June 17, 2015
Andrew Presti
Uncategorized
0 CommentsJune 2015 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of June 2015. June 2 Retirement plans. Deadline for sponsors and […]
Read moreJune 17, 2015Andrew PrestiUncategorized0 CommentsFAQ: What is the saver’s credit? Under Code Sec. 25B, a low-income taxpayer can claim a tax credit for a portion of the amounts contributed to an individual retirement account, 401(k) plan, or other retirement plan. A credit is allowed for up to $2,000 of contributions to qualified retirement savings plans. The maximum credit is […]
Read moreJune 17, 2015Andrew PrestiUncategorized0 CommentsLiability for the “nanny” tax Employers of course have to pay employment taxes on the wages they pay to their employees. A nanny who takes care of a child is considered a household employee, and the parent or other responsible person is her household employer. Housekeepers, maids, babysitters, and others who work in or around […]
Read moreJune 17, 2015Andrew PrestiUncategorized0 CommentsLawmakers add tax measures to trade package, approve other tax bills Tax provisions are often included as revenue raisers in non-tax bills and this year is no exception. A massive trade package making its way through Congress contains a number of tax measures, impacting both individuals and businesses. At the same time, some stand-alone tax […]
Read moreJune 15, 2015Andrew PrestiUncategorized0 CommentsHow do I? File an amended return A taxpayer who discovers an error after filing his or her income tax return may need to file an amended return. A change in filing status, income, deductions, or credits would require an amended return. This could happen, for example, if an investment broker sends a corrected Form […]
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June 15, 2015Steve GrgasUncategorized0 CommentsHow the IRS resolves an identity theft case The IRS has responded to criticism from the Treasury Inspector General for Tax Administration and the National Taxpayer Advocate, among others, that resolution of identity theft accounts takes too long by increasing its measures to flag suspicious tax returns, prevent issuance of fraudulent tax refunds, and to […]
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