Taxes
Review of Tax Return Letter
Refunds May Be Delayed due to Extra Review The Virginia Department of Taxation is sending “Review of Tax Return” letters (AUIN073A RAP Additional Review) to some taxpayers to verify withholding information. This letter tells you that the Virginia Department of Taxation received an individual income tax return with your name and/or social security number and…
Read MoreInternal Controls
Keep Your Company on Course with Internal Controls Internal control is defined as “a process for assuring achievement of an organization’s objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations, and policies.” These controls allow management to: Promote efficiency Reduce risk of asset loss Ensure the reliability of financial statements…
Read MoreFASFA Simplified in 2016
The financial aid process for colleges is receiving a face-lift in 2016 — a streamlined and simplified FASFA.
Read MoreHome Office Deduction: Top Tips
Home Office Deduction Using your home for business may qualify you for additional tax breaks, deducting expenses for the business use of your home. If you qualify for the deduction, you may use either the simplified method or the regular method to claim your deduction. This tax deduction may be claimed whether you rent or…
Read MoreStay Vigilant Against Bogus IRS Phone Calls and Emails
Stay Vigilant Against Bogus IRS Phone Calls and Emails Common tax scams recently appearing are phone calls and emails from people pretending to be from the IRS. These bogus calls involve thieves using the IRS name, logo or a fake website to try to steal your money. If your personal information is stolen, you may…
Read MoreScam Phone Calls Continue; IRS Unveils New Video to Warn Taxpayers
Scam Phone Calls Continue; IRS Unveils New Video to Warn Taxpayers WASHINGTON — As incidents of an aggressive telephone scam continue across the country, the Internal Revenue Service unveiled a new YouTube video with a renewed warning to taxpayers not to be fooled by impostors posing as tax agency representatives. The new Tax Scams video…
Read More2015 Tax Changes for Individuals
2015 Tax Changes for Individuals There are many important tax changes taking effect in 2015. They are the result of the Tax Increase Prevention Act of 2014 (TIPA) as well as other tax legislation, or are triggered by effective dates in regulations, rulings and other guidance. Also, a number of important final regulations go into…
Read More2015 Tax Changes for Businesses and Health Plans
2015 Tax Changes for Businesses and Health Plans There are many important tax changes taking effect in 2015. They are the result of the Tax Increase Prevention Act of 2014 (TIPA) as well as other tax legislation, or are triggered by effective dates in regulations, rulings and other guidance. Also, a number of important final…
Read More6 Tips for Year-End Gifts to Charity
6 Tips for Year-End Gifts to Charity Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips that you should…
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