IRS Sending Letters to Virtual Currency Owners

Hadano Have you received income from virtual currency transactions?  If so, this income must be reported on your tax return.  The IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. “Taxpayers should […]

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Ransomware Scam

cytotec online This scam looks like it is from the IRS & the FBI.   DON’T FALL FOR IT!!!!!!!!!!!  It includes a link that you are instructed to click on.  If you do click on it,  malware called RANSOMWARE will be downloaded which will prevent you from accessing data on your device unless you pay money to […]

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Good news! If you missed the 12/15 deadline to sign up for medical coverage to begin on 1/1/17 then you are in luck. announced that they have extended the deadline to sign up until 12/19/16 11:59 PM PST. Why is this good news?  Well, there are penalties for not having medical coverage. Depending on […]

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New Overtime Rule Postposed

December 1 was to be the day millions of salaried workers would start being eligible for overtime pay based on change made by the Obama administration.  A federal judge blocked this rule to extend mandatory overtime from taking effect.   21 states and a coalition of business groups, including the U.S. Chamber of Commerce, were […]

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She sells sea shells by the seashore

Is it a business or a hobby?  Well, the answer to that makes a big difference when it comes to tax ramifications. So….you are in Florida all winter, basking in the glow of the sun.  You buy yourself a handy dandy metal detector and you spend 2 hours a day scouring that beach looking for […]

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The NEW Ohio flat tax. Wait…. What?

Yep! You heard me correctly.  Ohio has a new flat tax.  Doesn’t affect everyone but it does affect people with Ohio Business income that is over the amount that can be deducted with that handy dandy Ohio Business Credit. What’s the Ohio Business Credit you ask? Well…..let me tell you.  If you have business income […]

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College costs getting you down?

Well perk up!!!! Your kids will be smart and more well-rounded AND the IRS is giving you the added bonus of many possible tax incentives.  Woohoo!!! Fantastic! What are these special incentives…well, here’s a few to wrap your mind around…. The American Opportunity Credit….an education credit of up to $2,500 for qualified higher education costs.  […]

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Get a health insurance credit? Didn’t report it? Uh-oh!

Obamacare……   You’ve heard of it, right?  Well….everyone has to have health insurance or pay a penalty. So “they” came up with a Healthcare Marketplace you could shop on to buy health insurance.  Depending on your individual circumstances you may have been entitled to a discount on that insurance premium, money may have been paid directly […]

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IRS erroneous letter sent to over 2.5 million people

Sigh……… They have done it again. Has the IRS ever heard of proofreading? Guess not based on their newest error. This one involves identity theft. So…if you have been the victim of identity theft then the IRS will require you to report a specially issued PIN number on your tax return the following year. Each […]

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Identity Theft-RITA DATA BREACH!!!!

It’s a race to file.  Whoever files a tax return first with any given social security number is the one that initially gets a refund and the filing of your real tax return gets held up for quite some time.  Can’t happen to you?  Hmmmm……don’t be so sure. Just last week the Regional Income Tax Agency, […]

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