Author - SFS Tax & Accounting

IRS Changes to Offshore Programs

IRS Makes Changes to Offshore Programs The Internal Revenue Service has announced major changes in its offshore voluntary compliance programs, providing new options to help both taxpayers residing overseas and those residing in the United States. The changes include an expansion of the streamlined filing compliance procedures announced in 2012 and important modifications to the 2012 Offshore Voluntary Disclosure Program (OVDP). The expanded streamlined procedures are intended for U.S. taxpayers whose failure to disclose their offshore assets was non-willful. “This opens a new...

July 1, 2014Read more...

Tips for Taxpayers Who Missed the Tax Deadline

Tips for Taxpayers Who Missed the Tax Deadline If you missed the April 15 tax filing deadline, don’t panic. File as soon as you can.  If you owe taxes, you should file and pay as soon as you can. This will help minimize the interest and penalty charges. There is no penalty for filing a late return if you are due a refund. IRS E-file is still available.  IRS e-file is available through Oct. 15. E-file is the easiest, safest and most accurate way...

July 1, 2014Read more...

Get Credit for Child and Dependent Care This Summer

Get Credit for Child and Dependent Care This Summer Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit: Your expenses must be for the care of one or more qualifying persons. Your dependent child or children under age 13 usually qualify. Your...

July 1, 2014Read more...

Small Business Health Care Tax Credit for Small Employers

Small Business Health Care Tax Credit for Small Employers How will the credit make a difference for you? For tax years 2010 through 2013, the maximum credit is 35 percent of premiums paid for small business employers and 25 percent of premiums paid for small tax-exempt employers such as charities. For tax years beginning in 2014 or later, there will be changes to the credit: The maximum credit will increase to 50 percent of premiums paid for small business employers and 35 percent...

April 1, 2014Read more...

Simplified Option for Claiming Home Office Deduction

Reminder To Home-Based Businesses: Simplified Option for Claiming Home Office Deduction Now Available; May Deduct up to $1,500. This year for the first time they can choose a new simplified option for claiming the deduction for business use of a home. In tax year 2011, the most recent year for which figures are available, some 3.3 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction) totaling nearly $10 billion. The new optional deduction, capped...

April 1, 2014Read more...

Boost Your Retirement Savings

Boost Your Retirement Savings with a Tax Credit If you contribute to a retirement plan, like a 401(k) or an IRA, you may be eligible for the Saver’s Credit. The Saver’s Credit can help you save for retirement and reduce the tax you owe. Here are four facts that you should know about this credit: The Saver’s Credit is the short name for the Retirement Savings Contribution Credit. It can be worth up to $2,000 for married couples filing a joint...

April 1, 2014Read more...

2014 Tax Season Refund FAQ

2014 Tax Season Refund FAQ How quickly will I get my refund? The IRS issues most refunds in less than 21 calendar days. What is the best and fastest way to get information about my refund? Use can use the IRS2Go mobile app or the Where’s My Refund? tool. You can start checking on the status of your tax return within 24 hours after the IRS has received your e-filed return or 4 weeks after a paper return is mailed. Will I see a date for my...

April 1, 2014Read more...
IRS scam

Largest Ever Phone Fraud Scam

IRS Warns Taxpayers Warn of “Largest Ever Phone Fraud Scam” The Treasury Inspector General for Tax Administration, J. Russell George, warned taxpayers to beware of phone calls from individuals who claim to represent the Internal Revenue Service. Fraudsters are trying to defraud them in the largest ever scam it has seen to date. “This is the largest scam of its kind that we have ever seen,” said TIGTA Inspector General J. Russell George in a statement. He noted that TIGTA has...

March 25, 2014Read more...

Tax Benefits Increase Due to Inflation Adjustments

In 2014, Various Tax Benefits Increase Due to Inflation Adjustments For tax year 2014, the Internal Revenue Service has announced annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items for tax year 2014 of greatest interest to most taxpayers include the following dollar amounts. The tax rate of 39.6 percent affects singles whose income exceeds $406,750 ($457,600 for married taxpayers filing...

January 1, 2014Read more...

2014 Pension Plan Limitations

2014 Pension Plan Limitations The Internal Revenue Service has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014.  Some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment.  However, other pension plan limitations will increase for 2014.  Highlights include the following: The elective deferral (contribution) limit for employees who participate in 401(k),...

January 1, 2014Read more...