Phishing Schemes Lead the IRS “Dirty Dozen” List of Tax Scams for 2017; Remain Tax-Time Threat

By | Income Tax | No Comments

IRS Newswire, Issue Number:    IR-2017-15 WASHINGTON — The Internal Revenue Service today warned taxpayers to watch out for fake emails or websites looking to steal personal information. These “phishing” schemes continue to be on the annual IRS list of “Dirty Dozen” tax scams for the 2017 filing season. The IRS saw a big spike in phishing and malware incidents during the 2016 tax season. New and evolving phishing schemes have already been seen this month as scam…

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Pay Your Taxes or Lose Your Passport

By | Uncategorized | No Comments

Pay Your Taxes or Lose Your Passport By Chelsea Bengier, JetSetter This past September, the Department of Homeland Security declared you can no longer fly in the U.S. without a passport in these four states. Now there’s this news: According to a Wall Street Journal report, Congress is planning to pass a new law that could deny or retract passports from Americans who haven’t paid their taxes, raising roughly $398 million over 10 years. The…

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FASB Fills Hole in Stock Compensation Accounting Rules

By | Accounting, Stocks | No Comments

by Jason Bramwell on Jun 25 2014 The Financial Accounting Standards Board (FASB) last week finalized new accounting guidance on stock compensation – specifically on how to account for share-based payments, which is absent from current US Generally Accepted Accounting Principles (GAAP). Entities often issue share-based payment awards that require a specific performance target – such as attaining a specified profitability metric or selling shares in an initial public offering – to be achieved in…

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Knowing the Three Tax Scenarios for Vacation Homes

By | Accounting, Tax Benefits | No Comments

by Ken Berry on Jun 25 2014 Some of your clients may own a second home that they treat as a vacation getaway. If they can afford to use it personally all year-round, more power to them, but the tax benefits are few and far between. However, others choose to rent out the home to tenants, at least part of the time. In this case, the tax breaks can be bountiful, but the rules are…

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Thomson Reuters Reports on Broker-Dealer Auditing Changes

By | Accounting, Auditing | No Comments

New York (June 26, 2014) By Michael Cohn Thomson Reuters has released a special report examining the Public Company Accounting Oversight Board’s new standards affecting broker-dealer audits. The report, Cause and Effect of the Changing Broker-Dealer Audit Landscape, points out that auditors of broker-dealers will need to revise their audit procedures because they are now subject to the PCAOB’s stricter new standards for risk assessment, audit committee communication, engagement quality review and engagement completion documentation….

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