New IRS Tax Audit Rules for Partnerships

The Bipartisan Budget Act of 2015 (“Act”) made significant changes to the Internal Revenue Service’s (“IRS”) partnership audit rules effective for partnership tax years beginning in 2018. How the new audit rules will affect a partnership and its partners will depend, in large part, on choices the partnership, the partnership representative, and/or the partners make or fail to make.

2017 Tax Year Filing List – What to you need to bring!

Ted Smith’s “Real World” Personal Strategy Note Ted Smith’s 2017 Tax Year Filing List “In every single thing you do, you are choosing a direction. Your life is a product of choices.” – Dr. Kathleen Hall With all of the changes every year (and, of course, that’s especially true THIS year), filing your taxes on […]

Documents You Need for Tax Preparation in 2017 (TY2016)

Ted Smith’s “Real World” Personal Strategy Note Documents You Need for Tax Preparation in 2017 (TY2016) “If you do not think about your future, you cannot have one.” -John Galsworthy With the increased penalties associated with the ACA in 2017, and all of the other changes every year, filing your taxes on your own is […]

Scam Targets Tax Data

Two weeks until the end of the official tax season and the Wall Street Journal reports today of a new email scam targeting companies.  So it works like this; someone impersonating a high ranking official at the business sends an email to HR or payroll asking for them to forward copies of W-2s to them. […]

Phone Scam ‘This is a Final Notice From the IRS’

Ted Smith’s “Real World” Personal Strategy Note ‘This is a Final Notice From The IRS’ Phone Scam, and Other Warnings “I know in my heart that man is good. That what is right will always eventually triumph. And there’s purpose and worth to each and every life.” – Ronald Reagan In case you didn’t already […]

Refunds May be Slower This Year!

Refunds may be slower this year.  Tax return identity theft is a huge issue with more and more taxpayers tax return being compromised.  As a result the industry is implementing additional measures to decrease the risk of tax return identity theft.  The IRS is also doing much work in this area.  Some additional protections will […]

Tax Refund Fraud to Hit $21 Billion by 2016!

More and more people are finding out someone else has filed a tax return using their social security number.  This can be scary and frustrating to taxpayers.  The refund fraud is to hit $21 billion by 2016! Thief’s are filing returns using stolen social security number and obtaining large refunds.  You normally find this out when […]

Important Tax Update – Dog Days of Summer

Ted Smith’s “Real World” Personal Strategy Note Three Tax Updates To Know Right Now “It is not a daily increase, but a daily decrease. Hack away at the inessentials.” – Bruce Lee I’ll start with the one that could potentially impact all of my clients: 1) Tax Scammers Getting Smarter (And Scammier) Because we’ve all […]

Claiming dependents other than children

Ever wonder if you can claim a parent or other relative as your dependents.  You may just be able to as a qualifying relative.  To qualify four tests must be met. 1) Not a qualifying child – A child of yours may be claimed as a dependent up-to age 24 if a full time student […]

The Truth about Tax Preparation Chains

The other night while at a social event,  I was introduced to someone and we did the normal, “Hi, how are you?  What do you do?” greeting.  I said I was a CPA and they responded, “I bet you are busy this time of year.  We just have a simple return, so we go to […]