Individual taxpayers reported less identity theft in 2017 versus the 2016 tax filing season. But the opposite is true for businesses, according to the IRS. The IRS is asking tax professionals to acquire more information on their business return clients to help authenticate returns and prevent identity theft. All of this data helps IRS determine that the tax return being submitted is the legitimate return filing and not an identity theft return. Some of the new information peo

We have an important tax law update for you. In this special edition of Tax Tip Tuesday, we will address the tax package that the Senate passed last night. The president is expected to sign this legislation. In the recently enacted “Tax Increase Prevention Act of 2014” Congress has once again extended a package of expired or expiring individual, business, and energy provisions known as “extenders.” The extenders are a varied assortment of more than 50 individual and business

Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax breaks until the very end of this year (and, possibly, not until next year). These breaks include: For Individuals -The option to deduct state and local sales and use taxes instead of state and local income taxes