Vernoia, Enterline + Brewer, CPA LLC

Archive for May, 2018

Taxpayer Bill of Rights: Ten Rights for All Taxpayers

America’s taxpayers have specific rights when they interact with the IRS. These ten rights are known collectively as the Taxpayer Bill of Rights. These rights cover a wide range of topics and issues, and lay out what taxpayers can expect in the event they need to work with the IRS on a personal tax matter. This includes when a taxpayer is filing a return, paying taxes, responding to a letter, going through an audit or appealing an IRS decision. (more…)

Disaster Readiness Guidance During National Hurricane Preparedness Week

The IRS reminds taxpayers who may be impacted by hurricanes and other natural disasters that now is a good time to begin preparing for one. National Hurricane Preparedness Week runs from May 6-12. The IRS also wants taxpayers to know that the agency is here to help, including offering a special toll-free hotline for those in federally-declared disaster areas, staffed with IRS specialists trained to handle disaster-related issues. (more…)

Seasonal, Part-year Workers Urged to Check Tax Withholding Amount

The Internal Revenue Service today encouraged taxpayers who work seasonal jobs or are employed part of the year to visit the Withholding Calculator and perform a “paycheck checkup.” (more…)

Foreign Accounts Call for Specific Reporting Requirements

In an increasingly globalized society, many people choose to open offshore accounts to deposit a portion of their wealth. When doing so, it’s important to follow the IRS’s strict foreign accounts reporting requirements. In a nutshell, if you have a financial interest in or signature authority over any foreign accounts, including bank accounts, brokerage accounts, mutual funds or trusts, you must disclose those accounts to the IRS and you may have additional reporting requirements. (more…)

Get an Early Tax Refund by Adjusting Your Withholding

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money. (more…)