What You Need to Know About the Additional Medicare Tax

Mar 8, 2016

If your income is above a certain threshold, you’ll need to pay the Additional Medicare Tax of 0.9% on income above the threshold amount. The IRS recently reminded taxpayers of what they need to know about this tax. Which income is subject to the tax? The tax applies... read more

Save Cash and Reduce Your Tax Bill with Home Energy Credits

Mar 1, 2016

If you’re thinking about getting more energy-efficient with your home to cut your energy costs long-term, there’s another reason you might want to go ahead and move forward: tax savings. The IRS reminds taxpayers that there are two credits you can take advantage of.... read more

Need to Remodel Your Retail Store? Your Costs May Now Be Deductible

Feb 29, 2016

In the past, if you needed to refresh your retail store or restaurant, you faced a complicated task of figuring out which costs needed to be capitalized and which were able to be deducted. A new safe harbor reported by The Tax Adviser is changing that. IRS is allowing... read more

Want to Keep your Millennial Employees Happy? Let Them Know How They’re Doing

Feb 18, 2016

Traditional once-a-year performance reviews don’t cut it with Millennials, according to new research reported in an article in Business News Daily. The findings show that Millennials are open to feedback and take improvement goals seriously — but waiting an entire... read more

The IRS Wants Your Help Protecting Your Data

Feb 15, 2016

In 2015, the IRS launched an initiative with the tax industry to put increased safeguards in place to prevent identity theft and protect taxpayers’ data from thieves. You can check out Fact Sheet 2015-23 to see the details of all that the initiative includes. But the... read more

The IRS Discovered and Stopped Another Data Breach

Feb 11, 2016

Earlier this week, the IRS announced that they discovered and stopped an automated cyberattack on the e-filing personal identification number (PIN) system last month. In this attack, cyber thieves used information stolen “outside the IRS” to generate e-file PINs for... read more

You Can Now Deduct That Laptop Instead of Capitalizing It

Feb 9, 2016

The IRS recently announced that it’s raising the deductible amount for purchases of tangible property without applicable financial statements (AFSs) to $2,500 per item. It used to be that any item over $500 without an AFS had to be capitalized. (For taxpayers with... read more

Recent Tax Court Opinion Says That Charities Can’t Have Side Gigs

Feb 3, 2016

If an organization wants to qualify as a charity, it has to be exclusively dedicated to charitable activities and must comply with all the requirements of Sec. 501(c)(3). The U.S. Tax Court issued a judgment in December on a case dealing with an organization called... read more

Can you Block Your Employee’s Tips? Yes. (But You Really Shouldn’t.)

Jan 29, 2016

Servers at popular low-priced restaurants like Waffle House work just as hard as those as those at 5-star establishments. But they get paid much less. This past May, one patron at a Raleigh, North Carolina Waffle House decided he was going to give an especially... read more

Most SC Taxpayers Will Be Waiting Until March for Their Refunds as State Fights Fraud

Jan 25, 2016

In a statement reported on by WYFF4, the South Carolina Department of Revenue said that they’ll be delaying refunds for the majority of filers until March 1. As scammers continue to steal identities and file false tax returns in order to get their victims’ refunds,... read more