Unfortunately, the IRS has once again had to warn about possible fake charity scams that are emerging due to Hurricanes Harvey and Irma. Taxpayers should seek out recognized charitable groups to make donations if they want to help. “While there has been an enormous wave of support across the country for the victims of Hurricane  Continue Reading »

Due to recent devastation caused by Hurricane Harvey, the IRS is responding by offering victims of the store additional time to fulfill tax responsibilities and complete tax-related tasks. “This has been a devastating storm, and the IRS will move quickly to provide tax relief to hurricane victims,” said IRS Commissioner John Koskinen. “The IRS will  Continue Reading »

According to the U.S. Department of the Treasury, the My Retirement Account (myRA) program will be coming to an end, even though it was just created just a few years ago in 2014. As part of the Trump Administration’s effort to slim down wasteful spending where possible, the Treasury has decided this short-lived Roth IRA  Continue Reading »

Over the last two years the IRS and state tax authorities have made significant strides in curbing individual identity theft. But cyberattacks against businesses are on the upswing. Here are some simple ways business taxpayers can help protect their data from hackers. Trends in ID Theft The IRS recently announced that the number of individuals reporting identity theft in the  Continue Reading »

A tax assessment by the IRS is generally presumed to be correct, but a taxpayer can overcome the presumption with proof. However, that situation is reversed when the IRS asserts fraud. In those instances, the IRS must prove, by clear and convincing evidence that fraud exists. Badges of Fraud There is a potential for criminal as well  Continue Reading »

The top line of your company’s income statement is revenue. So, it tends to receive a lot of attention from investors, lenders and other stakeholders. Why? It’s a telltale sign whether your company is growing or declining based on changes in revenue. Moreover, changes in the composition of revenue can provide insight into your strategic plans.  Continue Reading »

The next federal highway use tax return is due on August 31, 2017, so the IRS wants to remind truckers and other owners of heavy highway vehicle. Generally, the deadline applies to IRS Form 2290 and the accompanying tax payment for the tax year that begins on July 1, 2017, and ends on June 30, 2018.  Continue Reading »

In July, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. For years, people have questioned the viability of the Social Security system going forward. The report projects that the combined asset reserves of the Old-Age, Survivors and Disability Insurance (OASDI) Trust Funds will  Continue Reading »

Under the federal tax code, there’s a fine line between businesses and hobbies. You may think of that unincorporated sideline activity you engage in an— such as a marketing director by day and an artist on the nights and weekends —as a business and hope to deduct any losses on your personal tax return. But  Continue Reading »

Although there are legitimate reasons for some Maine business entities to choose a partnership structure, partnership status may be undesirable for certain activities involving more than one co-owner. Here are some tax-related reasons to avoid partnership status for your business: Tax elections. If a partnership exists, certain tax elections must be made at the partnership level  Continue Reading »