Here is a group of recent tax fraud cases that have been going through the court system. They have been compiled by Jeff Stimpson in Accounting Today. Take a look: http://www.accountingtoday.com/news/tax_news/tax-fraud-blotter-pining-for-prison-72948-1.html Included are preparers defrauding their clients as well as the IRS. One preparer is required to pay the U.S. over ten million dollars for tax fraud as well as money laundering. As there will be more where that comes from. 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
Burbank CPA Tax Musings: House Passes $42 Billion Plan to Revive U.S. Tax Breaks for 2014
Well it finally looks like Congress is getting off their backsides and starting to actually help with taxes by passing tax extenders that expired at the end of 2013. See this update in Accounting Today by Richard Rubin and Bloomberg for the details: http://www.accountingtoday.com/news/government-news/house-passes-42-billion-plan-to-revive-us-tax-breaks-for-2014-72913-1.html Now the bill goes to the Senate, then if passed there the two bills will be reconciled and the final bill will go to the President to sign. Why does this always happen at the eleventh hour? Politics of course! 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
Musings of a Burbank CPA: How to Get the Most Bang for Your Charitable Giving Buck
This is more about finding a charity to support than about the deductibility of items and how you can get a deduction for them. This article by Donna Rosato in Money gives some answers to a lot of charity questions you might ask: http://time.com/money/3611880/charitable-giving-tips-advice-katherina-rosqueta/ That being said, make sure you have a receipt to back up your donation (a check, cash receipt or credit card receipt will do if the donation is under $250; otherwise you also need a letter from the charity giving the donation amount and verifying that no goods or services were given for the donation. It should also have the charity’s information.) If your donation is noncash and over $500 you should fill out form 8283 detailing the donation. If a donation of a type of item (clothing, furniture, appliances) is over $5000 the 8283 must be signed by the charity and an appraisal of the donation must be submitted. It is worth it to get the tax deduction. 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