AKMCPA Alerts

AKM Partner Warren M. Bergstein’s guide to tax planning for individuals and small businesses has been published by the New York State Society of CPAs “Tax Stringer”:

Federal Tax Planning Strategies for Individuals and Small Businesses – See more at: http://www.nysscpa.org/news/publications/the-tax-stringer/stringer-article-for-authors/federal-tax-planning-strategies-for-individuals-and-small-businesses#sthash.W5YIOIGh.8YclFqJv.dpuf  

Posted in Alerts, News

1099 Deadline is January 31st

As part of a number of rules and deadline changes  intended to make compliance easier for everyone, the IRS this year is requiring that 1099s for non-employee compensation be completed and distributed by January 31.  This is a month earlier … Continue reading

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Tax Filing Deadline Changes: What You Need to Know.

New Due Dates for Tax Returns/Changes to Extension Deadlines Beginning with tax year 2016 returns due in 2017, a number of filing deadlines have changed.  The primary purpose of the changes is to facilitate a more logical flow of information … Continue reading

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When “the IRS” Calls, Hang Up, Don’t Hang On

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

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August 4 Deadline for Disclosing Offshore Accounts

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

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Employers Must Provide ACA Exchange Notice by October 1

One of the provisions of the Affordable Care Act (“ACA” or “Obamacare”) requires employers to provide ALL employees with a notice about the health insurance exchanges. This year’s deadline is October 1st. Continue reading

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Same-Sex Married Couples Face Tax Filing Changes After 9/16

Earlier this summer the Supreme Court struck down the federal Defense of Marriage Act (DOMA), paving the way for federal recognition of same-sex marriages performed in states that allow them. Last week, the IRS followed up by issuing an extensive set of rules governing how legally married same-sex couples will be impacted for tax purposes. Continue reading

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Beware of New Serious Fraudulent “IRS” Communication

A client of ours recently received, via facsimile, this document. The letter appears to be on IRS letterhead, signed by an official, asking for banking information and signatures. This is a fraudulent request. The IRS will never ask for this … Continue reading

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New Cost Basis Reporting Rules Require New Attention from Investors

Beginning in 2011, brokers will be required to report the cost basis of securities acquired and sold after January 1, 2011 to the Internal Revenue Service for taxable accounts (not retirement accounts). Up until that date, brokers were required to report only the gross proceeds on sales for taxable accounts. Cost basis is the original purchase price you paid for an investment, plus commissions and fees. Continue reading

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Do Not Respond to Email “from the IRS”

Many clients have reported receiving email “from the IRS.”  The subjects vary, but include: “You are due a refund.” “We could not verify your information.” “We suspect an unauthorized transaction on your account.” Do not respond to such messages. The … Continue reading

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