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Author Archive for Andrew Presti

apresti

FAQ: What are my odds of being audited?

FAQ: What are my odds of being audited? Audit coverage rates are at low levels, the IRS has reported. According to the IRS, the audit coverage rate for individuals fell 16 percent from FY 2015 to FY 2016. The 0.7 percent audit coverage rate for individuals was the lowest coverage rate in more than a […]

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apresti

Tax scams proliferate during filing season

Tax scams proliferate during filing season The filing season is the most active time of the year for tax scams. These scams take every shape and form, ranging from telephone calls to individuals to sophisticated schemes targeting employers and businesses. The goal of all these scams is identity theft. Using legitimate identities of unsuspecting individuals […]

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apresti

All eyes on tax reform in 2017

All eyes on tax reform in 2017 Congress ended 2016 passing a few targeted tax bills and lawmakers focused on the incoming Trump administration and tax reform in 2017. President-elect Donald Trump campaigned on tax cuts for individuals and businesses. Already, lawmakers from both sides of the aisle are preparing for what is expected to […]

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apresti

IRS releases 2017 standard mileage rates; business and medical/moving rates drop

IRS releases 2017 standard mileage rates; business and medical/moving rates drop The IRS has released the 2017 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The updated rates are effective […]

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apresti

How do I? Know what records to discard

How do I? Know what records to discard A new year may find a number of individuals with the pressing urge to take stock, clean house and become a bit more organized. With such a desire to declutter, a taxpayer may want to undergo a housecleaning of documents, receipts and papers that he or she […]

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apresti

January 2017 tax compliance calendar

January 2017 tax compliance calendar January 5 Employers. Semi-weekly depositors must deposit employment taxes for Dec 28–Dec 30. January 6 Employers. Semi-weekly depositors must deposit employment taxes for Dec 31 and Jan 1–Jan 3. January 10 Employees who work for tips. Employees who received $20 or more in tips during December must report them to […]

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apresti

Natural disaster tax relief and preparedness

Natural disaster tax relief and preparedness Following a natural disaster, the affect such a calamity would have on ones taxes is likely the last thing on an individual’s mind—if it crosses his or her mind at all. However, as inconsequential of a thought as it may seem as an individual is contending with the physical […]

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apresti

Year-end tax planning is right around the corner

Year-end tax planning is right around the corner It’s not too early to get ready for year-end tax planning. In fact, many strategies take time to set up in order to gain maximum benefit. Here are some preliminary considerations that may help you to prepare. Gather your data. One major reason for planning towards year’s […]

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apresti

IRS responds to expanding sharing economy with new resources

IRS responds to expanding sharing economy with new resources The IRS launched new online resources for service providers and participants in the sharing economy. Advances in telecommunications have fueled the growth of the sharing economy. More and more consumers are connecting with service providers for shared car services, apartments and rooms for short-term rentals, and […]

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