Withholding
ALERT: Check your withholding now to avoid surprises in April. Tax Cuts and Jobs Act May Have Negative Impact While most experts estimate that approximately two-thirds of U.S. taxpayers will see a decrease in their income tax liability due to … Continue reading
Travel and Entertainment
Alert: Significant Changes Coming for Meal and Entertainment Expenses With every passing day, more is being revealed about the implications of the Tax Cuts and Jobs Act of 2017 (“the Act”). One area that increasingly coming into focus is the … Continue reading
Tax Planning Guide – NYSSCPA
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: … Continue reading
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
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
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
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
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
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
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