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THIS MONTHS NEWSLETTER

Dear Valued Client,

Take advantage of the special tax breaks that are still available. If you have been impacted by the economy and need to hold on to your cash, there are many incentives that can help you out.

If you need to discuss your circumstances or would like more information on the topics covered in this edition, please call this office for an appointment.

Murphy, Murphy, Murphy

Don't be Scammed by Tax Season Cyber Criminals - 24 January 2012, 10:00 am
Now that tax season is upon us, so are the e-mail scammers pretending to be the IRS. Most of these scams fraudulently use the IRS name, logo, and/or website header as a lure to make the communication appear more authentic and enticing. They lead you to believe you had a refund of some sort coming and request personal information. The goal of these scams - known as phishing - is to trick you into revealing your personal and financial information. The scammers can then use your information - like .. [Read More]

New Reporting Requirement for Individuals with Foreign Financial Assets - 24 January 2012, 10:00 am
New for 2011 is a requirement for any individual who, during the tax year, holds any interest in a “specified foreign financial asset” to complete and attach Form 8938 to his or her income tax return if a reporting threshold is met. The reporting threshold varies depending on whether the individual lives in the U.S. and files a joint return with his or her spouse. For example, someone who is not married and doesn’t live abroad will need to file Form 8938 for 2011 if.. [Read More]

It's Not Too Late - 24 January 2012, 10:00 am
It’s not too late to make an IRA and/or SEP contribution or undo a Roth IRA conversion for 2011. Generally, after the close of the year you can no longer take steps to alter the outcome of your tax return. However, both IRA contributions and SEP contributions can be made for a year after it has closed, and if you converted a traditional IRA into a Roth IRA, you can undo that conversion after the close of the year. Here are the details: Traditional IRA Contributions - IRA contributions .. [Read More]

Those Gold Sales May Be Taxable - 24 January 2012, 10:00 am
If you took advantage of the escalating gold and silver prices and made any sales of gold, silver, gems, jewelry, or the like during 2011, you are required to report the sales on your tax return. Whether or not the sales are subject to tax, and at what tax rate, depends upon the type of item sold and your tax basis for the item. Determining Basis - Generally, your tax basis is what you originally paid for the item, assuming that you can recall the amount. It may be difficult to remember how much.. [Read More]

Nominees Have 1099 Reporting Requirements - 24 January 2012, 10:00 am
Candidates seeking political offices aren’t the only individuals who are “nominees.” For tax purposes, if you receive, in your name, income that actually belongs to someone else, you are also a nominee. Being a nominee means you must file with the IRS a 1099 form appropriate to the type of income you received and give a copy of the 1099 to the actual owner of the income. However, if the other person is your spouse, no 1099 filing is required. The most common nominee.. [Read More]

Schedule Cs in the IRS' Bull's-eye - 24 January 2012, 10:00 am
Schedule C is the form that unincorporated sole proprietor businesses use to report their income and expenses as part of their individual tax returns. Schedule Cs have been center stage in recent IRS “tax gap” estimates. The tax gap is defined as the amount of tax liability faced by taxpayers that is not paid on time. This past January they released the tax gap figures for 2006. You might say that 2006 was quite a ways back, but you have to remember returns are filed in the s.. [Read More]

QuickBooks Income Tax Reports And Filtering Options: Target The Right Output - 24 January 2012, 10:00 am
April 15 is getting uncomfortably close. QuickBooks, of course, can't do your taxes for you. But it helps you lay some of the groundwork. Following up on last month's column on customizing reports, we'll look at the program's tax-related reports and its powerful report-filtering options. But first, you'll need to make sure that this output will be accurate. Describe your company accurately Your tax entity setting should have been established when you first set up QuickBooks, but verify that you'.. [Read More]

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