IMPACT ON TAXPAYERS The Digital Accountability and Transparency Act of 2014 (DATA Act) establishes Government-wide standards that are designed to provide consistent, reliable, and searchable Government-wide Federal agency spending data that are available to taxpayers.  In addition to summary level information reporting, transaction level information is reported for spending on Federal contracts, grants, and loans. …

WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry today warned both tax professionals and taxpayers of last-minute phishing email scams, especially those requesting last-minute deposit changes for refunds or account updates. As the 2017 tax filing season winds down to the April 18 deadline, tax-related scams of various sorts are…

Here’s our telephone traffic report for last week. Date Incoming Outgoing Total 3/13/2017 84 81 165 3/14/2017 100 82 182 3/15/2017 81 120 201 3/16/2017 57 77 134 3/17/2017 54 109 163 3/18/2017 28 56 84 TOTALS 404 525 929

A 50 percent tax normally applies to any required amounts not received by the April 1 deadline. We are reminding taxpayers who turned age 70½ during 2016 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017. The April…

Tax changes that have impacted us and clients the most this year, are the due date shuffles of C Corporations being moved from March 15 to April 15, Partnership returns are now due March 15 instead of April 15 and anything to do with the Affordable Care Act. We routinely prepare four times as many Partnership…

Just throw those important tax documents in a brown paper sack, fold and tape it and drop it off at the nearest Post Office. Just Throw your Tax Documents in a Brown Paper Bag and Mail them to us! from Gregory J Cook on Vimeo.

Higher education costs paid in 2016 can mean tax savings when taxpayers file their tax returns. If taxpayers, their spouses or their dependents took post-high school coursework last year, they may be eligible for a tax credit or deduction. For 2016, there are two tax credits available to help taxpayers offset the costs of higher…

Yesterday we published an article entitled “Tax Tips on IRAs.” The response to that article was so great that I felt I should follow up with more information. You still have time to contribute to an IRA for 2016 and, in many cases, qualify for a deduction or even a tax credit. Available in one…

Clients often have questions about Individual Retirement Arrangements, or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. Cook and Company Tax Advisors in Arab, Alabama offers the following tax tips on IRAs: Age Rules Taxpayers must be under age 70½ at the…