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When Disaster Strikes, Scam Artists Go To Work

Barry Fowler

If the mass murder in Orlando last month was not tragic enough, another group of criminals are now reaching out to make an unthinkable situation even more heinous.

If you are considering donating money to a charitable organization to help the families of the Orlando Pulse victims, think twice before you give. There will be scam artists calling and reaching out in a variety of ways looking to take advantage of the heartbroken people around the country who want to help in some way.

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The IRS & Identity Theft: “New” News!

Manasa Nadig

There is something about old doors and entryways that fascinate me! Maybe it is the mystery of what lies beyond, the unknown, the thrill of opening closed doors to discover new places, new feelings, new people. But it is not as simple as that anymore, is it? These are different and more difficult times we live in now, I guess!

We could go down a very deep, philosophical route examining what Identity is, but we have to limit our discussion here to what Identity is in a digital age. And we all know how that ties into our finances!

We also know of all the hacks trying to get in on that precious information.

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Mid-Year National Tax Advocate’s Report Is Wary Of IRS’ “Future State”

Ron Marini

In her 2016 mid-year report to Congress, National Taxpayer Advocate (NTA) Nina Olson has again expressed concern about IRS’s “Future State” plans. The report envisions how the agency will operate in five years and beyond. In addition, the NTA presents a review of the 2016 filing season and identified the priority issues that the Taxpayer Advocate Service (TAS) will address during the upcoming fiscal year.

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Casualty Under The Internal Revenue Code—Part 3

Harold Goedde

This article is part 3 of a three-part series which discusses gains, including deferring the gain for income producing property by purchasing replacement property-qualifying property, time period for replacement, realized and recognized gain, and the basis of new property. The other 2 articles can be found by clicking on these links: Casualty Part 1 and Casualty Part 2.

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Tax Implications Of Declaring A Management Bonus At Year End

Grant Gilmour

If your corporation has had a profitable year and your corporate year end is July or later in the calendar year, you may wish to declare a management bonus to defer some of the taxes to the next year, or to reduce income to a level of corporate tax you are comfortable with. The small business tax rate limit, for example.

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Foreign Bank Account Reporting (FBAR)—FinCEN Form 114

John Dundon

Financial Crimes Enforcement Network (FinCEN) is a bureau of the Treasury Department. Authorized under the Bank Secrecy Act, foreign bank account reporting, commonly referred to as “FBAR”, is electronically reported to the IRS via FinCen Form 114, separate and distinct from filing a U.S. income tax return.

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Casualty Under The Internal Revenue Code—Part 2

Harold Goedde

This article is part 2 of a three-part series which discusses how to determine the amount of the loss for personal use and income producing property, amount deductible, and tax year for the deduction (part 1 can be found here). We will discuss gains, including deferring the gain for income producing property by purchasing replacement property-qualifying property, time period for replacement, realized and recognized gain, and basis of new property in the final installment.

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Congress’s Recent Changes To The ITIN Program Present Significant Challenges To Both Taxpayers And The IRS

William Byrnes

Individual Taxpayer Identification Numbers (ITIN) are needed by taxpayers who have a tax return filing requirement but are not eligible for a Social Security Number (SSN). In recent years, an average of 4.6 million taxpayers filed returns that included an ITIN. During the calendar year (CY) 2015, the IRS received approximately 870,000 Forms W-7, Application for IRS Individual Taxpayer Identification Number. When taxpayers cannot obtain an ITIN, they may experience financial hardship, miss out on tax benefits, and face business limitations.

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Figuring Out The Best Corporate Year End Date

Grant Gilmour

The year end date is important as it identifies the end of a corporation’s business year and can have an impact on tax planning. It has to be determined for a corporation’s first tax filing and is typically the last day of a month.

So what year end date should you choose?

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What Does The New U.S. Treasury Model Tax Treaty Mean For You?

John Richardson

On July 12, the U.S. Treasury released its 2016 Model Tax Treaty. I suspect that people will interpret this in terms of how it affects their individual tax situations. This gives a huge clue with respect to information exchange and how the U.S. views “double taxation,” citizenship-based taxation, and related issues.

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