2016 Year End Thoughts

As the year draws to a close, now is an excellent time to review your current tax planning strategies to ensure they are still meeting your needs and to develop plans for 2017.

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S Corporation Shareholder Medical Insurance Premiums

With the implementation of the Affordable Care Act, many changes have impacted businesses and their reporting requirements. One change specifically is the reporting of medical insurance premiums paid by the S Corporation on behalf of a shareholder-employee with a greater than 2-percent ownership.

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Significant Changes to Arizona Tax Credits

The State of Arizona has made significant changes for 2016 to individual tax credits. These tax credits can help reduce your Arizona income taxes with a dollar for dollar reduction of your Arizona State income tax, allowing the taxpayer to self-direct their Arizona income taxes. These Arizona credits also qualify as a Federal Itemized Charitable Deduction.

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IRS Warns of New Tax Scam

The Internal Revenue Service and its Security Summit partners are warning taxpayers and tax professionals of fake IRS tax bills related to the Affordable Care Act.

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Household Employees vs. Independent Contractors

Many questions have risen in recent years regarding employees and independent contractors, specifically focusing on household employees. Specific regulations have been set in place and many times, issues regarding household employees are brought to surface at the end of the employee relationship. In our two part series, we answer some questions that apply to all variables of employment that you may find helpful.

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Sharing Economy Resources

Many taxpayers have found a new stream of income with what the IRS refers to as the “Sharing Economy.” Websites such as Air BNB, Uber, and Lyft are just a few examples of this new income source.

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Back to School Scams

The Internal Revenue Service has issued a warning to taxpayers against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.”

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Tax Scam Warning

The Internal Revenue Service is warning taxpayers to stay vigilant against an increase of IRS impersonation scams in the form of automated calls and new tactics from scammers demanding tax payments on iTunes and other gift cards.

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