Kevin Roberts, CPA | Roberts CPA Group | Tax - Wealth Management - Virtual CFO - Accounting - Payroll | 502-426-0000

       

 

New Testimonial Audio Hotline

 

Kevin Roberts, CPA

Roberts CPA Group

 

Call our Testimonial Hotline & give us your feedback at:

 

800-609-9006 extension 9078

Here's an Example:

Click here to listen to an actual example.


 

Other Articles by Kevin Roberts CPA

Click here to review


 

- 11 Traits of The Financially Secure

 

- 5 More Bad Money Habits and How to Overcome Them

 

- 5 Ways We Keep Avoiding Better Money Habits

 

- The Starting Point for Tax Planning

 

- 6 Steps to Estate Planning Done Right

 

- A Billionaire's 4 Keys to Success

 

- Useful Financial Benchmarks for Mid-Life

- Confronting The Lies That Threaten Our Financial Stability

 

- Top 5 Ways to Confront Worries

- Self-Protection Through Knowing How Long To Keep Tax Records
 

- Identity Thieves Want YOUR Tax Return
 

- The Power of Specialized Knowledge
 

- Take A Test Drive Of Your Retirement Plans

 



 

 

 

 

 

Don't Fall for New Tax Scam Tricks by IRS Posers + Moving Expense Deduction + 5 IRS Tax Tips for Starting a Business


 

Though the tax season is over, tax scammers work year-round. The IRS advises you to stay alert to protect yourself against new ways criminals pose as the IRS to trick you out of your money or personal information.

 

These scams first tried to sting older Americans, newly arrived immigrants and those who speak English as a second language. The crooks have expanded their net, and now try to swindle virtually anyone. Here are several tips from the IRS to help you avoid being a victim of these scams:

- Scams use scare tactics. These aggressive and sophisticated scams try to scare people into making a false tax payment that ends up with the criminal. Many phone scams use threats to try to intimidate you so you will pay them your money. They often threaten arrest or deportation, or that they will revoke your license if you don't pay. They may also leave "urgent" callback requests, sometimes through "robo-calls," via phone or email. The emails will often contain a fake IRS document with a phone number or an email address for you to reply.
 

- Scams use caller ID spoofing. Scammers often alter caller ID to make it look like the IRS or another agency is calling. The callers use IRS titles and fake badge numbers to appear legit. They may use online resources to get your name, address and other details about your life to make the call sound official.
 

- Scams use phishing email and regular mail. Scammers copy official IRS letterhead to use in email or regular mail they send to victims. In another new variation, schemers provide an actual IRS address where they tell the victim to mail a receipt for the payment they make. All in an attempt to make the scheme look official.
 

- Scams cost victims over $20 million. The Treasury Inspector General for Tax Administration, or TIGTA, has received reports of about 600,000 contacts since October 2013. TIGTA is also aware of nearly 4,000 victims who have collectively reported over $20 million in financial losses as a result of tax scams.

The real IRS will not:

- Call you to demand immediate payment. The IRS will not call you if you owe taxes without first sending you a bill in the mail.
- Demand that you pay taxes and not allow you to question or appeal the amount that you owe.
- Require that you pay your taxes a certain way. For instance, require that you pay with a prepaid debit card.
- Ask for credit or debit card numbers over the phone.
- Threaten to bring in police or other agencies to arrest you for not paying.

If you don't owe taxes or have no reason to think that you do:

- Do not provide any information to the caller. Hang up immediately.
- Contact the Treasury Inspector General for Tax Administration. Use TIGTA's "IRS Impersonation Scam Reporting" web page to report the incident.
- You should also report it to the Federal Trade Commission. Use the "FTC Complaint Assistant" on FTC.gov. Please add "IRS Telephone Scam" in the notes.

If you know you owe, or think you may owe taxes:

- Call the IRS at 800-829-1040. IRS workers can help you if you do owe taxes.

Stay alert to scams that use the IRS as a lure. For more, visit "Tax Scams and Consumer Alerts" on IRS.gov.

 

  Last May I hosted a live webinar on Social Security Strategies and Secrets you should understand and use as you contribute and eventually take distributions from this program.  If you are interested in watching the VIDEO REPLAY you can click here.  Kevin
 

 

Moving Expense Deduction

 

If you move your home you may be able to deduct the cost of the move on your federal tax return next year.

 

This may apply if you move to start a new job or to work at the same job in a new location. In order to deduct your moving expenses, your move must meet three requirements:

1. Your move must closely relate to the start of work. In most cases, you can consider moving expenses within one year of the date you start work at a new job location. Additional rules apply to this requirement.

2. Your move must meet the distance test. Your new main job location must be at least 50 miles farther from your old home than your prior job location. For example, let's say that your old job was three miles from your old home. To meet this test, your new job must be at least 53 miles from your old home.

3. You must meet the time test. You must work full-time at your new job for at least 39 weeks the first year after the move. If you're self-employed, you must also meet this test. In addition you must work full-time for a total of at least 78 weeks during the first two years at the new job site. If your tax return is due before you meet the time test, you can still claim the deduction if you expect to meet it.

