Musings of a Burbank CPA: IRS May Shift W-2 Deadlines to Combat Identity Theft and Tax Fraud

Well the Government Accounting Office (GAO) is pushing the IRS to require W2s be filed with the Social Security Administration by January 31 and that Efiling of W2s be required when more than 5 to 10 (no specific number yet) are filed.  This will allow the IRS to match W2s before refunds are issued (hopefully) and cut down on identity thieves filing for false refunds.  See the details in this article in Accounting Today by Micheal Cohn: http://www.accountingtoday.com/news/irs-watch/irs-shift-w2-deadlines-combat-identity-theft-tax-fraud-72062-1.html Never mind the pressure this will put on payroll services and accountants to get W2s done that much earlier – with the IRS barely into the 21st century as far as computers and tech , will they really be able to match things that much sooner?  Also there are rumblings that Congress is being asked by the Treasury Department to accelerate the W2 filing deadline; I will believe that when I see it.   For financial,  accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net  Phone: 818-317-6035  Website: www.briantstonercpa.com    Android and the IPhone:        Has been Featured On https://twitter.com/bstonercpa

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Burbank CPA Tax Musings: Deducting Student Loan Interest (Even If You Don’t Pay It)

Time for everyone to go back to school.  Also you are probably making those student loan payments.  Remember that the interest on these payments may be a tax deduction.  See this posting in Forbes by Kelly Phillips Erb for more details on the writeoff: http://www.forbes.com/sites/kellyphillipserb/2014/09/19/back-to-school-2014-deducting-student-loan-interest-even-if-you-dont-pay-it/ The only potential issue is there are some qualifications (Surprise!)  But because this interest is deducted on the front of the form 1040, you don’t have to have itemized deductions to take advantage of it.  So take a look at it when you file your taxes.   For financial,  accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net  Phone: 818-317-6035  Website: www.briantstonercpa.com    Android and the IPhone:        Has been Featured On https://twitter.com/bstonercpa

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Tax Musings of a Burbank CPA: Congress Considers Tax Extenders and Corrections

Well it sounds like Congress is finally considering the various tax extenders and corrections for 2014.  See Michael Cohn’s updated report in Accounting Today: http://www.accountingtoday.com/news/government-news/congress-considers-tax-extenders-and-corrections-72034-1.html The problem, as usual, is that nothing will probably be finalized until after the November midterm elections (surprise, surprise!)  If anything new happens, I will pass it on. For financial,  accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net  Phone: 818-317-6035  Website: www.briantstonercpa.com    Android and the IPhone:        Has been Featured On https://twitter.com/bstonercpa

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