Category: IRS News

Tax Reminder and News June 2015

Tax Reminder: Second estimated tax payment due June 15 June 15, 2015, is the due date for making your second installment of 2015 individual estimated tax. Your check to the United States Treasury should be accompanied by Form 1040-ES. June

IRS Publishes Depreciation Limits for Business Vehicles

The IRS has published depreciation limits for business vehicles first placed in service this year. The limits for passenger autos remain the same as the 2014 limits, but the second year limit for light trucks and vans is $100 higher.

Better Business Choices: Analyzing Your Breakeven Point

Breakeven analysis is an important and useful tool in better business choices. Whether starting a new business, expanding current operations, contemplating an acquisition, downsizing, or approaching banks and other potential lenders, one should know what the breakeven is.

IRS repeats warnings about identity theft

The IRS is again warning taxpayers to be on the alert for tax scams. According to IRS Commissioner John Kaskinen, millions of taxpayers have already been taken in by scammers impersonating IRS agents. Whether initiated by sophisticated overseas operators or

February and March 2014 Tax Deadlines – IRS Tax Number Adjustments

The following are the February and March 2014 tax deadlines: February 18 – Deadline for providing 2013 Forms 1099-B and 1099-S to recipients. February 28 – Payers must file 2013 information returns (such as 1099s) with the IRS. (Electronic filers

IRS sends notices about “possible income underreporting”

Possible Income Underreporting Form 1099-K is a new information return sent to businesses by “payment settlement entities” reporting the amount of credit card and other electronic receipts that were processed for the business.

Wash Sale Rules – Don’t get tripped up by a wash sale

Are you eyeing your portfolio with year-end investment loss harvesting in mind? Before you place those sell orders, take a moment to review the “wash sale” rules. A wash sale occurs when you sell a stock, bond, or mutual fund

1099s – A little form with a painful bite

1099s Filing Penalties When Congress tried unsuccessfully to expand the Form 1099 filing requirements a couple of years ago, at least one thing was accomplished. It raised awareness of an important IRS business reporting rule. And at $100 per infraction,

Look into energy credits

The IRS reminds taxpayers that certain energy credits are still available. If you haven’t already taken advantage of them, this may be the year to make energy−efficient improvements to your home. You may be entitled to a credit of

IRS publishes 2014 HSA contribution limits

The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2014. HSAs allow taxpayers with high-deductible health insurance plans to