Be Ready for IRS Collection Calls

By |2021-01-28T21:10:05-06:00January 13th, 2016|Blog, Tax Law, Uncategorized|

I used to tell to my friends and clients to hang up if they receive IRS collection calls.  Similarly, the IRS and law enforcement officials often issue warnings about phone scams involving tax collection, and each time they claim the same thing: "The IRS will never call you to demand payment. It sends letters by mail." [...]

2016 Standard Mileage Rates

By |2021-01-28T21:10:58-06:00January 12th, 2016|Tax Law, Uncategorized|

The IRS recently announced the new 2016 standard mileage rates to be used for travel. The standard business mileage rate is decreased by 3.5 cents while Medical and moving mileage rates are lowered by 4.0 cents. Charitable mileage rates are unchanged. 2016 Standard Mileage Rates Lower gas prices - good news; lower IRS standard mileage [...]

IRS Announced New Pension Plan Limitations for 2012

By |2021-01-28T20:58:23-06:00October 21st, 2011|Blog, Compensation, Uncategorized|

The IRS announced today the cost of living adjustments affecting the pension plan contribution limitations for tax year 2012.   Many of the pension plan limitations for 2012 will increase due to the cost-of-living index adjustment.  Some of the important changes are summarized below: The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most [...]

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IRS: A New Voluntary Worker Classification Settlement Program

By |2021-01-28T20:58:22-06:00September 22nd, 2011|Blog|

The IRS launched a new program that will enable many employers to resolve past worker classification issues at a low cost by voluntarily reclassifying their workers.  This new program will allow employers the opportunity to get into compliance by making a minimal payment covering past payroll tax obligations rather than waiting for an IRS audit. [...]

SEVERAL FACTS ABOUT THE ALTERNATIVE MINIMUM TAX

By |2021-01-28T20:57:55-06:00May 1st, 2011|Alternative Minimum Tax, Blog, Tax Law|

The Alternative Minimum Tax (also called the “AMT”) attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. You should know the following seven facts about the AMT to prepare yourself for this tax season: Certain tax laws provide to some taxpayers many tax benefits, allowing [...]

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