The IRS has reported that the number of potential victims impacted by a tax scam has increased from a few hundred to several thousand in just a few days. Putting a new twist on an old scam, criminals are taking taxpayer information, filing fraudulent returns, and depositing erroneous refunds into real taxpayers’ bank accounts. The criminals then contact the victim and use a variety of tactics to attempt to claim the refund.
As of January 1, 2018 SBA has changed the Business Acquisition Equity Requirements (Commonly Referred to as the “Goodwill” Rule) as follows:
Bitcoin has been all over the news recently. Although we hear a lot about it, we are still left with numerous questions about what it is, how it works, and how we deal with it from a tax reporting perspective. And now, other cryptocurrencies are hitting the mainstream. All of this makes us wonder, will these cryptocurrencies continue to shape our future or is all of this a fad that will die down within a year? Jamie Dimon, chairman and CEO of JPMorgan Chase stated in October that “If you’re stupid enough to buy bitcoin, you’ll pay the price one day.” More recently, on December 12th, he stated: “Look, everyone has a personal opinion about Bitcoin. I remain highly skeptical of it. But as I’ve said previously, I’m open-minded to uses of cryptocurrencies if properly controlled and regulated.”
Taxpayers that are age 70 and a half may direct their IRA to make a direct contribution to a qualified charity of up to $100,000. This contribution counts toward the required minimum distribution. The advantage to this is that the distribution to the charity is not included in the taxpayer's adjusted gross income (AGI). This could further reduce their tax since certain taxes, income and deduction items are directly affected by AGI. Only an IRA is eligible to make this contribution. SEP IRA's and other qualified retirement plans are not eligible.
The Internal Revenue Service (IRS) recently released cost of living (COLA) changes for 2018. From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you're an employee or business owner, senior management or nonexempt staff, these changes may affect how you approach retirement in the coming months and years.
A recently resurfaced banking Trojan is now being used in a malware/phishing campaign targeting users of accounting services provider Xero. Similar attacks have also been used against users of Intuit and QuickBooks. The goal of these attacks is to gather login details for banking and financial accounts. Here's how it works, what it looks like, and what do if you get this message:
It’s almost that time again…Tax Season! We want to make sure that you are taking advantage of all the tax deductions that are available to you when you are traveling for charity. There are a few things that you want to make sure you are doing to make sure the deductions qualify. A few tips to remember are:
At LBA Haynes Strand, we’re proud to be members of the NCACPA. In North Carolina, the NCACPA is working to modernize and improve our state tax code. This year they have made a few changes and have recently announced those changes.
Tip 1: Know Which Type of License you are Seeking:
The dollar amount of the project you are bidding on will likely be the determining factor of which license type is right for your company. See the chart at the bottom of the post for the license thresholds, financial requirements and whether an audit is required to be performed by an independent CPA.
Every year LBA Haynes Strand closes it's doors for one day while the entire firm goes out into the community to help with a worthy cause. This year we were fortunate enough to team with Out of The Garden Project in Greensboro, NC. Out of The Garden Project is a food assistance program for families primarily in Guilford County. Their mission is to partner with parents, teachers, friends, and organizations to provide food and hope for every child! They supply a bag of food, including two meals, for a family of four (6-7 lbs) each Friday at 60+ schools in Guilford County, one school in Forsyth County and one school in Alamance County. Overall they reach 1,750 families each week! In addition, Out of The Garden Project provides 700 bookbags each week for the United Way of High Point.