IRS to Allow Truncated Tax IDs to Combat Identity Theft

Accounting Today
Washington, D.C. (February 21, 2013)
By Michael Cohn

Accounting TodayThe Internal Revenue Service is taking further steps to combat identity theft, including issuing proposed regulations that allow taxpayers to truncate the identification numbers on some tax documents they file. Click here to read the full article.

“Phishing” Scam Uses Fake IRS Identity

EmailYou should be aware that a company or individual masquerading as the U.S. Internal Revenue Service (IRS) has been sending out e-mails with the subject line “Income Tax Refund NOT ACCEPTED” and similar titles. This is NOT an official IRS communication, but an attempt to lure the recipient into clicking on a link that will allow the sender to capture e-mail information – a process known as “phishing.” Continue reading

Individual Financial Records – Do I Need to Keep That?

It is never a bad time to plan for your next tax filing date. Do you know what you should keep and what you can throw away? Here are a few guidelines when it comes to your Individual tax filings Continue reading

Do you Need to Audit Your Employee Benefit Plan

If you offer your employees a 401(k), pension plan or other defined benefit plan, you may be required by law to have the plan audited on an annual basis. The U.S. Department of Labor (DOL) is diligent in making sure qualifying plans are audited, and in reviewing the audits to make sure the plans are being properly administered for the beneficiaries of your employees. Continue reading

Formula Gifting – A New Concept

Many people are considering making substantial gifts to their children or grandchildren this year to take advantage of the current, historically-high lifetime gift tax exclusion.  There is a new approach to consider: “Formula Gifting”.  Continue reading

Temporary Repair Regulations

ImageBy now many of you have heard that the IRS issued lengthy and complex rules last December regarding whether an expenditure for tangible property, including real estate, is deductible as a repair or must be capitalized. The new rules will affect many businesses including many of our clients. We at Gray, Gray & Gray are fully conversant with these new rules. The IRS recently held public meetings regarding the rules at which many issues and suggestions were made.  We do not know the results of these meetings.  Businesses have until December 31, 2013 to make the changes required by the new rules. Continue reading

IRS Issues Publication on Worker Classification

Worker classification is an issue the IRS has indicated they will be paying more attention to.  To assist taxpayers and businesses in determining if a worker is an employee or independent contractor, the IRS has issued Publication 1779.   This publication can serve invaluable to business owners as failure to properly classify a worker can have significant consequences.  For example, the business could be liable for unpaid withholding and payroll taxes. In addition, a business may owe workers for benefits they should have received. Please click HERE to view the worker classification reference guide, IRS Publication 1779.

If you have questions about worker classification, please contact our Tax Department at (781) 407-0300.

Filing Extension Tips From the IRS

Do you need more time to file your tax return? Many people do and the IRS has created a sequence of tip videos to help taxpayers with their frequently asked questions and concerns. Watch the video below on filing an extension:

More IRS Tip Videos can be found on the IRS YouTube Channel by clicking HERE