10 Tax Deductions that Border on Ridiculous

We all need a little humor during these dog days of the tax season. Each year, the Minnesota Society of Certified Public Accountants releases a list of the most outrageous tax deductions clients have tried to claim, courtesy of their CPA members. So we thought we’d take a moment to share these gems with you. 1. Here’s my Home Office… Got your Bathing Suit? Float around and enjoy yourself in your pool, but don’t expect the IRS to give you a break on [...]

Owe Taxes? Can't Pay? You do have Options!

Owe Taxes but Can’t Pay? Here’s What to Do!

You can feel the pressure. The tax deadline is looming and you know you owe the IRS money. Problem is, you owe more than you have sitting in your checking account. Believe it or not, there are options open to you. The best course of action is to find the funds to pay the IRS what you owe by the deadline. Let’s look at a few ways to get the IRS paid: Take the Money out of Savings The meager return on most [...]


Beware the Ides of March! The First Tax Return Deadline is Today

If only William Shakespeare could have traveled back in time to early 44 B.C. He would have been able to warn Julius Caesar about his impending assassination on March 15 by Marcus Brutus. It may not have done any good. Caesar had warnings, according to Shakespeare’s study of the Roman dictator. Yet he ignored the prophecies of his impending doom, and he paid the ultimate price on that fateful ides of March. Would the appearance of a 16th-century playwright/time traveler have changed things? Maybe [...]


Death and taxes… and what you need to know

As you may or may not know, my younger sister recently passed away and Ali and I just returned from the funeral in New York. Thank you to those of you that expressed your well wishes to us. On that sad note, I want you to know that even when there is a death in the family, there may be tax filings, from final 1040s to estate tax returns and the estate’s income return. I am an expert on the preparation of these tax [...]


Corporate Due Dates… And spring (training) is in the air

Well, my friends, it is now March, and baseball spring training is back in full (ahem) swing. Not sure why they still call it spring training since most of the time it begins in late winter, but I digress. As most, if not all you who know Ali and me, know we are die-hard Yankee fans (some more die-hard than the other!). I have been a Yankee fan since 1963. My Dad, may he rest in peace, was a staunch [...]

What do you mean I got a refund? I didn't file my taxes yet!

Scammers Are Using Your Bank Account to Rob the IRS

Did you notice a large deposit in your checking account from the IRS? Wondering why it’s there? If you received a refund that you weren’t expecting, beware. It is most likely a scam. Tax scams are nothing new. A new tactic has reared its ugly head this year. It has the added twist of using the bank accounts of unsuspecting citizens to steal from the IRS. How does it work? First, scammers file a fake return in your name. Then they use your banking [...]


What the Polar Bear can Teach us about the IRS

Today is International Polar Bear Day. In its honor, we are ruminating on how a polar bear is like the IRS. First, there are a lot of myths about polar bears. Similarly, many people have misconceptions about the IRS. The biggest myth about polar bears is that they hibernate. Actually, only the pregnant ones do. Black and brown bears curl up for a long winter’s nap, but the polar bear has no need. Their unique genetic makeup keeps them warm in the [...]

Tax scams

Scammers Continue to Target TurboTax Users in 2018

TurboTax users beware! That email asking you to take a look at your W-2 may be fake. People who use TurboTax do receive legitimate emails from the online tax service. And that’s part of the problem. Scammers are sending a flurry of fake emails too… and not just for Turbo Tax users. Almost any financial institution or business can be a target. And those scammers are putting in extra efforts to make those emails look real. They are getting more and more [...]

top 5 myths about tax refunds

Don’t Fall for These 5 Tax Refunds Myths

It’s tax time again! It’s that time of year when those expecting a tax refund watch their bank accounts like a hawk or check their mailbox, waiting and wondering when that refund will arrive. If you are due a refund, it’s natural to want to know when you’ll get it. Every year though, myths about tax refunds abound, causing confusion and needless worry. Thanks to social media, texts, and instant messaging, these untruths spread faster and farther than ever before. So let’s [...]

Keep an eye out for the new W-2. There are many people phishing in fraudulent waters trying to bait you.

Keep an eye out for the new W-2 Phishing Scam. There are many people phishing in fraudulent waters trying to bait you.

Business owners the W-2 scam has reared its ugly head once again! The Form W-2 phishing scam that victimized countless businesses and employees last year evolved and also targets schools, restaurants, hospitals, tribal groups, and nonprofits. There are many people phishing in fraudulent waters trying to bait you. The IRS says the Form W-2 scam has emerged as one of the most dangerous phishing emails in the tax community. During the last two tax seasons, cybercriminals tricked payroll personnel or [...]