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New thought on Passwords and Security
We are urging people to review new, stronger standards to protect the passwords of their online accounts. Every individual who maintains any type of online accounts should use strong passwords to protect against savvy cybercriminals taking over their identities and accessing sensitive tax and financial data. But there’s been some new thinking as to what…
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Avoid getting Caught by a Phishing Scam
Data thieves don’t take a break during the holidays. In fact, the IRS warns taxpayers that the agency is seeing a large increase in bogus email schemes that seek to steal money or tax data. The most common way for cybercriminals to steal money, bank account information, passwords, credit cards and Social Security numbers is to…
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It’s Shopping Season for Identity Thieves
The holidays offer cybercriminals a chance to steal financial account information, Social Security numbers, credit card information and other sensitive data to help them file a fraudulent tax return in 2019. Cybercriminals seek to turn stolen data into quick cash, either by draining financial accounts, charging credit cards, creating new credit accounts or even using…
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Making large gifts now won’t harm estates after 2025
Individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. The Treasury Department and the IRS issued proposed regulations which implement changes made by the 2017 Tax Cuts and…
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Cook reminds employers, business owners of Jan. 31 filing deadline for wage statements, independent contractor forms 1099
Cook & Co. Tax Advisors today reminded employers and other businesses that Jan. 31 remains the filing deadline for wage statements and independent contractor forms. The Protecting Americans from Tax Hikes (PATH) Act of 2015 started a requirement for employers to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal…
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What’s new with the child tax credit after tax reform
Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted last year made changes to that credit. Here are some important things for taxpayers to know about the changes to the credit. Credit amount. The new law increases the child tax credit from $1,000 to $2,000.…
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Republicans attempt to push more tax changes before Democrats take over House
Kevin Brady (R), Chairman of the House Ways and Means Committee is trying to push more tax law changes through before the Democrats take over in January. Details to come.
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Get Ready for Taxes
Tax reform changes likely to reduce number of taxpayers who itemize on their federal returns, but Alabama residents will still itemize on their state returns to save hundreds or thousands of dollars! The Internal Revenue Service today advised taxpayers that the doubling of the standard deduction due to tax law changes is likely to reduce…
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Like-Kind Exchanges now limited to Real Property
The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. One change, is that like-kind exchange tax treatment is now generally limited to exchanges of real property. Effective Jan. 1, 2018, exchanges of personal or intangible property such as…
