Tag Archive for Manasa Nadig

“Kiss of Death” Says IRS – Protect Your Identity From Theft

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Was it Oscar Wilde who said, “Most people are other people. Their thoughts are someone else’s opinions, their lives a mimicry, their passions a quotation”? Poor Oscar lived during those simple times, when identities actually represented a person’s personality & all of it’s unique traits.

The world has come a long, long way since, your identity is now associated with everything you touch, from something as simple as your email account or other social media to your Social Security Number, bank accounts, credit cards etc. As we enter the maze of the digital world, we have to beware of the dragon that is the identity thief!

I had a close encounter with identity theft when a client’s e-file was rejected with a unique Read more

How “Moving On In Life” Can Be Tax Deductible

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It was Walt Disney who said, “We keep moving forward, opening new doors, and doing new things, because we are curious and curiosity keeps leading us down new paths.” The world is shrinking and this quote has never been truer for us. Our professional lives no longer have the same boundaries as before. And we move for work and yes, the Internal Revenue Service (IRS) recognizes that and lo and behold lets us deduct moving expenses on our tax returns.

Read on… this truly gets more exciting (in a very tax nerdy way, if you know me!)

Requirements to Deduct Moving Expenses?:

Let me not get you too excited! Not everyone can deduct moving expenses. There are Read more

TaxConnections Worldwide Tax Blogs Awards 2014 – Top Twenty Tax Bloggers


Brian Mahany is the top of the list as the most prolific blogger on Worldwide Tax Blogs. Brian blogs on FATCA – The Single Worst Tax Law On the Books, Beanie Baby Founder Headed To Prison, How To Respond When Your Foreign Bank Asks About Your IRS Compliance, Restaurant Owners Beware-IRS Audits Can Lead To Immigration Charges. Brian is an expert on FATCA (Foreign Account Tax Compliance Act) and you can discover for yourselves how informative his blogs are for US citizens with offshore bank accounts. A new world is emerging for citizens with offshore bank accounts this year so stay tuned as Brian continues to share his knowledge with us. Having said that, a group of distinguished tax bloggers leads TaxConnections Worldwide Tax Blogs Top Twenty Tax Bloggers list this year and they all provide a different perspective on a wide variety of tax matters. Read more

Small Business Payroll: Mistakes And How To Avoid Them

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Payroll Compliance is a challenge that many small businesses struggle with. Payroll done by business owners themselves mean that they need to have the know-how to comply with the Internal Revenue Service’s strict rules regarding accurate reporting & deposits. Moreover, federal, state & local tax regulations change & many times without notice. Small business owners need to follow such changes keenly as well.

Having a professional as a trusted guide & advisor helps small business owners (SBO) navigate these dangerous waters. It also saves them time and costly errors. Errors which are due to late filing or deposit of taxes increase the risk of steep penalties & scrutiny from the Internal Revenue Service. Read more

Offshore Voluntary Disclosure Program: The Basics (2013)

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Let us start with the fact that the 2009 Offshore Voluntary Disclosure Program and the 2011 Offshore Voluntary Disclosure Initiative had deadlines but the new Offshore Voluntary Disclosure Program (OVDP) does not. This new program will be available until further notice to taxpayers who wish to come forward and disclose their foreign bank assets.

What Does the OVDP do? This program seeks to bring taxpayers who had undisclosed foreign bank accounts or undisclosed foreign entities for the purpose of evading or avoiding tax into compliance with the laws of the United States.

This program is a counter-part of the Criminal Investigation’s Voluntary Disclosure Practice. It Read more

Don’t Look A Gift Horse In The Mouth: All About Gifts And Taxes

Cash wrapped Gift Box

It’s the proverbial time of the year when there are a lot of gifts exchanged. Some are store bought, some gift cards & there are those who just get plain ol’ cash.

What constitutes a “gift” in the eyes of the IRS?

• You make a gift if you give property, including money, or the use of or income from property, without expecting anything of equal value in return.
• You also make a gift if you sell something at less than its full value
• There’s a gift made if you give an interest-free loan or reduced interest loan Read more