The U.S. Greeting Card Association estimates that approximately 190 million valentines are sent each year in the US. Half of those valentines are given to family members other than husband or wife, usually to children. When the valentine-exchange cards made in school activities are included the figure goes up to 1 billion, and teachers become…

Tax Formula Here’s a quick way to find out if a taxpayer must pay taxes on their Social Security benefits: Add one-half of the Social Security income to all other income, including tax-exempt interest. Then compare that amount to the base amount for their filing status. If the total is more than the base amount,…

Each year, increasingly efficient automated systems generate most IRS audits. The IRS can normally audit returns filed within the last three years. Additional years can be added if substantial errors are identified or fraud is suspected. Although there is no way to entirely avoid an audit, preparing an accurate tax return is a taxpayer’s best…

This IRS YouTube video walks taxpayers through the steps of how to use the IRS “Where’s my refund?” tool. The online tool gives personalized up to date tracking information on a refunds’ status.    Nine out of 10 refunds are issued within 21 days when sent electronically and using direct deposit.  

Efforts Continue to Result in Improved Identification of Fraudulent Tax Returns Involving Identity Theft However, Accuracy of Measures Needs Improvement The Internal Revenue Service’s (IRS) efforts continue to result in the improved identification of fraudulent tax returns involving identity theft; however, additional steps should be taken to improve the accuracy of some of the IRS’s…

When I opened my email this morning I found that I had received a report from Google about activity related to my business. Google reported that 689 people saw my business on Google Search, 88 people saw my business on Google Maps, 46 people found my phone number on Google and called my business, and…

Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of income tax taxpayers may have to pay. Here are a few key points to know about taking an early distribution: Early Withdrawals An early withdrawal normally is taking…

Matthew Pankey, Chief Technology Officer at Citizens Bank & Trust Matthew was in the office tonight for his tax filing appointment. Afterwards, he reviewed our Information Technology Department policies and found approximately $800 per month potential cost savings for us! We invited him back, to give a talk on cyber-security next Thursday at a staff luncheon…

Targeting Schools, Restaurants and Hospitals The Internal Revenue Service, state tax agencies and the tax industry issued an urgent alert today to all employers that the Form W-2 email phishing scam has evolved beyond the corporate world and is spreading to other sectors, including school districts, tribal organizations and nonprofits. In a related development, the…