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The IRS has been alerted to a new email phishing scam. The emails appear to be from the IRS and include a link to a bogus web site intended to mirror the official IRS web site. These emails contain the direction “you are to update your IRS e-file immediately.” The emails mention USA.gov and IRSgov, though notably, not IRS.gov (IRS-dot-gov). Don’t get scammed. These emails are not coming from the...

A unanimous Supreme Court has held that the funds in an inherited IRA do not qualify for exemption in bankruptcy because they do not share the same characteristics as “retirement funds” that traditional IRAs have. In 2000, Ruth Heffron established a traditional IRA and named her daughter, Heidi Heffron-Clark, as the sole beneficiary. When Ms. Heffron died the next year, the IRA, worth at the time...

Having to add to payroll can be a momentous step for budding small businesses, but the tax implications can be burdensome. By hiring employees, a small business owner is subject to payroll processing fees, extra paperwork with quarterly and annual filings, payment of payroll tax deposits, as well as the added cost of matching Social Security, Medicare and funding the federal unemployment fund...

Are you unsure if you need to sign up for health insurance? Don’t worry, we can help you understand who is exempt from having insurance under the Affordable Care Act. The Affordable Care Act requires that all Americans have health insurance starting in 2014. Those who choose to not have insurance will have to pay a tax penalty unless they qualify for an exemption. The tax penalty can also be...

Many students take a job in the summer after school lets out. If it’s your first job it gives you a chance to learn about the working world. That includes taxes we pay to support the place where we live, our state and our nation. Here are eight things that students who take a summer job should know about taxes: 1. Don’t be surprised when your employer withholds taxes from your paychecks. That’s...

Opening a restaurant can seem like a failsafe venture. After all, everyone has to eat. The reality, however, is that eateries are notoriously risky enterprises, with most studies suggesting that somewhere around 60% of them will fold within the first year. At Gurian CPA Firm, we are experienced accountants with expertise working for local restaurant owners. We want you to understand the main...

There’s plenty of misinformation circling around out there about IRS audits. It’s time to clear the air and get the facts. A Different Kind of One Percent-er Research and hard facts tell us everything we need to know – less than 1% of the tax-paying population whose annual earned income falls between $15,000 and $100,000 experience an IRS audit each year. The odds are that slim. When you combine...

It’s not too early for small business owners to begin planning to take advantage of various tax-saving opportunities when they file their 2014 federal income tax returns. In addition, substantial relief from past payroll tax obligations is available to eligible employers who agree to reclassify their workers as employees in the future. Here are further details. Credit Helps Small Employers...

To save money and time, it’s critical that you simplify your company’s payroll processes and modern technological advances let you do this with minimal hassle. If you haven’t started using powerful accounting software or cloud services to help you streamline your payroll processes, our Dallas CPA is here to help you with three ways you can speed up what you need to do with modern payroll...

April 15 is the tax day deadline for most people. If you’re due a refund there’s no penalty if you file a late tax return. But if you owe taxes and you fail to file and pay on time, you’ll usually owe interest and penalties on the taxes you pay late. Here are eight facts that you should know about these penalties. 1. If you file late and owe federal taxes, two penalties may apply. The first is a...