The IRS has announced the maximum fair market value (FMV) amounts that designate the proper valuation rule for employers calculating fringe benefit income from employer-provided automobiles, trucks, a...
The IRS has provided guidance that describes the de minimis safe harbor for avoiding the information return penalties created by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). In addi...
According to the IRS Whistleblower Office, the IRS made awards to 400 whistleblowers in fiscal year (FY) 2016. The awards totaled more than $61 million.Since FY 2007, the Whistleblower Office, establi...
The Fourth Circuit Court of Appeals has affirmed that an IRS deficiency notice is not subject to the Administrative Procedure Act (APA) “reasoned explanation” requirement. Accordingly, the...
The Tax Court has determined that a taxpayer who held a minority interest in an limited liability company (LLC) in which he performed services was considered an investor in the LLC (Hardy, TC Memo. 20...
The District of Columbia Office of Tax (OTR) and Revenue has announced that, to combat identity theft tax fraud, it will contact some taxpayers to verify that personal income tax refund requests were ...
In his 2017 State of the State Address, Maryland Governor Larry Hogan outlined proposed legislation that would:provide a deduction for 100% of interest paid on student loans;provide incentives for the...
For corporate and personal income tax purposes, the Virginia Department of Taxation has announced that all employers are required to electronically submit their W-2s and other year-end withholding for...
Welcome to the Alcorn & Cureton, Ltd Web Site.
There are a bunch of new filing deadlines for next year, with the most dramatic being that W-2 forms and 1099s have to be filed by Jan 31, 2017. This covers all employers, including household employers of nannys.
You can upload your investment information directly into your tax return by using our Intuit Link system. Let us know that you want to have your interest, dividends and stock sales imported directly in, and we will send you an invite to register with Intuit and select the accounts you want to upload.
Starting a business? We can help. Generally we recommend that most businesses start as an LLC (Limited Liability Company). If there is only one owner, it will be a single member LLC and the income and expenses will just be reported on the owner's tax returns. If there is more than one owner, the LLC will be taxed as a partnership and will file a partnership income tax return. The entity itself does not pay income taxes, in that the income flows through to the owners on their tax returns.
The LLC form of business helps protect you from legal liability if done correctly. Most businesses can benefit from that, especially high risk activities such as real estate (rentals, construction and flipping), restaurants and services.
LLCs generally have to register with the State and you want to obtain a Federal Employer ID number (EIN) from the IRS. That way you do not need to use your Social Security Number.
We welcome Anne Christoffel as our office manager. Danielle Durand is home with her lovely little baby Lilly.
The IRS does NOT call you to say they are suing you, taking you to court or demanding you make a payment to them today. These are scams. The IRS warns that there are now scam IRS CP-2000 notices (tax adjustments) being emailed out. The IRS also does NOT send out emails regarding a tax refunds or rebates or request that you set up a PIN number in order to get your refund. These are phishing schemes and phone scams, and you should not respond to them and NEVER, NEVER, NEVER click on a link from one of those emails. Never make a payement to the I.R.S., in that all payments to the goverment are paid to the U.S. Treasury. If your notice or call says antyhing different, it is fake. PLEASE REPORT THESE TO http://www.treasury.gov/tigta/contact_report_scam.shtml
A wonderful video on this is
Setting up a 529 Plan for your kids or grandchildren? While there is not a Federal tax deduction, there are state tax deductions available if set up with your state of residence or its approved plan. You can maximize your state tax deductions by splitting the accounts between husband and wife (Virginia) or by the different type of plans (Maryland).
One of top ten tax questions- What are the IRS mileage rates for use of an automoble? For 2016 we have: Business rate 54 cents per mile. For medical or moving expense use, it's 19 cents and for charitable use you get 14 cents per mile deduction. For 2017, the business rate is 53.5 cents.
Did you know that employers of as few as two employees can be fined $100 per day per employee if they have a non-conforming health plan OR if they offer a premium reimbursement plan to the employees? The new health care law (ACA) has some serious fines and penalities that can hit even the smallest employers.
Need info on the ACA (the Affordable Health Care Act)? The following has a good explanation for both indivuduals and for small businesses. http://accountants.intuit.com/health/index.jsp.
Transmit your data to us safely and securely. Use our File Share Portal. The File Share link is at the bottom of this page.
With the increase in Capital Gains Rates, Sec 1031 Exchanges are coming back in style. If you have a planned sale of Real Estate that will generate large capital gains, give us a call and we can discuss how you can defer the tax on those gains to a later date.
Virginia Employers, including individuals with rental properties, must file a BPOL license with your county or city by March 1. Landlords with properties in DC must file a Franchise Tax return.
Get a heads up on the new laws-subscribe to our NEWSLETTER. Our monthly newsletter will be emailed to you each and every month. Click on the Subscribe button at the bottom of the page. This is a free client service that we want you to take advantage of. There are always a lot of good tax planning ideas in each monthly newsletter.
Thinking about using a Tax Relief company to reduce your balance due to the IRS? Check out the news article, in Links on the top menu line, then in News.
Are you (personally or your business) subject to the Use Tax to your state? Check out our article on this in the Newsletter section.
Are you maximizing your retirement plan deductions? Is all of your estate planning (wills, trusts and medical directives) up to date? Please make sure that we have the current version of your Will and Trust documents.
Are you selling your investment real estate? Don't pay taxes on the gain-do a Section 1031 Exchange. See the article on 1031 Exchanges in the Newsletter section. Never think about selling your real estate without talking to us first.
Should your unincorporated business elect to be taxed as an S Corporation? Check out the article in the Newsletter section.
Be sure to catch our monthly newsletter, updated on the first of each month. Clicking on the Newsletter tab above can access the newsletter. We provide this newsletter service for you to keep up with the latest changes in the tax laws and newest ideas for tax and financial planning.
Need Tax Information? We have the complete CCH TAX GUIDE accessible at the INFO CENTER tab above. This complete tax book has information on individual, business and even non-for-profit taxes, with a full search feature.
We have added many new calculators in our FINANCIAL TOOLS section (tab above) including a full 1040 tax calculator, estate planning and mortgage loan calculators, including refinance savings computations and amortization schedules. There are so many powerful calculators; you will be able to calculate things that you never thought existed!
Driving directions to our office can be found in the CONTACTS section.
In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors. Our dedication to superior client service has brought us to the Internet as we endeavor to continue to provide the highest quality professional service and guidance.
As you browse through our Website, you will see that not only have we highlighted background information on our firm and the services we provide, but have also included useful resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section). Check out the nifty refinancing calculators to determine if you should refinance now, and how much it may save you.
In addition, we have taken the time to gather many links to external Websites that we felt would be of interest to our clients and visitors (in our Internet Links section).
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While browsing through our Website, please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.
NEW EXPANDED FTP SIZE! UP TO 1 gig. Need to send us a large QuickBooks or other file? Use our File Share program. Click on the File Share logo below and click on the New User Registration button. Please be sure to remember your sign in name and password that you set up. You will then be able to send up any file up to 1gig in size. If you registered before June 18, 2012, you will need to update your registration. If you try to upload something and you get a "not enough space" message, please give us a call. On some days we get a large amount of data in and the box overflows.
Special note to our File Share users. To improve security, the portal requires a fairly current browser version. If your browswer is IE 10 or prior, you will get a "cannot find page" error message. If you do, please update your browser (they are free, and you should not be using an older version anyway).
If you are uploading your QuickBooks file, we suggest that you send a Portable Copy (.QBM) in that it is smaller and contains less data than a regular Backup file (.QBB). It also does not contain your sensitive customer data. Please note that you also need to send us your current QB password.