The IRS can now give eligible taxpayers an "IP PIN," a six-digit code to help prevent the misuse of Social Security numbers on fraudulent federal income tax returns. As the IRS explains, this PIN helps the agency verify a taxpayer's identity and accept his or her electronic or paper tax return.
Family offices act as the heart of a family's operations, doing everything from managing their financial lives to overseeing their investments, paying bills, pursuing philanthropic activities and making travel arrangements. The scope of the family office's operations depends on the family's wishes, as well as its budget.
Are you a freelancer? If so, it pays to know how the tax code can work for you. For example, one of the biggest perks of the 2017 Tax Cuts and Jobs Act is a new 20% deduction on the so-called pass-through business. This is available to a wide variety of gig economy workers: owners of an LLC or an S corporation, a partner or a sole proprietor. The deduction is available even to workers who take the standard deduction.
Typical employer-based health coverage doesn't pay for daily care services, and Medicare will only cover a short stay in a nursing home or a limited amount of at-home care. And so, long-term care insurance was born.
Do you want to be more productive? First, let's consider how you and your staff are spending time. As your company grows, it becomes increasingly important to keep on top of who is spending how much time doing what. Time management tools can help. Being on top of accountability and process improvement will help you enhance productivity measures.
In a recent statement, the IRS noted that most taxpayers are issued refunds by the IRS in fewer than 21 days. If yours takes a bit longer, here are six things that may be affecting the timing of your refund:
What can you do now before you meet with your tax preparer? With a bit of forethought and preparation, you can make this year's taxes go as smoothly as possible.
Actually, there's no grand secret to filing taxes in an easy and efficient manner; it's simply a matter of setting a system of organization and sticking to it. An old shoebox, while compact and useful, is not the most effective system for holding your financial information in an easy-to-access manner.
The IRS is offering some updated rules as guidance for deductible expenses that may have been murky as a result of the Tax Cuts and Jobs Act. The rules being updated involve using optional standard mileage rates when figuring the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes, among other issues.
It is not news that the talent shortage is making employers think about ways to attract and retain exceptional talent. Offering a range of benefits is one such method they are using, and the statistics bear them out: 80 percent of workers would keep a job with benefits rather than take one that offered more pay but no benefits. It should come as no surprise the Society for Human Resource Management found that retention (72 percent) and recruiting (58 percent) were top reasons companies increased their benefits.
You'll receive a letter from the IRS when the information on your tax return doesn't match the data reported to the Internal Revenue Service by employers, banks and other third parties. The letter is called an IRS Notice CP2000. It gives detailed information about the issues the IRS has identified and provides steps you should take to resolve them.
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