Returning Value Blog

Kids are expensive, but tax breaks can help parents.

The IRS initiates most contacts through regular mail delivered by the United States Postal Service. However, there are circumstances in which the IRS will call or come to a home or business

The IRS recently released its annual list of “Dirty Dozen” tax scams to watch out for in 2017. Here is a rundown gleaned from the IRS’ summary. 

Do you know the steps to take if you become a victim of identity theft? Now that it has become the fastest growing white collar crime in the U.S, we must all know how to proactively respond to ID theft. Combating the crime of identity theft is for the most part reactionary – in other words, something “bad” has already happened—taking a proactive approach can mitigate any potential future losses.

Sadly, tax scams are a never-ending problem, and each year, we see a new crop emerge. While tactics may differ from one scam to another, each uses deception to try and separate you from your money—and in doing so, cause significant financial and personal harm.

This past summer President Obama signed into law, a bill that included changes to due dates for certain tax returns. These changes had been proposed by AICPA members who wanted a more logical chronology so that information taxpayers needed to file 1040s or 1120s would be available on time. 

In most cases if you make retail sales of tangible personal property or lodging accommodations, you must collect and remit the applicable tax associated with that transaction. However, there are three types of customers that are tax-exempt: