Tax Scams Committed Against Taxpayers May15

Tax Scams Committed Against Taxpayers

There are many forms of scams that try to fleece people of their money. Some come in the guise of a tax matter. While the IRS continues to improve its fraud prevention systems, most of the protection must come from the taxpayers themselves. Social Security Number: Never release your Social Security Numb...

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Offshore Tax Evasion May15

Offshore Tax Evasion

The Supreme Court of the United States has held that taxpayers may “avoid” Federal taxes but cannot “evade” them. That is, one can “avoid” taxes by arranging one’s affairs in a legal manner and making legitimate use of valid Income Tax laws. However, one cannot “evade” taxes by using illegitimate or illegal schemes....

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Post-Windsor Tax Direction From The Federal Government May15

Post-Windsor Tax Direction From The Federal Government

On June 26, 2013 the United States Supreme Court ruled in Windsor v. United States that Section 3 of DOMA was unconstitutional, retroactive to the date of enactment in 1996. While one could speculate as to how this might affect various Federal Income, Estate and Gift Tax issues for same-sex married couples, clear direction i...

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Income Tax Filing Status-Before And After Windsor V. U. S. May15

Income Tax Filing Status-Before And After Windsor V. U. S.

A person’s Filing Status determines how they can, or must file their Federal and State Income Tax Returns. Briefly, there are 5 Filing Status’ under Federal and Illinois Income Tax laws. They are: Single, Head of Household, Qualifying Widow(er) With Dependent Child Married Filing J...

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Tax Updates – July 2013 May15

Tax Updates – July 2013

Affordable Health Care Act - Partial Reprieve. Under the Affordable Care Act (“ACA”), businesses with over 50 full time employees were required to provide minimum affordable coverage to all employees beginning in 2014 or pay a penalty of $2,000 per non-covered employee. The IRS just announced that the implementation of ...

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Ring in the New 2013 Tax Year May15

Ring in the New 2013 Tax Year

The House, the Senate and the President are always wrangling over legislation. This did not begin in 2008 or in the recent election season. However, it seems that otherwise boring tax legislation has become more interesting to the average people. Publications, news agencies, TV and internet shows make money when people read their ...

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Political Non-Profit Organizations May15

Political Non-Profit Organizations

The IRS is charged by Congress to enforce the Federal Income Tax laws. U.S. citizens and taxpayers also expect the same. There is always a “Goldilock’s and the Three Bears” effect. From time to time taxpayers and politicians claim that the IRS is too soft, too hard or just right in its enforcement of the myriad Tax laws. The...

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Offshore Accounts May15

Offshore Accounts

It is common in life that people try to hid things from others. There are many reasons. One common reason why people try to hide assets is to try to avoid having to pay income tax on the income or include the assets in their estate for estate tax purposes. A 2008 U.S. Senate Report estimated that U.S. Taxpayers used secret offshor...

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April 15th Reminders May15

April 15th Reminders

April 15th is upon us. Here are some tax reminders:   Partnership Surprise: If 2 or more people operate a business that is not a corporation or LLC then they are likely considered to be Partners operating a Partnership for Income Tax purposes. If so, a Partnership Income Tax Return (Form 1065) may have t...

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Reprieve on Expired Tax Laws May15

Reprieve on Expired Tax Laws

There are a number of Federal Income Tax laws that had expired on December 31, 2011 or on December 31, 2012 that were resurrected on January 2, 2013 when the President signed the “American Taxpayer Relief Act of 2012”. This is relevant for impending preparation of the 2012 Income Tax Returns. Here is a brief summary of some of...

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