3TV | CBS 5 Aaron Blau, EA, CPA contributed to this story by 3TV/CBS5's Ashlee DeMartino. If you have any questions about deducting losses from gambling winnings, please contact our office to set up an appointment.
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Over the past few years, the use of refundable tax credits has increased. Due to the significant potential - and actual - fraud, Congress has required the Internal Revenue Service to put into places certain measures to combat fraud, which costs the Federal Government over $10 billion dollars per year. For more information on reforming these tax credits, click here. Accelerated Form Filing Dates Worker payment reports (Forms W-2 and 1099) must be filed with the federal government by January 31. The prior law required forms to be given to workers by January 31, but the filing copies were due at a [...]
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the planning challenge this year include turbulence in the stock market, overall economic uncertainty, and Congress's all too familiar failure to act on a number of important tax breaks that will expire at the end of 2016. Some of these expiring tax breaks will likely be extended, but perhaps not all, and as in the past, Congress may not decide the fate of these tax [...]
From time to time, I receive e-mails from clients that include great questions! I like to share these questions and my answers: Client: Aaron - [My wife] and I were talking to one of my uncles over Thanksgiving and he recommended that we invest in dividend stocks. Are we able to take the funds in our 401k's and IRAs and direct the funds into certain stocks? I know we briefly touched on this when we were in your office, but any advice/direction you have we would greatly appreciate! Aaron's Take: This is a great question. You don’t usually invest in [...]
In recognition of the five-year anniversary of healthcare reform, here are five things you should know about some of the key ACA requirements for businesses in 2015: The shared responsibility provision of healthcare reform is effective either this year or next year, depending on how many employees you have. The employer mandate or “play or pay,” provision requires companies with at least 50 full-time equivalent employees to offer minimum essential healthcare coverage to their full-time employees and their dependents. Applicable large employers (ALEs) can choose to pay a substantial penalty if they don’t abide by the law. Companies with 100 [...]
If you realize you forgot something on your tax return, you can amend that return after it has been filed. There are many reasons individuals need to amend their returns, whether it is for the just-filed 2014 return or prior year returns. Here are some key points when considering whether to file an amended federal (Form 1040X) or state income tax return. If you are amending for a refund, be aware that refunds generally won’t be paid for returns if the three-year statute of limitations from the filing due date has expired. Except for amending a return to carry back [...]
The Internal Revenue Service (IRS) announced Tuesday that a brute force hacking attempt has compromised approximately 104,000 taxpayer accounts through the utilization of the “Get Transcript” tool located on IRS.gov. Hackers utilized information gleaned from black market sources to answer identity verification questions and receive confidential information from the IRS system. The IRS reports that the system has been used 23 million times to provide taxpayers important information about their tax accounts as well as wage and earnings information. “It is important to understand less than one half of one percent of successful requests were fraudulent,” said Aaron Blau, a [...]
It might be comedy, but there is a lot of fact here ... don't blame the IRS for problems that the Congress creates.
If your tenant is related to you, however, special rules and limitations may apply. (For these purposes “related” means spouse, child or grandchild, parent or grandparent, and siblings.) Here's the tax picture: If you rent a home to a relative who (1) uses it as his or her principal residence (that is, not just as a second or vacation home) for the year, and (2) it's rented at a fair rental (not at a discount), then no limitations apply. You can deduct all the normal rental expenses, even if they result in a rental loss for the year. (If you [...]