Vernoia, Enterline + Brewer, CPA LLC

The Internal Revenue Service today warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details.
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Employers eligible to sponsor 403(b) retirement plans for their employees may want to consider adopting a pre-approved plan that has received a favorable letter instead of a having an individually designed plan. Read the rest of this entry »

When buying a vacation home, the primary objective is usually to provide a place for many years of happy memories. But you might also view the property as an income-producing investment and choose to rent it out when you’re not using it. Let’s take a look at how the IRS generally treats income and expenses associated with a vacation home. Read the rest of this entry »

From time to time, a business may find that its operating expenses and other deductions for a particular year exceed its income. This is known as incurring a net operating loss (NOL).

In such cases, companies (or their owners) may be able to snatch some tax relief from this revenue defeat. Under the Internal Revenue Code, a corporation or individual may deduct an NOL from its income. Read the rest of this entry »

Hurricane Preparedness Week is May 7-13. The IRS wants to remind taxpayers to prepare for hurricanes and other natural disasters now. By taking a few steps before disaster strikes, taxpayers can reduce their stress when it comes time to file claims or rebuild after the catastrophic event.
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The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor. Read the rest of this entry »

Eligible small business startups can now choose to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability, according to the Internal Revenue Service. Read the rest of this entry »