We continue to receive calls from clients concerning telephone callers identifying themselves as being from the Internal Revenue Service, and demanding checking account or credit card information to pay outstanding tax balances and penalties. The callers are very aggressive, claiming that a warrant … [Read more...]
Year-End Charitable Gift Tips from the IRS
The IRS has provided tips and reminders to individuals and businesses making year-end gifts to charity. They highlighted the rules for claiming deductions for charitable contributions of clothing and household items along with the guidelines for monetary donations. Clothing and Household ItemsThe … [Read more...]
Fraudulent IRS “Collection Calls”
In our last newsletter, we highlighted a telephone scam where callers, claiming to represent the U.S. Treasury or the Internal Revenue Service, are calling individuals and aggressively demanding immediate payment of “taxes” that are owed. The caller will claim that a warrant is already outstanding … [Read more...]
Information about Employer Reimbursements of Individual Health Insurance Policies
For plan years beginning after 2013, the Affordable Care Act (ACA) institutes so-called market reform provisions that place a whole host of new restrictions on group health plans. The penalty for violating the market reform restrictions is a punitive $100-per-day, per-employee penalty, or $36,500 … [Read more...]
IRS Telephone Scam
There seems to be a new scam or website that has been hacked discussed in the news on a daily basis, but here is one that you should not ignore. There appears to be a rash of fraudulent calls made, with the callers identifying themselves as representing the U.S. Treasury or the Internal Revenue … [Read more...]
What to Save When You Give?
A donation without documentation might not be a deduction Because of several recent court cases involving charitable donations being disallowed for lack of proper documentation, we want to remind you of the vital importance of obtaining and saving receipts and paperwork for charitable … [Read more...]
New California law (and IRS) focuses on worker misclassification
Employee vs. independent contractor -- it’s not just a matter of semantics There’s nothing new about the battle between the IRS (and other agencies) and businesses that classify workers as independent contractors primarily to save money on taxes and benefits. In the past, the legal battlefield was a … [Read more...]
What percentage are you? The 1%,12%, 28% or 99%?
IRS audits on the rise for high income individuals and corporations Recently politicians, protestors, and the media have been debating whether or not high-income individuals and corporations are paying their so-called “fair share” of taxes.Apparently this is also an IRS concern. Steven Miller, … [Read more...]
SPS Newsflash, Dec 2011
SPS Email Alert Dear Clients and Friends: In light of renewed attention and legislation surrounding the classification of workers, we want to share with you some important information. Determining whether someone you hire (or someone who provides services) is an employee or an independent … [Read more...]
The Wealth Squad Wants You!
An introduction to the IRS’s busy new group The Global High Wealth Industry Group, also known as the “wealth squad,” is a team of experienced IRS specialists assembled specifically to audit wealthy taxpayers. Depending on your point of view, this crack squad is either a scheme by the current … [Read more...]