See Publication 521, Moving Expenses, for more information about the rules.

If you qualify for this deduction, here are a few more tips from the IRS:

- Travel. You can deduct certain transportation and lodging expenses while moving. This applies to costs for yourself and other household members while moving from your old home to your new home. You may not deduct your travel meal costs.


- Household goods and utilities. You can deduct the cost of packing, crating and shipping your property. This may include the cost to store or insure the items while in transit. You can deduct the cost to disconnect or connect utilities at your old and new homes.


- Expenses you can't deduct. You may not deduct:

     
> Any part of the purchase price of your new home.
     
> The cost of selling your home.
     
> The cost of breaking or entering into a lease.

See IRS Publication 521 for more examples.

> Reimbursed expenses. If your employer later pays you for the cost of a move that you deducted on your tax return, you may need to include the payment as income. You must report any taxable amount on your tax return in the year you get the payment.


> Address change. When you move, make sure to update your address with the IRS and the U.S. Post Office. To notify the IRS, file Form 8822, Change of Address.

Premium Tax Credit Changes in Circumstances. If you purchased health insurance coverage from the Health Insurance Marketplace, you may receive advance payments of the premium tax credit. It is important that you report changes in circumstances, such as when you move to a new address, to your Marketplace. Other changes that you should report include changes in your income, employment, family size, or eligibility for other coverage. Advance credit payments provide premium assistance to help you pay for the insurance you buy through the Marketplace. Reporting changes will help you get the proper type and amount of premium assistance so you can avoid getting too much or too little in advance.

You can get Publication 521 and Form 8822 on IRS.gov/forms at any time.
 



5 IRS Tax Tips for Starting a Business

When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules.

 

Here are five IRS tax tips that can help you get your business off to a good start.

1. Business Structure. An early choice you need to make is to decide on the type of structure for your business. The most common types are sole proprietor, partnership and corporation. The type of business you choose will determine which tax forms you will file.

2. Business Taxes. There are four general types of business taxes. They are income tax, self-employment tax, employment tax and excise tax. In most cases, the types of tax your business pays depends on the type of business structure you set up. You may need to make estimated tax payments. If you do, use IRS Direct Pay to pay them. It's the fast, easy and secure way to pay from your checking or savings account.

3. Employer Identification Number. You may need to get an EIN for federal tax purposes. Search "do you need an EIN" on IRS.gov to find out if you need this number. If you do need one, you can apply for it online.

4. Accounting Method. An accounting method is a set of rules that you use to determine when to report income and expenses. You must use a consistent method. The two that are most common are the cash and accrual methods. Under the cash method, you normally report income and deduct expenses in the year that you receive or pay them. Under the accrual method, you generally report income and deduct expenses in the year that you earn or incur them. This is true even if you get the income or pay the expense in a later year.

5. Employee Health Care. The Small Business Health Care Tax Credit helps small businesses and tax-exempt organizations pay for health care coverage they offer their employees. A small employer is eligible for the credit if it has fewer than 25 employees who work full-time, or a combination of full-time and part-time. The maximum credit is 50 percent of premiums paid for small business employers and 35 percent of premiums paid for small tax-exempt employers, such as charities.

The employer shared responsibility provisions of the Affordable Care Act affect employers employing at least a certain number of employees (generally 50 full-time employees or a combination of full-time and part-time employees). These employers' are called applicable large employers. ALEs must either offer minimum essential coverage that is "affordable" and that provides "minimum value" to their full-time employees (and their dependents), or potentially make an employer shared responsibility payment to the IRS. The vast majority of employers will fall below the ALE threshold number of employees and, therefore, will not be subject to the employer shared responsibility provisions.

Employers also have information reporting responsibilities regarding minimum essential coverage they offer or provide to their fulltime employees. Employers must send reports to employees and to the IRS on new forms the IRS created for this purpose.

If you have comments or questions on the information in these articles, as usual feel free to call our offices at 502-426-0000.
 


 

 

Please Would You Give Us Your Feedback & a Testimonial on Our Hotline at 800-609-9006 ext. 9078

 

Hey it's Kevin Roberts and I wanted to ask you a favor.  We've just installed a toll-free number that I would like for you to call and tell me how you think we are doing as your CPA firm.

 

Just dial 800-609-9006 ext. 9078 and follow the instructions, it only takes 1 minute.  If we've done a good job please let me know.

 

And if we can improve on anything, please mention that too. Thanks!  Kevin

 


 

Remember you can call our offices if you have any questions about these or any other bookkeeping, accounting, tax, financial planning or insurance related issues, at 502-426-0000. 

 

Regards, Kevin Roberts, CPA

President, Roberts CPA Group

 

 

 

 

Kevin Roberts, CPA | Roberts CPA Group | 201b Townepark Circle
Louisville, KY 40243 | 502-426-0000 | Fax: 502-805-0408
La Grange office: 209 S 1st Street | La Grange, KY 40031
502-222-7260 | www.louisville-tax.com