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  • Household Employees

    Feb 04

    Have you hired someone to assist you with household work such as babysitting/hiring a nanny, house cleaning, yard maintenance, medical assistance, or chauffeuring? If this person is considered your employee, you may have additional tax reporting and employment taxes that need to be paid.

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  • Tax Return Identity Theft Continues and Grows

    Jan 19

    Tax identity theft was the largest form of identity fraud reported to the Federal Trade Commission in 2014 and it continues to grow.

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  • Foreign Asset and Bank Account Reporting

    Jan 14

    As in prior years, the U.S. government continues to require foreign financial institutions to report foreign accounts of US persons and continues to require annual reporting of foreign financial assets and foreign bank accounts by US persons. There continues to be rigorous enforcement of significant penalties if the reporting is not done.

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  • ACA Reporting Due Dates Extended

    Jan 06

    The IRS has just extended the ACA Reporting Due Dates, since they have determined additional time is needed to adapt and implement systems and procedures to gather, analyze and report this information.

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  • New Tax Law for 2015 & Standard Mileage Rates

    Dec 23

    Finally, we have a new tax law which was signed into law on December 18, 2015. Many tax provisions that expired on December 31, 2014 were made permanent or extended for 2 or 5 years. Now there is some certainty for tax planning and hopefully, some economic stimulus.

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  • Business Gifts

    Dec 03

    As the holidays approach, you may be considering making business gifts to your important customers, vendors and other business associates. Gifts to customers, vendors and other business associates to promote goodwill for your business are deductible, but there are limits...

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  • Affordable Care Act Reporting for 2015

    Nov 17

    New 2015 ACA reporting is required for many companies, who need to provide annual statements to the IRS and their employees and includes monthly insurance information. This information must be furnished to the employees by 2/1/2016 and the IRS by 2/28/2016 (paper filed) or 3/31/2016 (electronically filed).

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  • Copies of Paper Medical Records No Longer Taxable

    Nov 12

    As a result of a decision by the Wisconsin Tax Appeals Commission in Cannon & Dunphy, S.C. vs. Wisconsin Department of Revenue (August 15, 2015), sales of paper copies of patient health care records (medical records) are no longer subject to Wisconsin sales or use tax if the medical records are sold to the patient or to a person authorized by the patient to receive the medical records. Although the department appealed this decision, the department's appeal was dismissed on procedural grounds. Sales of electronic copies of patient health care records (medical records) that are transmitted electronically continue to be nontaxable.

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  • Three-Quarters of Americans Fear Having Their Identity Stolen

    Nov 04

    A new study by discovered that 77% of Americans worry about their identity being stolen. The study also found that 46% of Americans have been or know someone who has been the victim of identity theft. This has increased over 10% since 2008.

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  • Kiddie Tax

    Oct 29

    Does your child have any investments that were started for their future? A portion of a child’s unearned income (taxable interest, dividends, capital gains, annuities, etc.) may be taxed at their parents’ highest tax rate if it exceeds a certain threshold during the year, commonly known as the kiddie tax.

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