their tax refunds stolen or suffered other crimes as a result. Each year, the schemes seem to get cleverer … Continue reading
The annual tax filing deadline is still several weeks away for both individual and business taxpayers. That may seem like a long way off, but a lot needs to happen fairly quickly if you are going to be ready to … Continue reading
AKM partners Warren M. Bergstein and Jack E. Gold presented at the 2016 Staten Island Tax Law Update Seminar, highlighting new federal and state tax updates for small businesses.
With an uncertain playing field, nimbleness is critical. Click here to download AKM Tax Guide 2015-2016 [pdf] We’ve been here before. Tax “extenders” – various deductions and credits, typically affecting higher net worth individuals and business owners – are again … Continue reading
AKM Partner Warren M. Bergstein has been elected President of the Accountants Club of America, Inc. and Accountants Forum, Inc.
At the beginning of 2013, many tax rates and breaks were made permanent. The increased certainty brought by these tax law changes has in some ways made tax planning in 2014 a little easier.
But the changes also brought tax hikes to higher-income taxpayers — including the return of the 39.6% income tax rate and 20% long-term capital gains rate. In addition, some new and expanded taxes under the Affordable Care Act (ACA) now affect higher-income taxpayers: the 3.8% net investment income tax and the 0.9% additional Medicare tax.
US taxpayers who do not voluntarily disclose offshore holdings by August 4, 2014 could face significant penalties – up to 50% of each account’s highest balance, in addition to possible criminal prosecution. The IRS issued a reminder of this looming … Continue reading