As we write, the new tax bill is poised to be signed into law later this week. We are studying the numerous new provisions, and besides significant rate reductions, a couple of items standout:Read More
The filing deadline for 2017 W-2s is 1/31/18. This due date applies to both the employee copy and Social Security Administration copy.
The 1/31/18 deadline also applies to the filing of 2017 Form 1099-Misc with amounts reported in Box 7 (nonemployee compensation)...Read More
What are Identity Theft Protection Services and do they work?
In a prior blog post, we introduced several tools, credit freezes and fraud alerts, that can be used to help mitigate identity theft, but are there more comprehensive tools out there that monitor all aspects of your financial security? Over the past several years, identity protection services have stepped in to fill this gap. Services such as Lifelock and IdentityForce have become household names over the past couple of years. What are these services and how do they work?
Are Your Investment Accounts Safe? With the recent data breach at Equifax, some 143 million Americans have been made vulnerable. Among the information stolen include names, birthdays, social security numbers, and addresses. With this information out in cyberspace, could a fraudster gain access to your investment accounts or retirement accounts? The answer is…it is unlikely.Read More
Have you been compromised? If you have been paying attention to the news lately, you know that the odds are against you. The current population of the United States is approximately 325 million. Equifax estimates that 143 million Americans were affected by their recent hack. That is approximately 44 percent of the U.S. population....Read More
Potential Money Saving Ideas
Before you watch the ball drop or set those New Year’s resolutions, let’s talk tax planning. At this time each year, it is always useful to consider year-end personal income tax planning. This year the planning may be even more important. 2016 will be the last Obama tax year...
The filing deadline for 2016 W-2s is 1/31/17. This applies to both employee and Social Security Administration copies.
The 1/31/17 deadline also applies to 2016 Form 1099-Misc with amounts reported in Box 7 (nonemployee compensation)...Read More
The due dates for the following return types have not changed:
- Individuals (Form 1040)
- S Corporation returns (Form 1120S)
- Employee Benefit Plans (Form 5500)
- Foreign Trusts with a U.S. Owner (Form 3520-A)
In 2016 only estates of individuals worth more than $5,450,000 are taxed ($10,900,000 for a married couple). People with estates approaching or exceeding those amounts use various creative methods to avoid paying the tax including a GRAT (grantor retained annuity trust), a...Read More
Nov. 2 , 2015 -- The National Academy of Public Accounting Professionals (NAPAP) has selected Terry R. Hall, Jr., CPA, of Novinger, Ball & Zivi, PC in Knoxville as one of the 2015 "Top 10 Public Accounting Professionals" in Tennessee.Read More
Only qualified expenses in excess of 10% of your Adjusted Gross Income (7.5% for those 65 and up) are deductible. Here is a list to help determine deductible and non-deductible medical expenses:Read More
The IRS has issued guidance indicating that health insurance reimbursement arrangements (HRAs) that do not comply with the Affordable Care Act (ACA) are subject to severe penalties.Read More
“I sold my house this year, am I required to pay taxes on the gain?”
This is a common question that we hear from our clients each year. The answer of course is the typical accountant answer: it depends. The majority of home sales will escape taxation altogether. To see if you are one of the lucky ones, follow these steps...Read More
Registering online for a Sales & Use Tax account with the TN Department of Revenue can be easy if you know what information you need ahead of time. Most items they request you should have readily available. Although, if you get halfway through...
1. Increase Fidelity Bond coverage. Most policies provide only $25,000 of coverage. An increase to $200,000 would be relatively inexpensive.
2. Owner/manager should receive unopened bank statements and review the cancelled checks. Automatic transfers should be reviewed closely. Unauthorized checks would be...