The Minnesota Society of CPA’s (MNCPA) released their annual list of outrageous tax deductions. The MNCPA surveyed member CPA’s for their most outrageous deductions clients tried to claim on their individual tax returns. Below is the MNCPA list and a few of our own. Questionable dependents: Attempting to claim “Fido” as a dependent is popular amongst clients […]
Archive | Tax Information
Tax Season 2015 is now underway
The IRS threw open the doors Tuesday, kicking off the tax season 2015 for individual filers. The IRS’s Modernized e-File system began accepting individual tax returns on the 20th of this month. The IRS began accepting business returns on the 9th. While IRS commissioner John Koskinen said he was “delighted that the filing season is […]
Things CPA’s in Portland Wishes Their Clients Would Do
As the 2015 tax season nears, MSN released their list of “7 Things Tax Preparers Wish We Would Do” to make life easier on your tax preparer. Tax season is a stressful period for CPA’s in Portland as well as the rest of Oregon. The following are my preparer tips which will not only save […]
TAX SEASON 2013/2014 CALENDAR
Dec. 31, 2013 Last trade date to recognize a gain or loss Last day to convert/transfer a Traditional or Roth IRA Last day to take a Required Minimum Distribution (RMD) from a retirement account Last day to gift to a 529 College Savings Plan Last day to make a gift to an individual or charitable […]
IRS Operations during the lapse in appropriations
Due to the current lapse in appropriations, the IRS on Monday released a memo describing the scope of the limited operations they would be offering until normal government functions are restored. In the memo, the IRS assured the American taxpayer that the “underlying tax laws remain in effect and all taxpayers should continue to meet […]
IRS Asks Taxpayers for Patience As They Tackle Shutdown Backlog
Despite reports to the contrary, the Internal Revenue Service really is back up and running after the shutdown. However, getting the agency back up to speed – and starting to tackle the backlog – is necessarily going to take time. The IRS has noted in particular that it expects “high telephone demand” and that many […]
Shutdown Gives Tax Scammers New Opportunities to Steal
Scammers are increasingly capitalizing on the fears of taxpayers in order to illegally obtain personal and financial information. These scammers realize that, with an arsenal of collections weapons at their disposal – from liens to bank levies to wage garnishment – the IRS can be pretty intimidating. and effective. Using those same threats, scammers pose […]
Office in Home Deduction
The IRS announced a new simplified formula for calculating the office in the home deduction for self-employed individuals. You may now deduct $5 per square foot up to a maximum of 300 square feet or $1500 starting on 2013 tax returns. The IRS believes this will reduce the record keeping burden on small businesses by […]
Tips for Next Year’s Taxes
Hi All, We made it through tax season, with very few folks on extensions. The next deadline will be October 15th, and then we are home free, until we start all over again next February 2014. Although we are four months into year 2013, it is never too late to think about next year’s taxes. […]
City of Portland – Portland Arts Tax
On November 6, 2012, Portland voters passed the Arts Education and Access Income Tax (Arts Tax). This new income tax will fund Portland school teachers and art focused non-profit organizations in Portland. The tax would not apply to everybody in Portland- just people who are at least 18 years old and make enough money to not be […]