Taxpayer beware, the scammers are still out there. The IRS recently warned people to watch out for a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. EFTPS is an automated system for paying federal taxes electronically using the internet or by phone using the EFTPS Voice Response System. This scam is being reported across the country. In the latest twist, the scammer cl
Over the last few weeks, many clients have asked me the same question—will we see any of the big tax changes this year that the president and Congress promised? The answer is an overwhelming “maybe.” Some in Washington have indicated they are within a few weeks of agreeing on central aspects of a tax overhaul plan and hope to have actual legislation that will be ready in September. Based on prior history, I think that means late October, but Congress has surprised me before.
I know it seems like you just got done filing your 2016 tax return. However, if you need to pay estimated taxes for 2017, the 2nd quarter estimate is due on June 15th for federal and June 30th for Iowa. Regardless if you got a big tax refund last year or if you owed with your return, this is also a good time to take a look at your current withholding from any payroll or retirement plan distribution. Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informa