By ANN CARRNS FEB. 26, 2015 A spate of fraudulent state income tax returns filed using TurboTax’s online software has unnerved consumers this filing season. But con artists also continue to use more traditional means to try to separate taxpayers from their money, like harassing them...
Deferred tax liability is a tax that has been assessed or is due for the current period, but has not yet been paid. The deferral arises because of timing differences between the accrual of the tax and payment of the tax. For instance, a company...
By Barbara E. Weltman You’ve been paying a professional – a CPA, attorney, enrolled agent or other paid preparer – to prepare your tax return. Some of your friends use tax software, an online product or an app (in many instances you can now combine these, changing...
You are entitled to this nonrefundable credit if you or your business: hires a qualified veteran who begins his or her employment on or after January 1, 2014, but before January 1, 2016; and employs the qualified veteran in New York State for one year or more...
By JAN M. ROSEN FEB. 14, 2015 What’s new this tax season? In a word: Obamacare. That’s the answer given by many tax professionals. People who overcame the challenges of Healthcare.gov and succeeded in buying health insurance under the Affordable Care Act last year now face a new...
Introduction Every year, the IRS adjusts more than forty tax provisions for inflation. This is done to prevent what is called “bracket creep.” This is the phenomenon by which people are pushed into higher income tax brackets or have reduced value from credits or deductions due...