Newsletter

Sitcoms, taxes and more! – June 6, 2019

June 6, 2019 Jeffrey Schneider, EA, CTRS, ACT-E, NTPIF Author of the Now What Help! series In the World of Tax Sitcoms and Taxes Be Wise in Choosing your Tax Preparer Taxpayers should include tax plans in their wedding plans IRS now billing those who filed for 2018 but didn’t pay A five-star review Tax Humor The Third Book in the Now What Help! Series Comming Soon to Amazon Sitcoms and Taxes A look at TV shows through the years that had us laughing about taxes: Friends, Season 1, Episode 4 -“The [...]

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Port St. Lucie Man Sentenced for Tax Fraud! – May 2, 2019

May 2, 2019 Port St. Lucie Tax Preparer Sentenced for Tax Return Fraud PORT ST. LUCIE— A Port St. Lucie tax return preparer was sentenced to seven years in prison and a $267,995 fine from the Internal Revenue Service for not reporting his correct income and for filing false tax returns for his clients. Richard Maurival prepared tax returns from 2012 through 2015 that inaccurately claimed business expenses and education credits to increase tax returns from the IRS for his clients, according to [...]

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Crypto, Extensions and more – April 4, 2019

April 4, 2019 What You Need to Know About Cryptocurrency and Taxes The IRS determines cryptocurrencies to be property, like stocks or real estate, you’ll need to pay taxes if you’ve realized a capital gain and you can lower your tax bill if you’ve taken a loss. Do I need to pay taxes on Bitcoin? That gain can be taxed at different rates. If you held a virtual currency for over a year before selling or paying for something with it, you pay [...]

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Back to Basics! – March 7, 2019

March 7, 2019 Back to Basics Jeffrey Schneider, EA, CTRS, ACT-E, NTPIF is the head- honcho at SFS Tax & Accounting Services and has been preparing individual and business tax returns for over 40 years along with handling monthly booking, setting up entities, providing payroll and keeping his business clients compliant with state and federal taxes. As all business owners know, your business can easily wither on the vine if you don’t evolve and change with the times. Several years back, Jeffrey [...]

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Beware of Fake Charity Scams Relating to Hurricanes

It’s Taxing Times and Tax Resolution Times Beware of Fake Charity Scams Relating to Hurricanes The Internal Revenue Service issued a warning about possible fake charity scams emerging due to Hurricane Harvey and encouraged taxpayers to seek out recognized charitable groups for their donations. While there has been an enormous wave of support across the country for the victims of Hurricane Harvey, and with the preparations for the incoming Hurricane Irma, people should be aware of criminals who look to take advantage [...]

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Is it really the IRS?

It’s Taxing Times and Tax Resolution Times Is it really the IRS? How to know it’s really the IRS calling or knocking on your door Many taxpayers have encountered individuals impersonating IRS officials – in person, over the telephone and via email. Don’t get scammed. We want you to understand how and when the IRS contacts taxpayers and help you determine whether a contact you may have received is truly from an IRS employee. The IRS initiates most contacts through regular mail delivered [...]

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Learn about Tax Benefits for Education

It’s Taxing Times and Tax Resolution Times Learn about Tax Benefits for Education The beginning of the school year is a good time for a reminder of the tax benefits for education. These benefits can help offset qualifying education costs. Here is information about two tax credits available to those who pay higher education costs for themselves, a spouse or a dependent. The American Opportunity Tax Credit (AOTC) is: Worth a maximum benefit up to $2,500 per eligible student. Only available for the first four years at [...]

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Tips to Keep in Mind on Income Taxes and Selling a Home

It’s Taxing Times and Tax Resolution Times Tips to Keep in Mind on Income Taxes and Selling a Home Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home. Below are tips to keep in mind when selling a home: Ownership and Use. To claim the exclusion, the homeowner must meet the ownership and use tests. This means that during the five-year period ending on the date of the sale, the homeowner must [...]

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Upcoming Tax Deadlines

It’s Taxing Times and Tax Resolution Times Upcoming Tax Deadlines September Fr 15 Pay the third installment of your 2017 estimated tax – Use Form 1040-ES. Fr 15 C corporations: Deposit the third installment of your 2017 estimated tax. Fr 15 S Corporations: File Form 1120-S if you timely requested an extension – see Form 7004 Fr 15 Partnerships: File Form 1065 if you timely requested an extension – see Form 7004 Fr 15 Electing Large Partnerships: File Form 1065-B if you timely requested an extension.   October Mo 16 C corporations: File calendar year [...]

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Private IRS Debt Collectors

It’s Taxing Times and Tax Resolution Times Private IRS Debt Collectors You may have heard the adage “The IRS will never call you”, commonly shared among taxpayers to help distance friends and loved-ones from telephone scammers. While it is always wise to be extra careful with anyone claiming to be contacting you on behalf of the IRS, the line has recently become a little more blurred. The Internal Revenue Service has begun a new private collection program of certain overdue federal tax debts; selecting four [...]

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