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Every year during awards season in Hollywood, the IRS tallies its own votes for the most notorious tax scams of the year. Taxpayers are ultimately responsible for the information on their personal tax returns. So intentional or inadvertent participation in one of these 2015...

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make the deduction less beneficial than...

Here is a library of some of the IRS publications covering issues that can affect businesses and employers. The rules are often complicated and can be difficult to implement. Contact us if you need further guidance.       Title Publication Number Description...

On the second Sunday of March at 2 a.m., Daylight Saving Time begins for most of the United States — so this year,  we’ll turn the clocks forward one hour on March 8.* Just remember…Spring forward, Fall back    * Traditionally, Daylight Saving Time began in...

As the IRS puts it, “every person that provides minimum essential coverage to an individual during a calendar year must file an information return and a transmittal.” Health plan providers and self-insured employers are “persons,” in the eyes of the IRS....

The Tax Increase Prevention Act of 2014 (TIPA) was signed into law on December 19, 2014. Thankfully, TIPA retroactively extends most of the federal income tax breaks that would have affected many individuals and businesses through 2014. So, these provisions may have a positive...

Historically, companies that wanted their employees to be protected with health coverage, but didn’t want the hassle of having a company health plan, could simply give employees an amount of money sufficient to reimburse them for the cost of buying that coverage or some...

Last year, more than 21 million viewers tuned into the NCAA men’s college basketball championship game, and the other March Madness games averaged 10.5 million viewers each. Will you be watching this year’s festivities? Unfortunately, many games are aired during...

2014 Charitable Donations If you don’t meet IRS substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating the amount of the donations, whether you received any...

Employees who push back that start date for retirement savings will have a hard time catching up — and may wind up on your payroll longer than you might prefer. For example, an employee who starts saving at age 25 and stops at 65 will, assuming a seven percent average...