Category Individuals

29
May

Responding to the IRS Breach

On May 26, the IRS reported that thieves had managed to access approximately 104,000 individual taxpayer accounts through the ‘Get Transcript’ application. Thieves gained access to the information by using information from third-party sources to login online and answer personal security questions. The question now is how you should be responding to the IRS breach. The …

21
Apr

IRS Reports Spike in Identity Theft

2013 saw a significant spike in tax return related identity theft. According to the IRS, cases of identity theft were up 66% for the filing season a year ago. Based on what we have seen this season, that statistic is sure to rise. Most people hate filing tax returns. Aside from being cumbersome, tax filings often come …

16
Jan

‘Tis the Season

We’re only partway through January, but W-2s, 1099s, and other tax documents are already starting to pour in. Tax season is underway. Are you ready? Chances are, you are more ready than the IRS. Due to Congress’ passage of last-minute tax law, the IRS has delayed the official opening of tax season. E-filing will become available January …

7
Nov

Tax Issues for Child Dependents

Today I had the opportunity to teach a class of high school students about various tax forms, whether they should file a tax return, and some general principles for dependents of other taxpayers.  It was a great group, and I had a lot of fun.  Of course, I’m a tax geek.  So teaching about tax …

4
Aug

Tax Court Rules on Home Office

Kiplinger is reporting that the Tax Court has made a new ruling on the personal use of a home office.  Don’t get too excited, this ruling says more about how restrictive the IRS is on home office rules than it does about any new leniency. For the case in question, the tax filer had a …

4
Jun

Standalone Health Reimbursement Arrangements Fail to Comply with Obamacare for Employee Coverage

A Health Reimbursement Arrangement is an account funded by an employer to reimburse employees for medical care expenses.  In the past, these arrangements have also been available to reimburse employees for purchasing their own private health insurance in lieu of having a company plan.  In light of Obamacare, an important question arises: Does an Employer Funded Health Reimbursement …

13
May

IRS Publications Ruled Unreliable

If you think publications printed by the IRS offering tax guidance are a final authority, think again.  In a recent tax court ruling, the judge reinforced that the “plain language” of the law trumps IRS proposed regulations or publications (Bobrow).  Basically, IRS Publications, which provide specific tax instructions for various situations, have been ruled unreliable. …

16
Apr

Dear Donald Rumsfeld

MarketWatch is reporting this morning that former Secretary of Defense Donald Rumsfeld has sent his annual letter to the Internal Revenue Service stating that he does not know whether his return or the payments he made are in fact accurate.  I certainly understand where Mr. Rumsfeld is coming from.  I definitely agree with him that …

5
Feb

Tax Tips Tuesday 2/4/14

On February 4, 2014, Marshall Gunn, CPA sat with Casey Black DeSantis and Charlene Shirk for the first installment of this year’s Tax Tips Tuesdays with First Coast Living on Jacksonville’s First Coast News station.  Each week he will be providing tax recommendations and an update on everything IRS with hosts of First Coast Living.  …

30
Jan

Who is MyRA and why is Everyone Talking about Her?

In his recent State of the Union Address, President Obama introduced America to MyRA (or, “My Retirement Account”) for people who lack employer-sponsored retirement plans. He signed a presidential memorandum in Pennsylvania to make America’s new Savings Sweetheart official. The concept behind a MyRA is relatively simple: Taxpayers can sock away up to $15,000 into …

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