Responding to the Notice You Receive from the IRS

A few days ago, I came across the article linked below regarding IRS notices many small businesses are receiving regarding potential income under-reporting. The gist of it is that credit card processing companies are now required to issue Forms 1099-K to businesses that accept credit and debit cards as a form of payment. The forms report […]

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2014 Social Security Wage Base and Cost of Living Adjustment Announced

On Wednesday, October 30th the Social Security Administration announced that Social Security recipients would see an increase in benefits of 1.5% as a result of the 2014 Cost of Living Adjustment (COLA). Additionally, the taxable social security wage base will increase to $117,000 from $113,700 as a result of an increase in average wages. The […]

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IRS Announces Details of Operations During Government Shutdown

The IRS has announced that, as part of a number of functions which are suspended during the federal government shutdown, federal income tax refunds will not be issued during the lapse in appropriations. The nation’s tax law remains unchanged however, so taxpayers should continue to file and pay their taxes according to the normal schedule. […]

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Federal Agencies Issue Rulings Regarding Treatment of Same-Sex Marriages

Over the course of the past month two regulatory rulings have been issued which provide greater clarity regarding the federal treatment of legally married same-sex couples in the wake of the U.S. Supreme Court decision which struck down the Defense of Marriage Act earlier this summer. First, on August 29th the IRS ruled that all […]

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Potential Tax Consequences of the Supreme Court Ruling on DOMA

On June 26th the U.S. Supreme Court ruled that the federal Defense of Marriage Act, or DOMA, was unconstitutional. The decision will influence the way that legally married same-sex couples are taxed, with many of the consequences yet to be determined. One of the biggest questions outstanding is the federal marital status of couples who […]

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IRS Offers Simplified Home Office Deduction for 2013

The IRS has announced an easier way for taxpayers to claim the home office deduction in 2013. Now taxpayers can simply calculate their deduction at $5 per square foot of home office, up to 300 square feet. Previously, taxpayers had to keep track of utilities, repairs and maintenance, homeowner’s insurance and all the other costs […]

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